Lesson: How can I prepare to be financially self-reliant? (Part 1)

~LESSON PLAN~

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

Save

Spend

Tithing

Invest 

What do all these celebrities have in common?

Mike Tyson

MC Hammer

Michael Jackson

Larry King

Donald Trump

Pamela Anderson

Toni Braxton

BUSINESS INSIDER - 20 CELEBS WHO TANKED THEIR FORTUNES

Basics of Personal Financing

1. Pay Tithes and Offerings

2. Avoid Debt

3. Use a Budget

4. Make a Reserve

F*A*C*T*S

*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

* 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?