What I Wish I had Known about
Personal Finance as a Freshman
Section 1: Introduction:
Another Perspective on Wealth
Objectives
 A. Understand why to “Decide to Decide”
 B. Understand the Spiritual Foundation for
Using Wealth Wisely
 C. Understand other Gospel Truths about
Wealth
A. 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.)
Why “Decide to Decide”? (continued)
 Why is perspective important?
Elder Neal A. Maxwell commented: We see the world and
the people in it differently, because, as C. S. Lewis
observed, “it is by the light and illumination of the gospel
that we see everything else.“ The gospel is like the lens of a
cosmic kaleidoscope that, instead of showing life, man, and
the universe as senseless, unconnected fragments, shows us
pattern, beauty, and purpose! It is this vision that can give us
a special sense of proportion about the things in life that
matter most. . .This perspective can make so many
differences in so many ways that, unintentionally, we may
be unconscious of the implications of our difference in
outlook. (Neal A. Maxwell, “Talk of the Month,” New Era, May 1971,
28.)
Questions
 Any questions on why you need to Decide to
Decide?
B. Understand the Spiritual Foundation
for Using Wealth Wisely
Is wealth important?
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
• There should be no feeling of pride for the things
we have, are, or will become.
• Rather, they should encourage greater
obedience to God’s commandments as we
realize they are gifts from a loving Father in
Heaven
Pillar 2: Stewardship
2. We are stewards over all that the Lord has or
will share with us
• The Lord through the Prophet Joseph Smith stated:
• “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)
• As wise stewards, it is our responsibility to learn
everything we can about our stewardship
• The purpose of this class is to help you
understand and manage that stewardship better!
Pillar 3: Agency
3. We were given our agency by a loving Father
in Heaven
• President Marion G. Romney said:
• “Agency means the freedom and power to
choose and act. Next to life itself, it is man’s
most precious inheritance.” (Ensign, May 1976,
p. 120.)
• Instead of feeling pride for our things we have or
are
• We should do everything in our power to thank a
loving Father and Son for this wonderful right to
choose—and then use that agency wisely!
Pillar 4: Choice and Accountability
4. We have been blessed with the gift of “choice,”
but we will be held accountable for its use
• The Lord through the prophet Joseph stated:
• 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)
• An additional purpose of this class is to help and
encourage you to make those choices wisely
What is really ours?
 On the subject of what’s really ours, Elder Neal
A. Maxwell stated:
• 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.)
Questions
 Any questions on the spiritual foundation for
using wealth wisely?
C. Understand Gospel Truths
About Wealth
 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.
• 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 to help him.
• God gives us riches so we can show the world
and ourselves what we will do with them
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 as hard as we can, 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. And we will
seek them for the right reasons, to do good, to
serve God, to help others
Agency Truths (continued)
 President Gordon B. Hinckley said:
• The Lord will love us, I think, to the degree to
which we lift and bless those in distress. I believe
that with all my heart, mind, and soul. The
accumulation of means is not a bad endeavor when
those means are used to bless the needy of the earth.
(Discourses of President Gordon B. Hinckley,
Volume 2, Intellectual Reserve, 2005, p. 593)
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.“ (in 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.”
Questions
 Any questions on these selected gospel truths about
wealth?
Summary
There is a Gospel Perspective on Wealth that is important
for us to understand. It is based on a foundation for
understanding wealth. Its pillars are:
• 1. Ownership: Everything we have or are is a gift
from God. Remember that it is not ours
• 2. Stewardship: We are stewards over the things
the Lord has blessed us with. We must learn to be
better stewards—this class will help
• 3. Agency: The ability to choose is a God-given
gift. Use it wisely
• 4. Choice and Accountability: We are the final
decision makers. We must learn to choose
wisely—this class can- 23help
-
Summary (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
Summary (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
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?
Review Questions
1. Why is it important to “decide to decide” now? What
problems can it help us to avoid?
2. What is the purpose of wealth in our lives? What
scriptures support that purpose?
3. What are the four pillars of the spiritual foundation
for using wealth wisely? Why are they important?
What can we do to incorporate these pillars into our
lives now?
4. Some have asked: “If wealth is so bad, should we
seek for riches?” What did the prophet Jacob in
Jacob 2:18-19 say about this question? What should
we seek for first?
Possible Answers
1. Now is a critical time in your lives. If you
can make the decisions now that will lead to
financial self reliance in the future, you will
be so much farther ahead in life.
Prepare now by becoming a wise financial
steward and you will avoid many of the
problems of those who do not understand the
place of wealth in their lives: debt,
bankruptcy, failed marriages, poverty, etc.
Possible Answers
2. The Nephite Prophet Jacob shared with us the
purpose of wealth in our lives. He counseled us that
if we seek wealth, we should do it for the right
reason:
• “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)
• Riches are to help us to fulfill our missions here on
earth, to raise righteous families, to move the
kingdom forward, to help and serve others.
Remember D&C 14:7 and 11:7: “Behold, he that
hath eternal life is rich.”
Possible Answers
3. The four pillars are:
• 1. Ownership
• Everything we have or are is a gift from God.
• It is important as the things we have are not
ours, but are on loan.
• We can incorporate this into our lives by
learning that when we share with others, we are
only giving back to God what was His in the
first place.
Possible Answers
• 2. Stewardship
• We are stewards over the things the Lord has
blessed us with.
• It is important as we must learn to be better
stewards over our blessings as we will be held
accountable.
• We can incorporate this into our lives by
learning as much as we can so that we can
become the best stewards we can over the
blessings our Heavenly Father shares with us.
Possible Answers
• 3. Agency
• The ability to choose is a God-given gift.
• It is important as we need to use this gift wisely
so we can return and live with God eternally.
• We can incorporate this in our lives by studying
all areas of our decisions and decision making
processes so we can make the best decisions
possible.
Possible Answers
• 4. Choice and Accountability
• We are the final decision makers in life.
• It is important as we must learn to choose
wisely.
• We can incorporate this into our lives by setting
good goals and then by making wise choices to
help us attain those goals.
Possible Answers
 4. The prophet Jacob said seeking for riches is OK
“if” we first seek the Kingdom of God, and if we seek
riches for the right intent--for righteous purposes.
• "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".
• First, we should seek for the Kingdom of God.