You might wonder, why does a post on money make it onto a blog that is for spiritual thoughts?
The answer: I think they're inter-related.
I believe how you run your finances can be a reflection on how you run your spiritual life.
Are there exceptions? most definitely; but should you count yourself an exception?
Hmmm, that's shaky ground.
First Step: Debt is bad, bad, bad. Consumer debt is beyond bad. Bankruptcy is a very serious bad place indeed.
Am I perfect in having no debt? No, we are about to take on a mortgage for a new house and we have a bit to pay off on our vehicles. This is not the spot I want to be. I know better is possible and we're working hard to make it so. We have a plan in place that will make it (barring any unforeseen disruptions) so that we will not have to take out any student loans for Curt's graduate studies. We are selling my vehicle which should wipe the vehicle debt slate almost clean. We should be able to pay extra on our house periodically because we did not overly-stretch ourselves in the housing department, even when I stop working (don't hold your breath or read too much into that statement, that time is still a ways off). Other pros, we do not have any credit card debt, I was able to pay my way through school so I have no previous student loans, and we contribute a good amount to retirement accounts, and we are young so we have lots of time to eradicate debt (though I impatiently want it gone now). Overall, I can live with myself, though we are working to get into a better position.
Summary of first step: avoid consumer debt like the plague. Get out of it. After that work on mortgages and student loans, while starting on step two.
Second Step: Save for your future.
It saddens me that so many people in this world stay stuck struggling with phase one. The instability of it would give me ulcers. Like I said, we are not in our ideal situation yet, but I plan on being hard core into this phase by the time I am 30. Being prepared financially for any future = stability=security=freedom=ability to focus better on helping others because you can truly say you are on solid ground yourself (you can't help others up if you are on the same lower level).
I want to be able to serve missions (yes, that's "missions" with an "s" at the end). To do that I need to be certain that I can do that and provide for myself till the end of my days, not being a financial burden on anyone. I don't believe Social Security will be around much longer. I am seriously afraid of what taxes will increase to in the years that I live. I'm afraid that the amount of money we need to retire is something staggering, so we'd better start with as much as we can now.
I believe that part of being a good steward with the things God has given me is to become self sufficient (keep in mind, always acknowledging his hand in any success). I believe that the quality of being prepared is one God expects to see in his people, one of the things that makes him happy to behold. I do believe this is something we will be held accountable for.
I think sometimes I can come across as doom and gloom, but know this: I am a very happy person, and I am at peace with myself in this area. If this advice seems hard or overly harsh to you, know that "the guilty take the truth to be hard, for it cutteth them to the very center" (1Nephi 16:2). Know also that I am also a great believer in personal empowerment. I do not put my thoughts up here to beat people down or make people feel bad (assuming people read this, still not sure about that), I just know that you have to know true principles in your head and in your heart before you can actually live them and make improvements in your life.
I will end this post with an inspiring example of someone I know and who is someone I am trying to emulate, and then quotes from general authorities on the subject. I hope that they will be useful.
This individual I know got married in their mid twenties. He had a job as a mechanic; respectable, but definitely not in the upper echelons of the world's pay scale. He and his wife immediately started a family and had four children in quick succession. He worked hard and by the time his oldest was 6 years old he had paid for their 4 bedroom house in full and they had several vehicles that were also paid for.
Can I express my knowledge, again, that it is not how much you make but how much you spend that makes a difference.
The Miracle of Forgiveness, President Spencer W. Kimball
"Man has the moral obligation and responsibility not only of providing for himself and being a profitable servant, but also of caring and providing for his own family. 'The sluggard will not plow,' says Proverbs, 'by reason of the cold; therefore shall he beg in harvest, and have nothing.' (Proverbs 20:4). Likewise Paul: 'but if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel.' (1Timothy 5:8)"
Guide to Family Finance, Elder Marvin J Ashton
"Financial peace of mind is not determined by how much we make but is dependent upon how much we spend. "
"New attitudes and relationships toward money should be developed constantly by all couples. After all, the partnership should be full and eternal. Management of family finances should be mutual between husband and wife in an attitude of openness and trust. Control of the money by one spouse as a source of power and authority causes inequality in the marriage and is inappropriate. Conversely, if a marriage partner voluntarily removes himself or herself entirely from family financial management, that is an abdication of necessary responsibility."
Constancy amid Change, President N. Eldon Tanner
"Learn to distinguish between needs and wants. Consumer appetites are man-made. Our competitive free enterprise system produces unlimited goods and services to stimulate our desire to want more convenience and luxuries. I do not criticize the system or the availability of these goods or services. I am only concerned about our people using sound judgment in their purchases. We must learn that sacrifice is a vital part of our eternal discipline."
President Ezra Taft Benson said, “Do not leave yourself or your family unprotected against financial storms. … Build up savings.” 4
Earthly Debts, Heavenly Debts; Elder Joseph B. Wirthlin
Providing For Our Needs, Elder M. Russell Ballard
"Too many people in our country today are developing the attitude that government is obligated to care and provide for them. In many ways, government has fostered this attitude, but the members of The Church of Jesus Christ of Latter-day Saints know better."
"Parents need to teach children very early that a solid financial base is a very important element in a happy home. We can do much with our young people to help them find satisfying, rewarding employment. We should encourage them to do well in their schoolwork and to learn to take advantage of opportunities that will help build a solid base for their future security."
"Cut expenses by distinguishing between wants and needs"
A Fortune to Share, Elder Sterling W. Sill
"Money is preserved labor, it is industry made negotiable, it is stored up accomplishment. It is the medium of exchange that we can trade for things that we can take with us and a great many of them we can actually send on ahead. We can take our families with us. We can take our education with us. We can take our great character qualities with us. And money is the medium that we can use to share the treasures of the earth with others who need our help."
The answer: I think they're inter-related.
I believe how you run your finances can be a reflection on how you run your spiritual life.
Are there exceptions? most definitely; but should you count yourself an exception?
Hmmm, that's shaky ground.
First Step: Debt is bad, bad, bad. Consumer debt is beyond bad. Bankruptcy is a very serious bad place indeed.
Am I perfect in having no debt? No, we are about to take on a mortgage for a new house and we have a bit to pay off on our vehicles. This is not the spot I want to be. I know better is possible and we're working hard to make it so. We have a plan in place that will make it (barring any unforeseen disruptions) so that we will not have to take out any student loans for Curt's graduate studies. We are selling my vehicle which should wipe the vehicle debt slate almost clean. We should be able to pay extra on our house periodically because we did not overly-stretch ourselves in the housing department, even when I stop working (don't hold your breath or read too much into that statement, that time is still a ways off). Other pros, we do not have any credit card debt, I was able to pay my way through school so I have no previous student loans, and we contribute a good amount to retirement accounts, and we are young so we have lots of time to eradicate debt (though I impatiently want it gone now). Overall, I can live with myself, though we are working to get into a better position.
Summary of first step: avoid consumer debt like the plague. Get out of it. After that work on mortgages and student loans, while starting on step two.
Second Step: Save for your future.
It saddens me that so many people in this world stay stuck struggling with phase one. The instability of it would give me ulcers. Like I said, we are not in our ideal situation yet, but I plan on being hard core into this phase by the time I am 30. Being prepared financially for any future = stability=security=freedom=ability to focus better on helping others because you can truly say you are on solid ground yourself (you can't help others up if you are on the same lower level).
I want to be able to serve missions (yes, that's "missions" with an "s" at the end). To do that I need to be certain that I can do that and provide for myself till the end of my days, not being a financial burden on anyone. I don't believe Social Security will be around much longer. I am seriously afraid of what taxes will increase to in the years that I live. I'm afraid that the amount of money we need to retire is something staggering, so we'd better start with as much as we can now.
I believe that part of being a good steward with the things God has given me is to become self sufficient (keep in mind, always acknowledging his hand in any success). I believe that the quality of being prepared is one God expects to see in his people, one of the things that makes him happy to behold. I do believe this is something we will be held accountable for.
I think sometimes I can come across as doom and gloom, but know this: I am a very happy person, and I am at peace with myself in this area. If this advice seems hard or overly harsh to you, know that "the guilty take the truth to be hard, for it cutteth them to the very center" (1Nephi 16:2). Know also that I am also a great believer in personal empowerment. I do not put my thoughts up here to beat people down or make people feel bad (assuming people read this, still not sure about that), I just know that you have to know true principles in your head and in your heart before you can actually live them and make improvements in your life.
I will end this post with an inspiring example of someone I know and who is someone I am trying to emulate, and then quotes from general authorities on the subject. I hope that they will be useful.
This individual I know got married in their mid twenties. He had a job as a mechanic; respectable, but definitely not in the upper echelons of the world's pay scale. He and his wife immediately started a family and had four children in quick succession. He worked hard and by the time his oldest was 6 years old he had paid for their 4 bedroom house in full and they had several vehicles that were also paid for.
Can I express my knowledge, again, that it is not how much you make but how much you spend that makes a difference.
The Miracle of Forgiveness, President Spencer W. Kimball
"Man has the moral obligation and responsibility not only of providing for himself and being a profitable servant, but also of caring and providing for his own family. 'The sluggard will not plow,' says Proverbs, 'by reason of the cold; therefore shall he beg in harvest, and have nothing.' (Proverbs 20:4). Likewise Paul: 'but if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel.' (1Timothy 5:8)"
Guide to Family Finance, Elder Marvin J Ashton
"Financial peace of mind is not determined by how much we make but is dependent upon how much we spend. "
"New attitudes and relationships toward money should be developed constantly by all couples. After all, the partnership should be full and eternal. Management of family finances should be mutual between husband and wife in an attitude of openness and trust. Control of the money by one spouse as a source of power and authority causes inequality in the marriage and is inappropriate. Conversely, if a marriage partner voluntarily removes himself or herself entirely from family financial management, that is an abdication of necessary responsibility."
Constancy amid Change, President N. Eldon Tanner
"Learn to distinguish between needs and wants. Consumer appetites are man-made. Our competitive free enterprise system produces unlimited goods and services to stimulate our desire to want more convenience and luxuries. I do not criticize the system or the availability of these goods or services. I am only concerned about our people using sound judgment in their purchases. We must learn that sacrifice is a vital part of our eternal discipline."
President Ezra Taft Benson said, “Do not leave yourself or your family unprotected against financial storms. … Build up savings.” 4
Earthly Debts, Heavenly Debts; Elder Joseph B. Wirthlin
Providing For Our Needs, Elder M. Russell Ballard
"Too many people in our country today are developing the attitude that government is obligated to care and provide for them. In many ways, government has fostered this attitude, but the members of The Church of Jesus Christ of Latter-day Saints know better."
"Parents need to teach children very early that a solid financial base is a very important element in a happy home. We can do much with our young people to help them find satisfying, rewarding employment. We should encourage them to do well in their schoolwork and to learn to take advantage of opportunities that will help build a solid base for their future security."
"Cut expenses by distinguishing between wants and needs"
A Fortune to Share, Elder Sterling W. Sill
"Money is preserved labor, it is industry made negotiable, it is stored up accomplishment. It is the medium of exchange that we can trade for things that we can take with us and a great many of them we can actually send on ahead. We can take our families with us. We can take our education with us. We can take our great character qualities with us. And money is the medium that we can use to share the treasures of the earth with others who need our help."
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