May I Give You Some Practical Counsel?

In October 2015 General Conference, Elder Robert D. Hales asked, .... "may I give you some practical counsel?

Many of your generation are facing crushing debt. When I was a young adult, my stake president was an investment banker on Wall Street. He taught me, “You are rich if you can live happily within your means.” How can you do it? Pay your tithing and then save! When you earn more, save more. Don’t compete with others to have expensive toys. Don’t buy what you can’t afford.

Many young adults in the world are going into debt to get an education, only to find the cost of school is greater than they can repay. Seek out scholarships and grants. Obtain part-time employment, if possible, to help pay your own way. This will require some sacrifice, but it will help you succeed.

Education prepares you for better employment opportunities. It puts you in a better position to serve and to bless those around you. It will set you on a path of lifelong learning. It will strengthen you to fight against ignorance and error. As Joseph Smith taught: “Knowledge does away with darkness, suspense and doubt; for these cannot exist where knowledge is. … In knowledge there is power.” “To be learned is good if they hearken unto the counsels of God.” Education will prepare you for what is ahead, including marriage."

To learn more: Meeting the Challenges of Today's World

Avoid Debt - Step Two of the Lord's Financial Plan

Spending less money than you make is essential to financial security. Elder Joseph B. Wirthlin (1917–2008) of the Quorum of the Twelve Apostles that consumer debt is a form of bondage that affects individuals both temporally and spiritually. He said, “We think we own things, but the reality is, our things own us.”  For this reason, the First Presidency encourages members to avoid debt with the exception of buying a modest home or paying for education.

The Kloosterman family has enjoyed the blessings of being free from the bondage of debt. When Kevin Kloosterman was called as the bishop of his ward in Illinois, USA, his family had some consumer debt. His stake president reminded him of the First Presidency’s counsel, and Bishop Kloosterman left the interview determined to pay off the debt. “We had always … tried to put the Lord first,” he recalls. “In this one case, we hadn’t.”

The Kloosterman family studied the scriptures and modern-day counsel related to finance and debt and took the steps necessary to achieve their goal. It became clear that they were being blessed by the Lord for heeding the counsel of His servants. “There is no affliction in mortality which the Savior cannot heal,” Bishop Kloosterman says. “If He can deliver us from the captivity of sin and death, He can certainly deliver us out of financial bondage.”

If Church members are in debt, they should pay the debt off as quickly as possible. A debt-elimination calendar is a great tool to help individuals create a specific plan to become debt-free. After creating a plan, members can make it a priority by making their necessary payments immediately after paying tithes and offerings. Above all, members should be patient with the time it may take to become debt-free by relying on the Lord for help and striving to follow His commandments.

To learn more: The Lord's Financial Plan

Becoming Provident Providers

Elder Robert D. Hales encourages us to stay out of debt and live frugally as he recounts a story from the early days of his marriage, when his wife exemplified the principles of provident living.