Personal Finance:
A Gospel Perspective
Section 1: Introduction:
A Gospel Perspective on Wealth
Objectives
 A. Understand why to “Decide to Decide”
 B. Understand the Spiritual Foundation for
Using Wealth Wisely
 C. Understand some Gospel Truths about
Wealth
 D. Understand the four critical points of
Financial Self-Reliance
A. Why “Decide to Decide”?
 Your Future Starts Now
• You have many challenges ahead:
• Surviving this class and graduating
• Budgeting, spending, saving and investing
• Student loans, credit card debt, graduate school
• Marriage and children
• Missions
• Retirement
• How do you keep your (personal and financial)
priorities in order?
Why “Decide to Decide”?
 Elder James E. Faust stated:
• In this life we have to make many choices. Some
are very important choices. Some are not. Many of
our choices are between good and evil. The choices
we make, however, determine to a large extent our
happiness or our unhappiness, because we have to
live with the consequences of our choices. Making
perfect choices all of the time is not possible. It just
doesn’t happen. But it is possible to make good
choices we can live with and grow from.
(“Choices,” Ensign, May 2004, p. 51)
 How do you make good choices you can live
with and grow from?
Why “Decide to Decide”?
Benjamin Franklin commented:
• Those who believe there is one God who made all
things and who governs the world by this
providence will make many choices different from
those who do not. Those who believe that mankind
are all of a family and that the most acceptable
service of God is doing good to man will make
many choices different from those who do not.
Those who believe in a future state in which all that
is wrong here will be made right will make many
choices different from those who do not. Those who
subscribe to the morals of Jesus will make many
choices different from those who do not. (The Art of
Virtue, 1986, pp. 88–90).
Why “Decide to Decide”?
 President Spencer W. Kimball said:
• “We hope we can help our young men and young
women to realize, even sooner than they do now,
that they need to make certain decisions only once.
… We can push some things away from us once and
have done with them! We can make a single
decision about certain things that we will
incorporate in our lives and then make them ours—
without having to brood and re-decide a hundred
times what it is we will do and what we will not do.
“… My young brothers [and sisters], if you have
not done so yet, decide to decide!” (Ensign, May
1976, p. 46; italics added.)
Questions
 Do you have any questions on why you need to
Decide to Decide?
B. Understand the Spiritual Foundation
for Using Wealth Wisely
 Much has been written and said about the importance
of wealth in our lives.
• Some have made decisions which have resulted in
the acquisition of large amounts of wealth
• Others have made the search for wealth so
important that they have given up family and
friends in search of that goal
• Still others have kept their priorities in order and
have found wealth—both the true wealth, that leads
to life eternal, and the temporal wealth, that allows
them to serve their families and fellowmen
 Is wealth important?
The Spiritual Foundation (continued)
 What is the spiritual foundation?
• The spiritual foundation is the principles that hold
everything else up. The Spiritual Foundation is
based on four key pillars that underlie personal
finance:
• Ownership
• Stewardship
• Agency
• Choice and Accountability
 These pillars form the foundation, that if understood,
will help us keep our priorities in order and to use our
wealth as Jesus Christ would have us use it.
Pillar 1: Ownership
1. Everything we have is the Lord’s
• The Lord is the creator of the earth (Mosiah 2:21),
the supplier of our breath (2 Nephi 9:26), the giver
of our knowledge (Moses 7:32) and our abilities
(Mosiah 2:21).
• Nothing we have is our own—its all God’s
• In D&C 104:14-15 it states:
• I, the Lord, stretched out the heavens, and built
the earth, my very handiwork; and all things
therein are mine. And it is my purpose to
provide for my saints, for all things are mine.
(italics added)
Ownership (continued)
 The things we have, we are, or we will become are
really not ours, but are on loan from a loving Father in
Heaven
• We have not earned them
 There should be no feeling of pride for the things we
have, we are, or will become.
• Rather, they are gifts from a loving Father and Son
Pillar 2: Stewardship
2. We are stewards over all that the Lord has
blessed us with
• The Lord through the Prophet Joseph Smith in
stated that we will each be held accountable for
what we do with the blessings we receive:
• “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.” (D&C 104:13 )
Stewardship (continued)
 Being blessed with the material things in life should be
seen not just as a blessing, but as a responsibility.
• We will all have to give an account of our
stewardship in the future to a loving Father and
Son.
 As wise stewards, it is our responsibility to learn
everything we can about our stewardship
• That way we can manage our stewardship to the
best of our abilities
• The purpose of this class is to help you manage
that stewardship better
Pillar 3: Agency
3. We were given our agency by a loving God in
the day we were created
• The Lord said to Enoch:
• Behold these thy brethren; they are the
workmanship of mine own hand, and I gave unto
them their knowledge, in the day I created them;
and in the Garden of Eden gave I unto man his
agency. (Moses 7:32)
• Man’s agency is the right to select between options,
whether good or bad, or good and better
Agency (continued)
 The prophet Lehi, in speaking to his son Jacob
explained:
• For it must needs be, that there is an opposition in
all things. If not so. . ., righteousness could not be
brought to pass, neither wickedness, neither
holiness nor misery, neither good nor bad. (2 Nephi
2:11)
 The gift of agency was such an important subject that
a war was fought in heaven because Satan sought “to
destroy the agency of man” (Moses 4:3).
• We should do everything in our power to thank a
loving Father and Son for this wonderful right to
choose—and then use that choice wisely!
Pillar 4: Choice and Accountability
4. We have been blessed with the gift of “choice”
• God won’t force us, and Satan cannot force us
• We have been counseled by the Lord:
• Verily I say, men should be anxiously engaged in
a good cause, and do many things of their own
free will, and bring to pass much righteousness.
For the power is in them, wherein they are
agents unto themselves. And inasmuch as men
do good they shall in nowise lose their reward.
(D&C 58: 27-28)
• We have been given the choice, but it is up to us to
choose wisely to “bring to pass much
righteousness.”
Choice and Accountability (continued)
 The first three pillars are God’s gift to us. The fourth
pillar is our gift to God
• We can choose things for many reasons: fear, duty,
obligation and love
• The motivation behind that choice is important
• Charity, or the pure love of Christ, is the highest
form of motivation
 The bestowal of the blessing of choice should be seen
as additional evidence of God’s love for us.
• Instead of using this blessing unwisely, we should
use all our strength to thank Him by making wise
choices and through greater obedience to His
commandments
What is really ours?
On this subject, Elder Neal A. Maxwell stated:
In conclusion, 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.)
C. Understand Gospel Truths
About Wealth
 What are gospel truths?
• Gospel truths are statements of truth that are built
on the pillars discussed earlier. They include:
• Ownership
• 1. Wealth is not a sign of righteousness
• 2. Because God shares freely with us, we
should share freely with others
• Stewardship
• 3. We have not earned the things we enjoy
• 4. Wealth is not a necessary qualification for
service in the Lord's Kingdom
Gospel Truths about Wealth (continued)
• Agency
• 5. Wealth can be either a blessing or curse
• 6. The love of money (not money) is the root of
evil
• Choice and Motivation
• 7. Wealth will not bring happiness nor solve all
your problems
Ownership Truths
 1. Wealth is not a Sign of Righteousness
• While financial blessings may be a result of
righteousness, more often than not the blessings are
spiritual
• William Jennings Bryan wrote in The Prince of
Peace: “The human measure of a human life is
its income; the divine measure of a life is its
outgo, its overflow its contribution to the welfare
of all."
• The best sign of righteousness is not wealth, but
how well we follow the example of our Savior
• Do we have His image in our countenances?
Ownership Truths (continued)
 2. Since God gives us blessings freely, we
should share them freely
• The prophet Jacob taught:
• Think of your brethren like unto yourselves, and
be familiar with all and free with your substance,
that they may be rich like unto you. (Jacob 2:17)
• God does not ask us to be rich so that we can help
him.
• God gives us riches so we can show the world
and ourselves what we will do with them
• Since God gives us our blessings freely
• We should be willing to share them freely with
God’s other children
Stewardship Truths
 3. We have not earned the things we possess
• In D&C 130:20-21 it tells us: “There is a law,
irrevocably decreed in heaven before the
foundations of this world, upon which all blessings
are predicated— And when we obtain any blessing
from God, it is by obedience to that law upon which
it is predicated.”
• Blessings are not earned; rather, they are given
by a loving Heavenly Father.
• Instead of feeling pride for our blessings, we should
feel humble.
• Then we should work hard to thank our
Heavenly Father for all his wonderful blessings.
Stewardship Truths (continued)
 4. Wealth is not a necessary qualification for
service in the Lord's kingdom
• Of this President Gordon B. Hinckley said:
• “If that is the perception, I am sorry, because it is
a false perception. Out of the experience of
nearly a quarter of a century in organizing and
reorganizing scores of stakes, I can say that the
financial worth of a man was the least of all
considerations in selecting a stake president.
Wealth and financial success are not criteria for
Church service.” (“Tithing: An Opportunity to
Prove Our Faithfulness,” Ensign, May 1982,
40.)
Agency Truths
 5. Wealth can be a Blessing or Curse
• President N. Eldon Tanner said:
• The Lord gave the greatest success formula that
I know of : "Seek ye first the kingdom of God,
and his righteousness; and all these things shall
be added unto you." (“Constancy Amid
Change,” Ensign, Nov. 1979, 80.)
• President Brigham Young stated:
• "The worst fear ... I have about this people is
that they will get rich in this country, forget God
and His people, wax fat, and kick themselves out
of the Church. ... My greatest fear for them is
that they cannot stand wealth." (“This Is The
Place,” Tambuli, July 1977, 25.)
Agency Truths (continued)
 If wealth is bad, should we ever seek riches?
• The Nephite Prophet Jacob counseled:
• "But before ye seek for riches, seek ye for the
kingdom of God. And after ye have obtained a
hope in Christ ye shall obtain riches, if ye seek
them; and ye will seek them for the intent to do
good-to clothe the naked, and to feed the hungry,
and to liberate the captive, and administer relief
to the sick and the afflicted.“ (Jacob 2:18-19)
• Our first goal should be the Kingdom
• Only then should we seek riches. An we
will seek them for the right reasons, to do
good, to serve God, to help others
Agency Truths (continued)
6. Love of money is the root of all evil
Elder Theodore M. Burton commented:
• Paul did not say that money itself was evil, but that
“the love of money is the root of all evil.”(1 Tim.
6:10.) Love of money, status, possessions, or
position more than righteousness begets a kind of
false pride that must be avoided. That is why the
Lord also told us that “if ye seek the riches which it
is the will of the Father to give unto you, ye shall be
the richest of all people, for ye shall have the riches
of eternity,. . .but beware of pride, lest ye become as
the Nephites of old.” (D&C 38:39) (“A Disease
Called Pride,” Ensign, Mar. 1971, 26.)
Choice and Motivation Truths
 7. Money will not Bring Happiness or Solve
your Problems
• Henrik Ibsen said: "Money may be the husk of
many things, but not the kernel. It brings you food,
but not appetite; medicine, but not health;
acquaintances, but not friends; servants, but not
faithfulness; days of joy, but not peace or
happiness.“ (James E. Faust, “Our Search for
Happiness,” Ensign, Oct. 2000, 2.)
• Anne Sudweeks added: If you can’t be happy
without money, you will never be happy with it.
• Remember money doesn’t change you. It only
reveals you to yourself.
Choice and Accountability Truths (continued)
 I believe there are two types of problems in life:
• Those we bring on ourselves from disobedience to
the commandments
• Those that come as part of everyday living
 While money can solve some problems, there are many
it cannot solve.
• In fact, it brings along a host of its own problems:
pride, greed, selfishness, etc.
 Don’t seek for riches for its own sake. Seek them for:
• The good you can do and the lives you can bless
 Decide now that if you are blessed with riches that you
will use them for the right reason, for the reasons Jacob
specifies!
D. Understand the Four Critical Points
of Financial Self-reliance
 There are four points that are critical to
understand that will help you in life. They are:
• 1. Know what you want out of life
• 2. Develop and live on a budget
• 3. Pay the Lord first, yourself second, and learn to
invest your money wisely
• 4. Learn to Give
1. Know what you want out of life!
Set Personal Goals
The important of goals is well stated in a poem by Jesse B.
Rittenhouse. She writes:
I bargained with Life for a Penny, and Life would pay no
more,
However I begged at evening, When I counted my scanty
store.
For Life is a just employer, He will give you what you ask,
But once you have set the wages, Why, you must bear the
task.
I worked for a menial's hire, Only to learn, dismayed,
That any wage I had asked of Life, Life would have
willingly paid.
- 31 -
Thoughts on Setting Goals (continued)
 What do you want to accomplish?
• What is important to you?
 What does Heavenly Father want you to do or be?
• I have learned in my life that if I do what Heavenly
Father wants me to do first, He will help me
accomplish what I want to do—and I will do it
better than if I had spent all my time working on
what I wanted.
- 32 -
Thoughts on Goals (continued)
 President Ezra Taft Benson commented:
• Every accountable child of God needs to set goals,
short- and long-range goals. A man who is pressing
forward to accomplish worthy goals can soon put
despondency under his feet, and once a goal is
accomplished, others can be set up. Some will be
continuing goals. . . Now there is a lifetime goal—
to walk in his steps, to perfect ourselves in every
virtue as he has done, to seek his face, and to work
to make our calling and election sure. (Ezra Taft
Benson, “Do Not Despair,” Ensign, Nov. 1974, 65.)
2. Develop and Live on a Budget
President Spencer W. Kimball
“Every family should have a budget. Why, we would
not think of going one day without a budget in this
Church or our businesses. We have to know
approximately what we may receive, and we
certainly must know what we are going to spend.
And one of the successes of the Church would have
to be that the Brethren watch these things very
carefully, and we do not spend that which we do
not have.” (inside cover of “One for the Money:
guide to Family Finance, Intellectual Reserve,
2002.)
- 34 -
How to Budget
 Why Budget?
• We will feel more in control of our lives
• The prophet has commanded us
 How to budget?
• Estimate your income—where is it from?
• Distinguish between fixed and variable expenses
• Separate your needs from your wants
• Find ways to decrease your spending and increase
your savings
- 35 -
3. Pay the Lord First, Yourself Second,
and then Invest Your Money Wisely
 Pay the Lord first, and yourself second
• Then invest your money wisely
 Save and invest wisely. Learn the Priority of Money
• 1. Free money (401k or other employer match)
• 2. Tax-advantaged money
• Elimination of future taxes (Roth IRA,
Education IRA, 529 Plans)
• Tax-deferred money (IRA, 401k, 403b, SEPIRA)
• 3. Tax-efficiently invested money
 Begin to save and invest now!!!!
- 36 -
4. Learn to Give
 There is a different type of accounting in
heaven
• And he [Christ] looked up, and saw the rich men
casting their gifts into the treasury. And he also saw
a certain poor widow casting in thither two mites.
And he said, Of a truth I say unto you, that this poor
widow hath cast in more than they all: For all these
have of their abundance cast in unto the offerings of
God: but she of her penury hath cast in all the living
that she had. (Luke 21:1-4)
- 37 -
Learn to Give (continued)
 Elder Lynn G. Robbins stated:
• The truer measure of sacrifice isn't so much what
one gives to sacrifice as what one sacrifices to give.
. . In these defining moments, the crisis doesn't
create one's character—it reveals it. (Lynn G.
Robbins, “Tithing—a Commandment Even for the
Destitute, General Conference, April 2, 2005.)
Conclusion
There is a Gospel Perspective on Wealth that is important
for us to understand. It is based on a foundation for
understanding wealth. It is:
• Ownership: Everything we have or are is a gift
from God. Remember it is His
• Stewardship: We are stewards over the things the
Lord has blessed us with. We must learn to be
better stewards—this class will help
• Agency: The ability to choose is a god-given gift.
Use it wisely
• Choice and Accountability: We are the final
decision makers on what we will do with the
opportunities God has given us. We must learn to
choose wisely—this class can help
- 39 -
Conclusion (continued)
 It is critical to have a correct perspective on wealth.
Remember these truths:
• Ownership
• 1. Wealth is not a sign of righteousness
• 2. Because God shares freely with us, we
should share freely with others
• Stewardship
• 3. We have not earned the things we enjoy
• 4. Wealth is not a necessary qualification for
service in the Lord's Kingdom
Gospel Truths about Wealth (continued)
 Agency
• 5. Wealth can be either a blessing or curse
• 6. The love of money (not money) is the root of evil
 Choice and Motivation
• 7. Wealth will not bring happiness nor solve all your
problems
Conclusion (continued)
 Remember the critical points of financial self-reliance
• 1. Understand what you want out of life
• Life will give exactly what you ask. Ask more!
• 2. Develop and live on a budget
• Get out of debt and live within your means.
• 3. Pay the Lord first, yourself second, and invest
your money wisely
• Begin saving and investing now
• 4. Learn to give
• If you can’t learn to give when you are poor, you
will never give when you are rich
Review of Objectives
A. Do you understand why you need to Decide to
Decide?
B. Do you understand the Spiritual Foundation
for Using Wealth Wisely?
C. Do you understand some of the Gospel Truths
about Wealth?
D. Do you understand the four critical points of
Financial Self Reliance?