Financial Self-Reliance 12-27-15
[Note to the
teacher: This Self-reliance lesson can be beneficial to both adults and
youth. However, keep in mind that young
people will have less experience in financial matters. Help each group relate
to the principle and the discussion points based on their age and experience.]
OBJECTIVE: Understand key
principles and practices of financial self-reliance.
PRINCIPLE: We have been
given a stewardship for all our earthly resources, including money.
DISCUSSION
A: Is it wrong to “seek after riches?”
But before ye seek for riches, seek ye for the kingdom of God. And after ye have obtained a hope in Christ
ye shall obtain riches, if ye seek them; and ye will seek them
for the intent to do good—to clothe the naked, and to feed the hungry, and to
liberate the captive, and administer relief to the sick and the afflicted. Jacob
2: 17-19
Seek not for riches but for wisdom, and behold, the
mysteries of God shall be unfolded unto you, and then shall you be made rich.
Behold, he that hath eternal life is rich. (D&C 6:7)
At first glance the reader
might suppose that it is wrong for any individual to seek for
riches. In light of the doctrine found
in Jacob 2:17-19, God does condemn that man who makes the
acquisition of riches his goal. Rather man is first to
develop a desire to bless his fellow men and then seek the riches of the earth as a means to that
end.
The Lord frequently promised
the riches of the earth to his people: “And
if ye seek the riches which it is the will of the Father
to give unto you, ye shall be the richest of all people, for ye shall have
the riches of eternity; and it must needs be
that the riches of the earth are mine to give; but
beware of pride, lest ye become as the Nephites of old.” (D&C 38:39)
DISCUSSION
B: How does money relate to living providently or wisely?
The living prophets have counseled
us time and again to put our lives in order—to eliminate debt, to store food
and other essential items, to pay our tithing, to obtain appropriate education,
and to live the commandments. Doing so puts us in a position to do the Savior’s
work in our own homes, in the Church, and in the community. When we live providently it becomes possible to reach out to the poor and needy, the afflicted,
the downtrodden, to “lift up the hands which hang down, and strengthen the
feeble knees” (D&C 81:5). More important, provident living makes it possible for
us, both in our youth and in our golden years, to answer the call of the Savior
to “go ye into all the world, and preach the gospel to every creature” (Mormon
9:22). With these glorious opportunities and blessings before us, have we
obeyed the simple but essential prophetic instructions to live providently?
To do so, we will
need to focus more on what is eternal and less on what is temporal. We live in
an age of greed—that insatiable, enslaving appetite for temporal things.
Remember, temporal means “temporary,” and temporary things
cannot bring eternal happiness. So we remind ourselves: We don’t want to spend
our lives on the things of this world, for we cannot take them with us when we
die.
“Lay not up for
yourselves treasures upon earth, where moth and rust doth corrupt, and where
thieves break through and steal: “But lay up for yourselves treasures in
heaven, where neither moth nor rust doth corrupt, and where thieves do not
break through nor steal: “For where your treasure is, there will your heart be
also” (Matthew 6:19–21).
So look ahead.
Take the long view. Be patient. Save your money. Remember that you don’t get
something for nothing in this life. The law of the harvest applies to all of
us. It takes hard work to plant, grow, and reap the harvest.
DISCUSSION
C: What is the best way to manage money?
Perhaps
the key method of managing our money is by budgeting. Rewards that come
from careful budgeting include more restful sleep; self-reliance during
emergencies; having the means for adequate health care, insurance coverage and
educational opportunities; eventually some measure of financial independence
giving one the freedom to serve others through missions, Church service or
other opportunities; and enhanced self-esteem that comes from feeling in
control.
There
are various budgeting systems, but the best
ones, experts say, incorporate the following steps:
2. Estimate your expenditures
for the budgeting period. Expenditure
categories will be of two types: fixed (i.e. home mortgage, rentals, loan
repayments) and discretionary (i.e. food, clothing, gifts, entertainment,
vacations). Remember to consider such items as semi-annual insurance payments
and year-end property taxes. Remember, also, that utility costs often fluctuate
according to the season.
3. Balance estimated income
with estimated expenditures for the budgeting period. Trim or adjust
discretionary expenditures until the budget is in balance.
4. Keep track of each expenditure,
subtracting the amount from the appropriate budget category. Timing is
critical; the subtracting should be done as soon after the expenditure as is
feasible so you know where you stand in that particular category. Don't wait until
the end of the month.
5. Don't panic or give up if
you go over budget in a certain category, but make adjustments, if necessary,
either in your budget or in your spending behavior. You may have to go back to
step 3 one or more times before you have a workable budget in place.
DISCUSSION
D: How does the payment of tithing help us manage money?
The fact is that tithing is the Lord's law of
finance. It came of revelation from Him. It is a divine law with a great and
beautiful promise. It is applicable to every member of the Church who has
income. It is applicable to the widow in her poverty as well as to the wealthy
man in his riches. . . . One need only compare it with the income tax to
recognize the simplicity that comes of the wisdom of God in contrast with the
complexity that comes of the wisdom of men. ("The Widow's
Mite," BYU 1985-86 Devotional and Fireside Speeches, September
17, 1985, p. 9.)
Tithing helps us to focus on
Godly things rather than temporal things and
helps us discipline our earthly appetites. Tithing places us a
partnership with God in building up His kingdom on earth. Tithing helps us better organize our
financial life by budgeting one tenth of our income and causes us to pay more
attention to the other nine tenths of our income.
Teaching suggestion: Have class
members share their experience with saving money or paying tithing. The teacher
may end the class by bearing testimony of the power of provident living –
especially in the area of finances.
