In 1981, Elder Ballard, then a member of the Presidency of the First Quorum of the Seventy, gave the following stats:
- Fewer than 50% of the members surveyed have a year’s supply of financial resources
- 89% feel the burden of increased taxes and inflation
- 31% percent of the families are doing without many things
- 39% are not earning enough money to meet their basic needs
Has much changed in the 28 year that have passed? Consider those four areas - how are you doing?
To help us improve our family and personal financial positions, Elder Ballard introduced 3 main areas of consideration: attitude, planning, and self-discipline.
Attitude
“Attitude is an important part of the foundation upon which we build a productive life. In appraising our present attitude, we might ask: ‘Am I working to become my best self? Do I set worthy and attainable goals? Do I look toward the positive in life? Am I alert to ways that I can render more and better service? Am I doing more than is required of me?’
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.
The love of work is an attitude that members of the Church must develop. In some ways, we have gone through a period of great prosperity which may, when history is written, prove to be as devastating as the Great Depression in its effect upon the attitudes of the people.”
Planning
“Think out beforehand how we intend to reach our goals in life. Do we all have a plan to increase our value where we are employed? Have we taken the time to write down specific goals, and have we designed a plan of action to become more effective and productive?
To increase our income, we may need to consider additional education. We may need to find a way, through careful planning, to attend night school or trade school or to take a correspondence course. Additional education often will improve our skills and increase the value of our services.
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.
We might feel that we have gone as far as we can go in our present job. If so, we should outline a plan of action, fast and pray for confirmation, and then move forward and make the change in employment.”
Self-Discipline
Elder Ballard points out 6 things in which we should maintain our discipline regarding financial matters:
- 1. Avoid debt-pooling where exorbitant fees are charged. We may want to consolidate debts using a bank or credit union loan that can be repaid at a sensible interest rate over a reasonable length of time. We may need to stop using our credit cards.2. Exercise self-discipline by telling ourselves “We can’t afford it” and refusing to take on further credit obligations.
3. Make a budget and stick to it.
4. Cut expenses by distinguishing between wants and needs. Economize by controlling the use of goods, services, and energy.
5. Increase homemaking skills and have family members complete home and car repairs, when feasible.
6. Invest wisely. Avoid speculations and get-rich-quick schemes.
You can find Elder Ballard’s full talk listed on the Talks on Personal Finance from the Brethren Page.
How are you doing on these fronts? Is Elder Ballard’s advice from 28 years ago still applicable?
