How can I prepare to be financially self-reliant?
The Lord has blessed us with resources, and He expects us to be wise stewards over these resources. He wants us to be financially self-reliant so that we can provide for ourselves and serve others. To do this, we should pay tithes and offerings, avoid unnecessary debt, use a budget, and live within our means.
1. Hammer, 2. Mousetrap, 3. Matches, 4. 100 Dollar Bill
Tools can be both helpful and harmful, depending on how they are used.
*What are the positive and negative uses of money? How can it be used to bless others and further the Lord’s work?
4 Uses for Money
What do all these celebrities have in common?
Basics of Personal Financing
1. Pay Tithes and Offerings
2. Avoid Debt
3. Use a Budget
4. Make a Reserve
*1 out of 5 Americans lives beyond his or her means.
*Half of Americans do not maintain a budget
*1 in 9 People ages 18-24 uses more than 40% of his or her income to pay off debt.
*High School Students who received personal financial education are able to:
1. Manage their Money better because they…
have fewer maxed out credit cards
have higher savings
do more comparison shopping
pay debts on time
2. Between Ages 30-49 achieve significant higher savings and net worth.
* Tithing is a commandment. Origins:
Anciently - Abraham and Jacob obeyed the commandment to pay a tithe of one-tenth of their increase (Hebrews 7, Genesis 14, 28)
Modernly – D&C 119 – one-tenth of all their interest annually. (aka income)
* Tithing Shows Gratitude and Faithfulness to Our Heavenly Father.
*Malachi 3:10 “ Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.”
* Parable of the Widow’s Mite (Mark 12)
* Tithing brings assurance, peace, faith, and hope. The Blessings of tithing are significant, but subtle. (David Bednar)
How Can You Apply These Principles Now?