1. 1 You Put Wages into Bags with Holes April 29, 2009 Bryan Sudweeks From the BYU MSM web site Personal Finance: Another Perspective at http://personalfinance.byu.nethttp://personalfinance.byu.net BYU Women’s Conference

2. 2 Abstract The Old Testament prophet Haggai counseled his people: Haggai 1:6 "You earn wages, only to put them into a bag with holes.“ What was he saying? They were building their own houses first, before working on the House of the Lord. They were doing good things, but their priorities were not in order (they were putting things into a bag with holes). We need to have our priorities in order first, and then our resources will be used to their best use.

3. 3 Objectives A. Understand the key priorities that we must follow so we are not putting our money into “bags with holes” Please note that this talk and PowerPoints are available at http://personalfinance.byu.edu, Tools and Resources, and Other Resourceshttp://personalfinance.byu.edu

4. 4 A. Understand the Key Priorities There are six important priorities that we must know and live to not “put our money into bags with holes.”

5. 5 1. It’s About Faith In most cases, financial problems are behavioral problems, not money problems We know what we should do: live on a budget, spend less than we earn, not go into debt, build a reserve, etc. But ignorance, carelessness, compulsiveness, pride (and perhaps necessity) get in the way For most, it is not a question of knowledge, but of motivation How do we motivate ourselves and others to make better financial choices?

6. 6 It’s About Faith (continued) Elder Boyd K. Packer encouraged us when he said: True doctrine, understood, changes attitudes and behavior. The study of the doctrines of the gospel will improve behavior quicker than a study of behavior will improve behavior. (Boyd K. Packer, “Little Children,” Ensign, Nov. 1986, 16.)

7. 7 2. It’s about Principles C.S. Lewis, in his Screwtape Letters, had the devil Screwtape say: The sense of ownership in general is always to be encouraged. The humans are always putting up claims to ownership which sound equally funny in Heaven and in Hell and we must keep them doing so... We teach this sense of ownership not only by pride but by confusion. We teach them not to notice the differences...that run from ‘my boot’ through ‘my dog,’...to ‘my God’.” (Screwtape Letters, HarperCollins, San Francisco, 2000, pp. 113-114)

8. 8 It’s About Principles (continued) Four principles are critical to personal finance: 1. Ownership: Everything we have is the Lord’s The Psalmist wrote: The earth is the Lord’s, and the fullness thereof; the world, and they that dwell therein. (Psalms 24:1) Nothing we have is our own—its all God’s

9. 9 It’s About Principles (continued) 2. Stewardship: We are stewards over all that the Lord has, is giving, or will share with us The Lord through the prophet 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. (D&C 136:27)

10. 10 It’s About Principles (continued) 3. Agency: The gift of “choice” is man’s most precious inheritance President David O. McKay: “Next to the bestowal of life itself, the right to direct that life is God’s greatest gift to man. … Freedom of choice is more to be treasured than any possession earth can give” (italics added, in Conference Report, Apr. 1950, p. 32).

11. 11 It’s About Principles (continued) 4. Accountability: We are accountable for every choice we make The Lord through the prophet Joseph stated: 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. (D&C 72:3) Elder Todd Christofferson recently stated: We control the disposition of our means and resources, but we account to God for this stewardship over earthly things. (D. Todd Christofferson, “Come to Zion”, Ensign, November 2008, p. )

12. 12 It’s About Principles (continued) From the Doctrine and Covenants, Section 104 it states: 13 For 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. (Accountability and Stewardship) 15 And it is my purpose to provide for my saints, for all things are mine. (Ownership) 17 For the earth is full, and there is enough and to spare; yea, I prepared all things, and have given unto the children of men to be agents unto themselves. (Agency)

13. 13 On what is really ours, Elder Neal A. Maxwell stated: The submission of one’s will is really the only uniquely personal thing we have to place on God’s 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 God’s 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.) It’s About Principles (continued)

14. 14 3. It’s About Spirituality Some believe there is no relationship between their finances and their spirituality. This is incorrect. Money matters are spiritual matters for 5 reasons:

15. 15 It’s About Spirituality (continued) 1. All things are spiritual The Lord said, “All things unto me are spiritual, and not at any time have I given unto you a law which was temporal.” (D&C 29:34 ) The commandments to live within our means, live on a budget, get out of debt, build a reserve, etc., are all not temporal but spiritual commandments.

16. 16 It’s About Spirituality (continued) 2. Money is a medium of exchange Elder Sterling W. Sill said: We can build temples with money, we can send out missionaries with money, we can erect educational institutions, operate hospitals, and pay our tithing with money. … In many ways we can build up the kingdom of God with money. (“A Fortune to Share,” Ensign, Jan. 1974, 60.) The same currency that we go into debt with builds our temples. If what we have is the Lord’s, when we go into debt, we are putting the Lord in debt.

17. 17 It’s About Spirituality (continued) 3. Money is a tool Money is a tool to teach us many things, including the gospel principles of sacrifice, discipline, harvest, giving, and hard work. Money teaches and reinforces both the spiritual and physical creation, as we develop goals and budgets and work toward them Money teaches the Law of the Harvest, as we invest for retirement and other worthy goals Learning to manage money wisely can increase our freedom, teach us eternal gospel principles, and bring peace and happiness into our lives

18. 18 It’s About Spirituality (continued) 4. There is no true freedom without financial freedom President Ezra Taft Benson said: The Lord desires his Saints to be free and independent in the critical days ahead. But no man is truly free who is in financial bondage. (“Prepare Ye,” Ensign, Jan. 1974, p. 69). We must work to get and stay out of debt to be truly free. Debt is an addiction. It is just another one of Satan’s tools to limit our freedom

19. 19 It’s About Spirituality (continued) 5. The Lord wants and will help us to be wiser financial stewards The Lord said: Behold it is my will that you shall pay all your debts. And it is my will that you shall humble yourselves before me, and obtain this blessing by your diligence and humility and the prayer of faith. And inasmuch as you are diligent and humble, and exercise the prayer of faith, behold, I will soften the hearts of those to whom you are in debt, until I shall send means unto you for your deliverance. (italics added, D&C 104: 78-79) But we must do it in His way: humility, diligence, prayer and work

20. 20 4. It’s About Sharing When one thinks of sharing, most think of giving. But there are multiple meanings for sharing

21. 21 It’s About Sharing (continued) 1. We are commanded to share We have been commanded to share what we have with others. Amulek reminds us of this when he said: And now behold, my beloved brethren, I say unto you, do not suppose that this is all; for after ye have done all these things, if ye turn away the needy, and the naked, and visit not the sick and afflicted, and impart of your substance, if ye have, to those who stand in need—I say unto you, if ye do not any of these things, behold, your prayer is vain, and availeth you nothing, and ye are as hypocrites who do deny the faith. (Alma 34:28)

22. 22 It’s About Sharing (continued) 2. Finances are a shared responsibility for couples Some think money matters are a priesthood responsibility and not a women’s responsibility. They think if women become knowledgeable about financial matters, their spouses will be upset. If spouses make the money—don’t they get to decide where it goes? (I believe this is called unrighteous dominion”)

23. 23 It’s About Sharing (continued) The Proclamation on the Family states: By divine design, fathers are to preside over their families in love and righteousness and are responsible to provide the necessities of life and protection for their families. Mothers are primarily responsible for the nurture of their children. In these sacred responsibilities, fathers and mothers are obligated to help one another as equal partners. (Proclamation on the Family, 1995) Spouses are to be equal partners in financial matters just as they are equal partners in spiritual matters. Finances are a shared responsibility.

24. 24 It’s About Sharing (continued) Control of money as a source of power or failure by a partner to be a part of financial management are both incorrect attitudes. Elder Marvin J. Aston counseled: 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. (Marvin J. Ashton, “Guide to Family Finance,” Liahona, Apr. 2000, 42)

25. 25 It’s About Sharing (continued) 3. We have a shared responsibility to help and teach We cannot control how others spend their resources. However, we have a shared responsibility to help: Teach faith and obedience Teach correct principles Teach spiritual matters Teach by living these principles In short, we have a shared responsibility to help others come closer to our Savior Jesus Christ

26. 26 5. It’s About Education President Gordon B. Hinckley counseled: Education is the key that unlocks the door of opportunity. God has placed upon this people a mandate to acquire knowledge “even by study and also by faith” (D&C 88:118). (“Some Thoughts on Temples, Retention of Converts, and Missionary Service,” Ensign, Nov. 1997, 49.)

27. 27 It’s About Education (continued) We are sharing a new tool, the Marriott School of Management website at http://personalfinance.byu.edu It was put together to help you in your teaching and helping of others about personal finance. It may be helpful for 5 reasons

28. 28 It’s About Education (continued) 1. Individual Lessons

29. 29 It’s About Education (continued) 2. Personal Finance Manuals

30. 30 It’s About Education (continued) 3. Courses of Study

31. 31 It’s About Education (continued) 4. Learning Tools and Budgets (multi-language)

32. 32 It’s About Education (continued) 5. 8 Basic Lessons

33. 33 Summary Priority 1. Its about faith Financial problems are not problems of money, but faith Priority 2. Its about principles 1. Ownership: Everything we have is the Lord’s 2. Stewardship: We are stewards over all that the Lord has, is giving, or will share with us 3. Agency: The gift of “choice” is man’s most precious inheritance 4. Accountability: We are accountable for every choice we make

34. 34 Summary (continued) Priority 3. It’s about Spirituality 1. All things are spiritual 2. Money is a medium of exchange 3. Money is a tool 4. There is no true freedom without financial freedom 5. The Lord wants and will help us to be wiser financial stewards

35. 35 Summary (continued) Priority 4. It’s about Sharing 1. We are commanded to share 2. Finances are a shared responsibility for couples 3. We have a shared responsibility to help

36. 36 Summary (continued) Priority 5. It’s about education Reason 1. It offers individual lessons Reason 2. It has free Personal Finance Manuals Reason 3. It has Eight Courses of Study Reason 4. It has Learning Tools, including Budgeting and Debt Reduction spreadsheets Reason 5. It has 8 Basic Lessons

37. 37 Priority 6. The Lord’s Way is Easier Teach that the Lord’s way is not hard. Elder Lawrence Corbridge commented: The Lord’s way is not hard. Life is hard, not the gospel... Life is hard for all of us, but life is also simple. We have only two choices. We can either follow the Lord and be endowed with His power and have peace, light, strength, knowledge, confidence, love, and joy, or we can go some other way, any other way, whatever other way, and go it alone—without His support, without His power, without guidance, in darkness, turmoil, doubt, grief, and despair. And I ask, which way is easier? (Lawrence Corbridge, “the Way,” Ensign, Nov 2008) The question is not about money, but about faith

38. 38 Conclusion The Lord gives the truth of what is ahead when he said: “For verily I say unto you, that great things await you.” (D&C 45:62) And from Robert Browning comes the thoughtful and comforting words: “The best is yet to be” (“Rabbi Ben Ezra,” in Charles W. Eliot, ed., The Harvard Classics, 50 vols. [1909–10], 42:1103).

39. 39 Conclusion I promise that the Lord knows who you are and that He wants to bless you, if you will: Have faith in Him Follow His principles Seek spirituality Share with others Educate yourself, and Follow Him