“I could have made this whole people rich long ago if I had possessed their confidence, as I should, but if I had made them rich, through the blessings of the Lord, I expect it would have destroyed them.”

Have a read through the talk – time really hasn’t changed the way to think about money has it?

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Exerpts:

“In the long run, it is easier to live within our income and resist borrowing from future reserves except in cases of necessity never for luxuries. It is not fair to ourselves or our communities to be so improvident in our spending that the day our income stops we must turn to relief agencies or the Church for financial aid.

Do not, I solemnly urge you, tie yourselves to payment of carrying charges that are often exorbitant. Save now and buy later, and you will be much further ahead. You will spare yourselves high interest and other payments, and the money you save may provide opportunity for you to buy later at substantial cash discounts. If you must incur debt to meet the reasonable necessities of life such as buying an automobile, a house, or furniture then I implore you, as you value your solvency and happiness, buy within your means and use credit wisely. Resist the temptation to plunge into property far more pretentious or spacious than you really need.

How much better off you will be, especially young families just starting out, if first you buy a small house which you can expect to pay for in a relatively short time. Such a house in a neighborhood where values are increasing will usually provide the basis for a very large down payment on a bigger home when you are ready for it.

True, you can sometimes buy with little or no down payment, and on long terms. But these terms mean that a very large part of your total payments will go to pay interest charges, not to retire the principal of the debt. Remember, interest never sleeps or takes a holiday. Such payments of interest can easily become a tremendous burden, especially when you add to them taxes and repair costs.

Do not leave yourself or your family unprotected against financial storms. Forgo luxuries, for the time being at least, to build up savings. How wise it is to provide for the future education of your children and for your old age.

The smaller the family income, the more important it is that every dollar be used wisely. Efficient spending and saving will give the family more security, more opportunities, more education, and a higher standard of living.”

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Exerpts:

“Law 1: Pay an Honest Tithing…

Law 2: Budget Your Expenditures…

Law 3: Save Some Money Every Month…

Law 4: Decrease Your Expectations…

Law 5: Stay Free from Debt…

Law 6: Become Knowledgeable Consumers…

Law 7: Teach Family Members the Importance of Work and Managing Money…

Law 8: Make Wise Investments…

Law 9: Have a Will…

Law 10: Keep Money in Perspective…”

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However, I have removed the attachment after reading further here: Comments from another blogger who called church headquarters about it, and having received a number of emails through regular church channels suggesting that the comments were not accurate.

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Exerpts:

“Realize It Is a Spiritual Matter

1. Paying an honest tithing.
2. Paying a generous fast offering.
3. Giving time, talent, and energy toward building the kingdom of God.’
4. Following principles of self-reliance.
5. Cultivating gratitude.

‘We are beguiled by seductive advertising. Television carries the enticing invitation to borrow up to 125 percent of the value of one’s home. But no mention is made of interest.’

Seek Divine Help

‘So many of our people are living on the very edge of their incomes. In fact, some are living on borrowings. ‘ I am troubled by the huge consumer debt which hangs over the people.’

Budget, Eliminate Acquired Debt, Save

‘Look to the condition of your finances. I urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt to the extent possible.’

Avoid New Debt

It is all too easy to get wrapped up in an expensive lifestyle. I’ve learned that you don’t have to spend a lot of money to enjoy life to the fullest.Dale Cooper, Garden Lakes Ward, Phoenix Arizona West Maricopa Stake

Teach Children to Live within Family Means

‘I recognize it may be necessary to borrow to get a home, of course. But let us buy a home that we can afford and thus ease the payments which will constantly hang over our heads without mercy or respite for as long as 30 years.’

Choose an Affordable Home

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1. Learn what we should learn
2. Do what we should do
3. Be what we should be

Since the Book of Mormon promises that if we keep the commandments, we’ll prosper in the land, and especially in our troubled times, we need to heed this counsel.

Experts:

“Many areas of the world have experienced difficult economic times. Businesses have failed, jobs have been lost and investments have been jeopardized. We must make certain that those for whom we share responsibilities do not go hungry or unclothed or unsheltered.”

He encourages us to be “prudent in their planning, to be conservative in their living and avoid excessive or unnecessary debt.” He told how the the financial affairs of the church are conducted within the same guidelines since “we are aware that your tithing and other contributions have not come without sacrifice and are sacred funds.”

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Family Finances

Family Home Storage

Seeing the need for basic education about money, the First Presidency releases the pamphlet “All is Safely Gathered In: Family Finance”.

This pamphlet is released in conjuntion with the pamphlet “Prepare Every Needful Thing: Family Home Storage”.

Following the principles discussed in these pamphlets will protect you from emergency needs. Of note is the repeated advice to budget your money. While most people know they should be doing this, its hard to get on a regiment, but its essential to your financial fitness.

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The church continue to emphasize, with increasing frequency, living within our means and using a budget.

Selected Quotes from this article:

Richard W. Ebert Jr., the director of Employment Resource Services for The Church of Jesus Christ of Latter-day Saints, says, “Financial problems are a source of much unhappiness and are certainly a major factor in family and work difficulties. Unresolved, they can lead to crushing debt and divorce.”

1. Avoid debt…
2. Use a budget…
3. Teach family members early the importance of working and earning…
4. Work toward home ownership…
5. Appropriately involve yourself in an insurance program to avoid the significant debts place upon families when they are uninsured.
6. Involve yourself in a food storage and emergency preparedness program…
7. Build a reserve…

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