Thoughts on Money

We had some journaling prompts in class this week and here they are:

·       What is your attitude toward money?

My attitude about money has lots of room for improvement. In the past it has not been one of my strengths and has required a changed attitude on how to manage it and save for rainy days. I think frugality is something you have to learn, and unfortunately it is learned as the result of adversity that happens at the most inconvenient times. My husband also has had issues with handling money wisely and we have had to learn together. We are much better now than we were when we were younger, but we have much room for improvement.

It is really important to pay attention to wants vs. needs. Too many wants puts you in debt. Windfalls can be a blessing, but they should also be used wisely. It’s really tempting to throw caution to the wind when you get a tax refund and we have done that. Not so much anymore. We have suffered enough lay offs to save for rainy days.

It’s also important to take calculated risks if you want to invest, and money won’t grow without investment.

·       How can your view of money affect the way you live?

Something that we have committed to for the last 25 years is paying an honest tithe. When we were young, we lacked faith in this principle and commandment. A Bishop challenged us to take a step of faith and follow through with this and we have maintained this practice long enough to see miracles occur. In times of financial stress we were always cared for, always, and often in miraculous ways that made no sense. We always managed. My husband was laid off during COVID for a little over a year. My salary was ½ of his salary. By some miracle we actually were able to save money during this time. That shouldn’t have happened, but it did and we kept our house and made payments on time. We realized our house was more than our budget could afford, and we felt prompted to sell it until we knew what we would do if he continued to be unemployed. As soon as we listed our house, a job in another state appeared. We sold our house in 4 days for almost $30,000 more than our asking price. We were able to finance our move to the new state and put money down on a more affordable home. The Lord’s timing was impeccable.

·       What rules are recommended for prospering?

These rules are according to Steven W. Gibson, an entrepreneur and philanthropist.

1.    Seek the Lord and have hope in him.

2.    Keep the commandments, including the temporal ones. This includes tithing and fast offerings.

3.    Think about money and plan how you can become self-reliant.

4.    Education is the key to opportunity. Get as much of it as you can.

5.    Learn the laws upon which the blessings of wealth are predicated.

6.    Do not send away the poor and those who are in need.

Mr. Gibson also made some points worth mentioning:

Money is neither bad nor good. In the hands of good men, it can be used for good and to bless the lives of many. In the hands of bad men, it can be used for horrible purposes that cause suffering for many.

He said that money can sometimes make good men better, but usually makes bad men worse.

Money has power. It can buy food, clothing and shelter. It can pay for transportation. Our church does not teach it is righteous to be poor and suffer. Christ came that man might live life more abundantly. We have an obligation to do all we can to be self-reliant that we may care for our own needs and those of others in need.