What I would like to share with you today are my observations about the constant and fundamental principles which, if followed, will bring financial security and peace of mind under any economic circumstances.
What ever religion we belong to if we believe in the bible, there is a scripture which says in Mathew .6:33 “Seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you”
Some argue that some men prosper financially who do not seek the kingdom first. This is true. But the Lord is not promising us just material wealth if we seek first the kingdom.
So how do we bring financial security and peace of mind?
Pay an honest full tithe Live on less than you earn. If you control your expenses and not spend too much on unnecessary things, you are living on less than you earn. Those who structure their standard of living to allow a little surplus, control their circumstances. Those who spend a little more than they earn are controlled by their circumstances. They are in bondage. President Grant once said: “If there is any one thing that will bring peace and contentment into the human heart, and into the family, it is to live within our means. And if there is any one thing that is grinding and discouraging and disheartening, it is to have debts and obligations that one cannot meet” (Gospel Standards, Salt Lake City: Improvement Era, 1941, p. 111).Learn to distinguish between needs and wants. What are the necessities of life? Food, water, shelter, health and clothing. Why buy and expensive set of clothing worth $300.00 when you can buy similar outfits at a second hand store for $50.00. Why shop at groceries stores where the prices are a little bit more expensive than another store where prices are cheaper. There are many things in life that are considered as wants which are unnecessary especially when you are trying to get out of debt. Wait until you are living these set of principles in this article over a period of time, until money starts to get a bit more financially viable, then you can afford to buy the wants that you may crave for.Develop and live within a budget. Work out a system where as money comes in for creditors to be paid. The basics of life as mentioned in step 3 can be kept at a minimum and maintained over a period of time. Wise financial counselors teach that there are four different elements to any good budget. Provision should be made first for basic operating needs such as food, clothing, etc.; second, for home equity; third, for emergency needs such as savings, health insurance, and life insurance; and, fourth, for wise investment and a storage program for the future. With rising medical costs, health insurance is the only way most families can meet serious accident, illness, or maternity costs, particularly those for premature births. Life insurance provides income continuation when the provider prematurely dies. Every family should make provision for proper health and life insurance. After these basics are met, we should by frugal management regularly save to create funds for investment. It has been my observation that few people have been successful with investments who have not first developed the habit of saving regularly. This requires discipline and discriminating judgment. There are many ways to invest. My only advice is to choose wisely your investment counselors. Be sure they merit your confidence by maintaining a successful investment record.Be honest in all your financial affairs. Integrity according to the dictionary says: 1. Adherence to moral and ethical principles; soundness of moral character; honesty.
