1

Women’s Conference

Let’s Your Hearts Rejoice

Avoiding Anxiety and Distress by Wise

Money Management

May 2, 2013

Bryan Sudweeks, Ph.D., CFA

Materials are from the BYU Marriott School of Management

Personal Finance website at

http://personalfinance.byu.edu

2

Abstract

• Despite counsel to live below our means, most people

live at or above their means, regardless of income

level. How can we recognize the difference between

wants and needs? What are some practical everyday

tips in budgeting, shopping, and saving to help live

providently? Instead of having an abundance of

“things”, how can being financially responsible bring

us happiness? What role does paying an honest tithing

and fast offering play in financial security?

2

3

Objectives

• Wise money management is as easy as your ABCDs

• Decide

• Commit

• Believe

• Achieve

3

4

A. Decide

• Elder David A. Bednar counseled:

• Understand and love the doctrine of Christ.

Doctrine refers to the eternal, unchanging, and

simple truths of the gospel of Jesus Christ.

Doctrines are never altered. They never vary. They

will always be the same. You can always count on

them. Brothers and sisters, doctrine answers the

why questions of our lives. . . In the times in which

we live, only the restored gospel of Jesus Christ has

the answers to the why questions that matter most

(“Teach them to Understand,” Ricks College

Campus Education Week Devotional, June 4, 1998,

Rexburg, Idaho).

4

5

• 1. Personal finance can bring us to Christ

• Whatever the problem may be in a person’s life—

failure to pay tithing, breaking the Word of

Wisdom, casual church attendance, the real issue is

faith in Jesus Christ. If we can help people obtain

the gift of faith in Christ, good works will follow.

The end purpose of any law of God is to bring us to

Christ. And how well will the law work? It depends

on what we think of the Author of the law (C. Max

Caldwell, “What Think Ye of Christ?,” Ensign, Feb

1984).

Decide (continued)

5

6

• 2. Personal finance can help us accomplish our

divine missions

• Elder Gene R. Cook said:

• I bear testimony of the fact that if you keep the

commandments, He nourishes you, strengthens

you, and provides you means for accomplishing all

things necessary to faithfully finish your divine

mission here on earth. May the Lord bless you in

your decisions at this important time in your lives

(Gene R. Cook, “Trust in the Lord”, Ensign, Mar.

1986).

Decide (continued)

6

7

• 3. Personal finance can help us return with our

families back to Heavenly Father’s presence

• It helps us keep our priorities in order

• David O. McKay stated: “No other success can

compensate for failure in the home” (quoted

from J. E. McCulloch, Home: The Savior of

Civilization (1924), 42; in Conference Report,

Apr. 1935, 116).

• Harold B. Lee said, “The most important work

you will do will be within the walls of your own

home” (Teachings of Presidents of the Church:

Harold B. Lee [2000], 134).

Decide (continued)

7

8

• 4. Personal finance can help us become wiser

stewards over our resources and blessings

• Our resources are a stewardship, not our

possessions. I am confident that we will literally be

called upon to make an accounting before God

concerning how we have used them to bless lives

and build the kingdom (Joe J. Christensen, “Greed,

Selfishness, and Overindulgence,” Ensign, May

1999).

Decide (continued)

8

9

Decide (continued)

• Our perspective is simple. It is:

• Wise money management is simply living the

gospel of Jesus Christ

• It is putting Christ first in our lives (and not our

pocketbooks)

9

10

Decide (continued)

• Elder Bednar commented:

• Principles are doctrinally based guidelines for what

we ought to do. Therefore if there is a doctrine of

the Atonement, then the first principle of the gospel

is faith in the Lord Jesus Christ. Brothers and

sisters, doctrine answers the why questions of our

lives. Principles provide us with direction about the

what and the how (David A. Bednar “Teach them to

Understand,” Ricks College campus Education

Week Devotional, June 4, 1998, Rexburg, Idaho).

• 10

11

Decide (continued)

1. Ownership: Everything we have is the Lord’s

• The Psalmist wrote:

• The earth is the Lord’s, and the fullness thereof;

the world, and they that dwell therein (Psalms

24:1)

• 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) the provider of our

life (Mosiah 2:22), and the giver of all we have and

are (Mosiah 2:21).

11

12

Decide (continued)

2. Stewardship: We are stewards over all that the

Lord has, is, 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)

• The Lord through the Prophet Brigham Young said:

• Thou shalt be diligent in preserving what thou

hast, that thou mayest be a wise steward; for it is

the free gift of the Lord thy God, and thou art his

steward. (D&C 136:27) 12

13

Decide (continued)

3. Agency: The gift of “choice” is man’s most

precious inheritance

• 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.)

• President David O. McKay:

• Next to the bestowal of life itself, the right to

direct that life is God’s greatest gift to man.…

Freedom of choice is more to be treasured than

any possession earth can give (Conference

Report, Apr. 1950, p. 32; italics added). 13

14

Decide (continued)

4. Accountability: We are accountable for every

choice we make

• 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. (D&C

58: 27-28)

• For it is required of the Lord, at the hand of

every steward, to render an account of his

stewardship, both in time and in eternity. (D&C

72:3)

14

15

B. Commit

• How do you commit to what you should do after

you have “decided” what was important?

• We all know what we should do, and yet we many

times fall short of our goals. Why?

• Perhaps it is because:

• Focus: We don’t really want the goal we set—it

is another’s goal and not our own

• Habits: We have not learned the habits to

discipline ourselves—we lack discipline

• Motivation: We have not convinced ourselves

the future benefits are worth the current costs 15

16

1. Set Personal and Family Goals

• Decide on what is important to you and write it

down

• Work with your spouse to determine what is

important to you, to determine individual and

family goals

• Set short, medium, and long-term goals to help

you attain what is important

• Review your goals often, and work toward them

• Write them down, as a goal not written down is

only a wish

• Develop your own Personal Financial Plan 16

17

2. Share Your Goals with

your Children and Friends • Want additional incentive to accomplish your

goals?

• Share them with your children and friends

• Let your children know what goals you are

working on

• Enlist their help in accomplishing you to

accomplish your goals

• Let them know and help you as you strive to

accomplish what you desire

• Children and friends can give additional

incentive and help to attain our personal

and family goals

17

18

3. Change Your Perspective

• You can take a long-term perspective on your

choices

• Life is all about the choices we make

• Make them with our top goals in mind

• Say you want to buy a new car on payments, but

you know it will keep you from saving for

retirement and your children’s education

• Think of it as:

• “I am spending my children’s education

money” or

• “I am disobeying the prophet’s counsel to

stay out of debt” 18

19

4. Understand Doctrine and Seek the

Lord’s Help • In Relief Society, priesthood, Young Men's, and

Young Women's we sometimes have lessons on topics

such as self-esteem, self-worth, and goal setting. Such

instruction indeed can be good and valuable. But you

can get the same information at the Rotary Club.

However, at the Rotary Club you cannot get the pure,

simple doctrine of the Atonement of Christ. And self-

esteem and the ability to effectively set and accomplish

goals ultimately comes from understanding doctrine,

not just the mechanics of application (David A. Bednar

“Teach them to Understand,” Ricks College campus

Education Week Devotional, June 4, 1998, Rexburg,

Idaho).

19

20

C. Believe

• We now must believe we can accomplish what

we have set our goals to do

• Whatever the mind of man can conceive, and

believe, it can achieve (anonymous)

• Whether you think you can or you can’t, you are

right (anonymous)

• For as he thinketh in his heart, so is he (Proverbs

23:7)

20

21

Believe (continued)

• Be as Nephi of old who said:

• I will go and do the things which the Lord has

commanded, for I know that the Lord giveth no

commandment unto the children of men save he

shall prepare a way for them that they may

accomplish the things which he commandeth them

(1 Nephi 3:7).

21

22

D. Achieve

• Elder Robert C. Gay said:

• This is the exchange the Savior is asking of us: we

are to give up all our sins, big or small, for the

Father’s reward of eternal life. We are to forget

self-justifying stories, excuses, rationalizations,

defense mechanisms, procrastinations, appearances,

personal pride, judgmental thoughts, and doing

things our way. We are to separate ourselves from

all worldliness and take upon us the image of God

in our countenances (Robert C. Gay, “What Shall a

Man Give in Exchange for His Soul?”, Ensign,

Nov. 2012).

22

23

Achieve (continued)

• Focus: Make sure your goals are the true

goals you want to accomplish. Seek the Lord’s

help as you set your goals, and then seek His

help to attain them.

• Be serious about your goals

• Share them with your children and friends, and with

the Lord in your prayers

• Let nothing get in the way of your achieving your

goals

23

24

Achieve (continued)

• Habits: Work on the habits that will help you

achieve your goals

• Plan your habits carefully and pray for the Lord’s

help in establishing good habits so you can

accomplish your goals

• Take that lunch to work, eat out only once per

month, develop that menu for your family that is

healthy and cost-effective. Make it a game to save

money

• Know when you are weakest and likely to slip in

accomplishing your goals—plan beforehand what

you will do in those situations so you can

accomplish your goals

24

25

Achieve (continued)

• Motivation: Visualize and truly believe that

your future goal is worth the sacrifices

• Visualize your interview with your Savior and your

reporting on your stewardship on how you have

used your financial resources to bless others

• Realize that Heavenly Father wants you to be

financially self-reliant and will help you if you will

humbly seek His help

• Visualize yourself on your mission with your

spouse, and visualize your children going on

missions, raising righteous families, graduating

from college, or accomplishing other personal and

family goals.

25

26

Summary

• Financial preparedness is simply four areas:

• Education

• Choice

• Faith

• Work

26

27 27

28 28

29

• The MSM website includes (all free):

• 9 different personal finance manuals, including the

611 page personal finance book used in the

undergraduate and MBA classes

• PowerPoint presentations from the advanced class

• Videos from the advanced personal finance class

include each of the 28 classes (of 75 minutes each)

• Learning tools to help you as you put your Personal

Financial Plan together, which includes your

Emergency Fund, Investment Plan, Retirement

Plan, etc.

• See me at the Sharing Station later today on

Money Management

29

Summary (continued)

30 30

• Elder Boyd K. Packer commented:

• True doctrine, understood, changes attitudes and

behavior. The study of the doctrines of the gospel

will improve behavior quicker than a study of

behavior will improve behavior (“Little Children,”

Ensign, Nov. 1986, 16).

Summary (continued)

31 31

Jeff Bezos, CEO of Amazon.com wrote:

• Tomorrow, in a very real sense, your life—the life you author from scratch

on your own—begins. How will you use your gifts? What choices will

you make? Will inertia be your guide, or will you follow your passions?

Will you choose a life of ease, or a life of service and adventure? Will you

wilt under criticism, or will you follow your convictions? Will you bluff it

out when you're wrong, or will you apologize? Will you guard your heart

against rejection, or will you act when you fall in love? When it's tough,

will you give up, or will you be relentless? Will you be a cynic, or will you

be a builder? Will you be clever at the expense of others, or will you be

kind? I will hazard a prediction. When you are 80 years old, and in a quiet

moment of reflection narrating for only yourself the most personal version

of your life story, the telling that will be most compact and meaningful

will be the series of choices you have made. In the end, we are our

choices. Build yourself a great story (Jeff Bezos,, “Notable and Quotable”,

Wall Street Journal, April 4, 2013, p. ).

Summary (continued)

32

• Though times may be tough, for those of faith, we

believe a prophet who said:

• I testify to you that our promised blessings are

beyond measure. Though the storm clouds may

gather, though the rains may pour down upon us,

our knowledge of the gospel and our love of our

Heavenly Father and of our Savior will comfort

and sustain us and bring joy to our hearts as we

walk uprightly and keep the commandments.

There will be nothing in this world that can

defeat us. My beloved brothers and sisters, fear

not. Be of good cheer. The future is as bright as

your faith (italics added, Thomas S. Monson,

“Be of Good Cheer,” Ensign, May 2009, 92). 32

Summary (continued)

33

• For verily, I say unto you, that great things

await you (D&C 45:62).

For great things truly do!

33

Summary (continued)