"With the difficulties in our economy, let me raise the issue of personal finances. In our current condition we are all more humble and teachable—but think back on the last few years.
The world teaches that if we want
something, we should have it. We should not have to wait for it. Debt can allow
us to have it now. That debt can come through credit cards, or it might come
through overextending the leverage on a house that we own. We can leverage what
we have, even our education. Values will always go up, and we will prosper. The
wisdom of the world is that the amount of the monthly payment becomes more
important than the size of the loan. Our obligations are somewhat
discretionary, and if all fails, bankruptcy is our last option.
Now let’s think of the wisdom of God on
personal finances, constantly taught by the prophets. The foundation is
self-reliance and work. We put money in its proper role by paying an honest
tithe and being generous in our offerings. We live on less than we earn, and we
differentiate between our needs and our wants. We avoid debt except for the
most fundamental of needs. We live within a budget. We put away some savings.
We are honest in all our obligations."
Elder Neil L. Anderson, "Reverence for God Is the Beginning of Wisdom", January 2013 Ensign
Read the entire address here.
Learn more about Neil L. Anderson.
*Photo source: lds.org
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