Personal Finance: Another Perspective

1
Personal FinanceAnother Perspective

• Another Perspective
• On Wealth

2
Objectives

• A. Understand the Importance of Perspective
• B. Understand the key principles of understanding
  and using wealth wisely
• C. Understand other principles about wealth

3
Understand the Importance of Perspective

• What is the importance of perspective?
• The historian Will Durant wrote of the human need
  to seize the value and perspective of passing
  things. We want to know that the little things
  are little, and the big things big, before it is
  too late we want to see things now as they will
  seem foreverin the light of eternity. (The
  Story of Philosophy (New York Simon and
  Schuster, 1927), p. 1. )
• How do we see things as they will seem
  forever--as they are, were, and are to come?
  (DC 9324)
• How do we get this eternal perspective?

4
The Importance of Perspective (continued)

• Elder Neal A. Maxwell wrote of those without this
  perspective. He wrote
• Living without God in the world brings a
  functional lack of consistent perspective. If
  there were no eternal truths, to what principles
  would mortals look for guidance? If not
  accountable to God, to whom are we ultimately
  accountable? Furthermore, if nothing is ever
  really wrong, then no one is ever really
  responsible. . . Why should we be surprised,
  then, at so many disturbing outcomes, including
  the lack of community, when every man does that
  which is right in his own eyes? ( Take
  Especial Care of Your Family, Ensign, May 1994,
  88.)

5
The Importance of Perspective (continued)

• Benjamin Franklin knew about the importance of
  perspective and how it influenced choice. He
  wrote
• Those who believe there is one God who made all
  things and who governs the world by this
  providence will make many choices different from
  those who do not. Those who believe that mankind
  are all of a family and that the most acceptable
  service of God is doing good to man will make
  many choices different from those who do not. . .
  Those who subscribe to the morals of Jesus will
  make many choices different from those who do not
  (The Art of Virtue, 1986, 8890).

6
The Importance of Perspective (continued)

• Perspective is important because it impacts
  choice
• How you look at things makes a difference in how
  you make choices
• Do you recognize your difference in perspective
  as you look at the world around you?
• Do you recognize the implications of your
  differences in outlook, the differences of an
  eternal perspective?

7
The Importance of Perspective (continued)

• Elder Neal A. Maxwell commented
• We see the world and the people in it
  differently, because, as C. S. Lewis observed, it
  is by the light and illumination of the gospel
  that we see everything else. . . The gospel is
  like the lens of a cosmic kaleidoscope that,
  instead of showing life, man, and the universe as
  senseless, unconnected fragments, shows us
  pattern, beauty, and purpose! It is this vision
  that can give us a special sense of proportion
  about the things in life that matter most. .
  .This perspective can make so many differences in
  so many ways that, unintentionally, we may be
  unconscious of the implications of our difference
  in outlook (Talk of the Month, New Era, May
  1971, 28).

8
The Importance of Perspective (continued)

• The purpose of this section is to help articulate
  this other perspective on wealth, this eternal
  perspective
• This perspectivethis difference in outlook will
  have a major influence in how we make choices.
• The Lord, through the prophet Joseph Smith
  commanded
• Hearken ye to these words. Behold, I am Jesus
  Christ, the Savior of the world. Treasure these
  things up in your hearts, and let the solemnities
  of eternity rest upon your minds (DC 4334) .
• We must let the solemnities of eternity rest on
  our minds

9
The Importance of Perspective (continued)

• President Spencer W. Kimball said
• We hope we can help our young men and young women
  to realize, even sooner than they do now, that
  they need to make certain decisions only once.
  We can push some things away from us once and
  have done with them! We can make a single
  decision about certain things that we will
  incorporate in our lives and then make them
  ourswithout having to brood and re-decide a
  hundred times what it is we will do and what we
  will not do. My young brothers and sisters,
  if you have not done so yet, decide to decide!
  (Ensign, May 1976, p. 46 italics added.)

10
Questions

• Any questions on the importance of perspective?

11
B. Key Principles of Understanding and Using
Wealth Wisely

• Elder Richard G. Scott commented
• Joseph Smiths inspired statement, I teach them
  correct principles, and they govern themselves,
  still applies. The Lord uses that pattern with
  us. You will find correct principles in the
  teachings of the Savior, His prophets, and the
  scripturesespecially the Book of Mormon. . .
  Your consistent adherence to principle overcomes
  the alluring yet false life-styles that surround
  you. Your faithful compliance to correct
  principles will generate criticism and ridicule
  from others, yet the results are so eternally
  worthwhile that they warrant your every sacrifice
  (Richard G. Scott, The Power of Correct
  Principles, Ensign, May 1993, 32).

12
Principles (continued)

• What are those principles that we must adhere to,
  whose results are so eternally worthwhile that
  they warrant our every sacrifice?
• Let me propose a few correct principles,
  particularly principles that relate to
  understanding and using wealth wisely that may be
  helpful
• I call these my Principles of Personal Finance

13
Principle 1 Ownership

• 1. Ownership Everything we have is the Lords
• The Psalmist wrote
• The earth is the Lords, and the fullness
  thereof the world, and they that dwell therein
  (Psalms 241)
• The Lord is the creator of the earth (Mosiah
  221), the supplier of our breath (2 Nephi 926),
  the giver of our knowledge (Moses 732) and our
  life (Mosiah 222), and all we have and are
  (Mosiah 221).
• Nothing we have is our ownits all Gods

14
Ownership (continued)

• As such, there should be no feeling of pride for
  the things we have, are, or will become
• These things do not belong to us, but are on loan
  from a loving Father
• Our blessings should encourage greater obedience
  to Gods commandments as we realize they are
  gifts from a loving Father in Heaven
  (Ecclesiastes 519) and we try to thank Him for
  the wonderful things he has blessed us with

15
Principle 2 Stewardship

• 2. Stewardship We are stewards over all that the
  Lord has, is, or will share with us
• The Lord through the Prophet Joseph Smith stated
  
• It is expedient that I, the Lord, should make
  every man accountable, as a steward over earthly
  blessings, which I have made and prepared for my
  creatures. (DC 10413)
• The Lord through the Brigham Young said
• Thou shalt be diligent in preserving what thou
  hast, that thou mayest be a wise steward for it
  is the free gift of the Lord thy God, and thou
  art his steward. (DC 13627)

16
Stewardship (continued)

• We are stewards, not owners, over the things we
  possess
• As wise stewards, it is our responsibility to
  learn everything we can about our stewardship
• The purpose of this class (and the website) is to
  help you understand and I manage that stewardship
  better, that we all might be approved in all
  things, and be accounted as wise stewards. (DC
  7222)

17
Principle 3 Agency

• 3. Agency The gift of choice is mans most
  precious inheritance
• President Marion G. Romney said
• Agency means the freedom and power to choose and
  act. Next to life itself, it is mans most
  precious inheritance. (Ensign, May 1976, p. 120.)
  
• President David O. McKay
• Next to the bestowal of life itself, the right to
  direct that life is Gods greatest gift to man.
  Freedom of choice is more to be treasured than
  any possession earth can give. (Conference
  Report, Apr. 1950, p. 32 italics added).

18
Agency (continued)

• Agency is one of the greatest gifts of God.
• Instead of using this gift wrongly, we should do
  all in our power to make wise choices
• And then we should thank a loving Father and Son
  for this wonderful right to chooseand then use
  that agency wisely!

19
Principle 4 Accountability

• 4. Accountability We are accountable for every
  choice we make
• The Lord through the prophet Joseph stated
• Verily I say, men should be anxiously engaged in
  a good cause, and do many things of their own
  free will, and bring to pass much righteousness.
  For the power is in them, wherein they are agents
  unto themselves. (DC 58 27-28)
• For it is required of the Lord, at the hand of
  every steward, to render an account of his
  stewardship, both in time and in eternity. (DC
  723)

20
Accountability (continued)

• While the blessing of agency is an unconditional
  gift from God, how we use that gift shows how
  much we love Him and His Son
• We will all be held accountable for our use of
  our agency
• We should do all in our power to use choice
  wisely
• An additional purpose of this class is to help
  and encourage you in the choices you make

21
What is Really Ours? (continued)

• On this subject, Elder Neal A. Maxwell stated
• The submission of ones will is really the only
  uniquely personal thing we have to place on Gods
  altar. The many other things we give, brothers
  and sisters, are actually the things He has
  already given or loaned to us. However, when you
  and I finally submit ourselves, by letting our
  individual wills be swallowed up in Gods will,
  then we are really giving something to Him! It is
  the only possession which is truly ours to give!
  (italics added, Swallowed Up in the Will of the
  Father, Ensign, Nov. 1995, 22.)

22
Questions

• Any questions on the key principles for
  understanding and using wealth wisely?

23
Understand Other Principles About Wealth

• Are there other principles that are important in
  helping us understand and use wealth wisely?
• Following are a few ideas that may be helpful
• They follow the previous principles of
• Ownership
• Stewardship
• Agency
• Accountability

24
Ownership Principles (continued)

• Ownership Principles
• 1. Wealth is not a Sign of Righteousness
• While financial blessings may be a result of
  righteousness, more often than not the blessings
  from righteousness are spiritual.
• The best sign of righteousness is not wealth, but
  how well we follow the example of our Savior
• Do we have His image in our countenances?
• Are we trying to follow His example in all we do?

25
Ownership Principles (continued)

• 2. Since God gives us blessings freely, we should
  share them freely
• The prophet Jacob taught
• Think of your brethren like unto yourselves, and
  be familiar with all and free with your
  substance, that they may be rich like unto you.
  (Jacob 217)
• God does not ask us to be rich to help Him.
• God gives us wealth so we can show the world--and
  ourselves--what we will do with that wealth
• Would He be pleased on how you earn and share
  your blessings?

26
Stewardship Principles

• Stewardship Principles
• 3. We have not earned the things we possess
• In DC 13020-21 it tells us
• There is a law, irrevocably decreed in heaven
  before the foundations of this world, upon which
  all blessings are predicated And when we obtain
  any blessing from God, it is by obedience to that
  law upon which it is predicated.
• Blessings are not earned rather, they are given
  by a loving Heavenly Father.
• Do we thank Him for his blessings?
• Do we show by our actions we love Him?

27
Stewardship Principles (continued)

• 4. Wealth is not a necessary qualification for
  service in the Lord's kingdom
• President Gordon B. Hinckley said
• If that is the perception, I am sorry, because
  it is a false perception. Out of the experience
  of nearly a quarter of a century in organizing
  and reorganizing scores of stakes, I can say that
  the financial worth of a man was the least of all
  considerations in selecting a stake president.
  Wealth and financial success are not criteria for
  Church service. (Tithing An Opportunity to
  Prove Our Faithfulness, Ensign, May 1982, 40.)

28
Agency Principles

• Agency Principles
• 5. Wealth can be a Blessing or Curse
• President N. Eldon Tanner said
• The Lord gave the greatest success formula that I
  know of Seek ye first the kingdom of God, and
  his righteousness and all these things shall be
  added unto you. (Constancy Amid Change, Ensign,
  Nov. 1979, 80.)
• President Brigham Young stated
• "The worst fear ... I have about this people is
  that they will get rich in this country, forget
  God and His people, wax fat, and kick themselves
  out of the Church. ... My greatest fear for them
  is that they cannot stand wealth." (This Is The
  Place, Tambuli, July 1977, 25.)

29
Agency Principles (continued)

• If wealth is bad, should we ever seek riches?
• The Nephite Prophet Jacob counseled
• 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
  218-19)
• Our first goal should be the Kingdom of God
• Only then should we seek riches. And we will
  seek them for the right reasons, to do good, to
  serve God, to help others

30
Agency Principles (continued)

• President Gordon B. Hinckley said
• The Lord will love us, I think, to the degree to
  which we lift and bless those in distress. I
  believe that with all my heart, mind, and soul.
  The accumulation of means is not a bad endeavor
  when those means are used to bless the needy of
  the earth. (Discourses of President Gordon B.
  Hinckley, Volume 2, Intellectual Reserve, 2005,
  p. 593.)

31
Agency Principles (continued)

• 6. Love of money is the root of all evil
• Elder Theodore M. Burton commented
• Paul did not say that money itself was evil, but
  that the love of money is the root of all
  evil.(1 Tim. 610.) Love of money, status,
  possessions, or position more than righteousness
  begets a kind of false pride that must be
  avoided. That is why the Lord also told us that
  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,. . .but beware of pride, lest
  ye become as the Nephites of old. (DC 3839)
  (A Disease Called Pride, Ensign, Mar. 1971,
  26.)

32
Accountability Principles

• Accountability Principles
• 7. Money will not Bring Happiness or Solve your
  Problems
• Henrik Ibsen said
• Money may be the husk of many things, but not the
  kernel. It brings you food, but not appetite
  medicine, but not health acquaintances, but not
  friends servants, but not faithfulness days of
  joy, but not peace or happiness. (in James E.
  Faust, Our Search for Happiness, Ensign, Oct.
  2000, 2.)
• My wife Anne added If you cant be happy
  without money, you will never be happy with it.

33
Questions

• Any questions on these other principles on wealth?

34
Summary

• Perspective is important
• We want, and need to know, that we are seeing
  things as they really are
• That big things are really big things--that
  little things are really little things
• We need to know that we are seeing correctly
• Perspective is important as it influences choice.
• How we view the things of eternity will have a
  major impact on how we live our lives
• Have a correct perspectivean eternal
  perspectiveanother perspective

- 34 -
35
Summary (continued)

• This other perspective is important for us to
  understand. It is based on four key principles
  for understanding and using wealth wisely. They
  are
• 1. Ownership Everything we have or are is a
  gift from God. Remember that it is not ours
• 2. Stewardship We are stewards over the things
  the Lord has blessed us with. We must learn to
  be better stewardsthis class will help
• 3. Agency The ability to choose is a God-given
  gift. Use it wisely
• 4. Accountability We are the final decision
  makers, but we will be held accountable for our
  decisions. We must learn to choose wisely

36
Summary (continued)

• There are other principles that can help us
  understand and use wealth wisely. They are
• Ownership Principles
• 1. Wealth is not a sign of righteousness
• 2. Because God shares freely with us, we should
  share freely with others
• Stewardship Principles
• 3. We have not earned the things we enjoy
• 4. Wealth is not a necessary qualification for
  service in the Lord's Kingdom

37
Summary (continued)

• Agency Principles
• 5. Wealth can be either a blessing or curse,
  depending on our choices
• 6. The love of money (not money) is the root of
  evil
• Accountability Principles
• 7. Wealth will not bring happiness nor solve all
  your problems

38
Review of Objectives

• A. Do you understand the Importance of
  Perspective?
• B. Do you understand the Key Principles for using
  and understanding wealth?
• C. Do you understand other Principles about
  Wealth?

39
Case Study 1

• Data
• Brenda came from a family that had little of the
  worlds goods, but there was a lot of love in the
  home. The parents loved their children and the
  children loved their parents. She respects you
  for the wonderful example you have set.
• Application
• She asks you
• 1. What is the purpose of wealth in our lives?
• 2. What scriptures support that purpose?

40
Case Study 1 answers

• 1. You have lots of good ideas, but you share
  the following The Nephite Prophet Jacob shared
  with us one view of the purpose of wealth in our
  lives. He counseled us that if we seek wealth,
  we should do it for the right reasons
• 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 218-19)

41
Case Study 1 answers

• 2. Again, there are many different answers from
  scripture. You could respond
• Riches are to help us to fulfill our missions
  here on earth, to help us become like Christ, to
  raise righteous families, to move the kingdom
  forward, and to help and serve others. Remember
  DC 147 and 117
• 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.

42
Case Study 2

• Data
• Brenda continues to ask you questions regarding
  your perspective and principles for understanding
  and using wealth wisely.
• Application
• She asks
• What are the four key principles for using wealth
  wisely? Why is each principle important? What
  can we do now to incorporate each principle into
  our lives now?

43
Case Study 2 answers

• There are a lot of good answers for these
  questions. You might respond with The key
  principles for understanding and using wealth
  wisely are
• 1. Ownership Everything we have or are is a
  gift from God.
• It is important as the things we have are not
  ours, but are on loan from a loving Father in
  Heaven
• We can incorporate this principles into our lives
  by learning that when we share with others, we
  are only giving back to God what was His in the
  first place, and what He has loaned to us.

44
Case Study 2 answers

• 2. Stewardship We are stewards over the things
  the Lord has blessed us with.
• It is important as we must learn to be better
  stewards over our blessings as we will be held
  accountable for what we do with these blessings.
• We can incorporate this into our lives by
  learning as much as we can about the things we
  need to do so that we can become the best
  stewards we can over the blessings our Heavenly
  Father shares with us.

45
Case Study 2 answers

• 3. Agency The gift of choice is mans most
  precious inheritance
• It is important as we need to use this gift
  wisely so we can return and live with God
  eternally.
• We can incorporate this in our lives by studying
  all areas of our decisions and decision making
  processes so we can have the information needed
  to make the best decisions possible.

46
Case Study 2 answers

• 4. Accountability We are accountable for our
  choices
• We are the final decision makers in life.
• It is important as we must learn to choose
  wisely.
• We can incorporate this into our lives by setting
  good goals and then by making wise choices to
  help us attain those goalsgoals that our
  Heavenly Father would have us seek for.

47
Case Study 3

• Data
• Brenda was concerned as one of her friends was
  blessed with material riches, and made poor
  choices which caused him to lose his testimony.
  She asks If wealth is so bad, should we seek
  for riches?
• Application
• What did the prophet Jacob in Jacob 218-19 say
  about this question? What should we seek for
  first?

48
Case Study 3 answers

• The prophet Jacob said seeking for riches is OK
  if we first seek the Kingdom of God, and if we
  seek riches for the right intent--for righteous
  purposes.
• 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
  218-19)
• First, we should seek for the Kingdom of God and
  doing His will. Then we can seek for richesbut
  with the intent to do good

49
Case Study 3 answers

• President Gordon B. Hinckley said
• The Lord will love us, I think, to the degree to
  which we lift and bless those in distress. I
  believe that with all my heart, mind, and soul.
  The accumulation of means is not a bad endeavor
  when those means are used to bless the needy of
  the earth. (Discourses of President Gordon B.
  Hinckley, Volume 2, Intellectual Reserve, 2005,
  p. 593.)