Constancy Amid Change: Building a Foundation

“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.
“First, I would like to build a foundation and establish a perspective within which these economic principles must be applied.
“One day a grandson of mine said to me: “I have observed you and other successful men, and I have made up my mind that I want to be a success in my life. I want to interview as many successful people as I can to determine what made them successful. So looking back over your experience, grandpa, what do you believe is the most important element of success?”
“I told him that 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” (Matt. 6:33).
“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. From my own experience I know this is not the case. In the words of Henrik Ibsen: “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 The Forbes Scrapbook of Thoughts on the Business of Life, New York: Forbes, Inc., 1968, p. 88).
“Material blessings are a part of the gospel if they are achieved in the proper way and for the right purpose.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Constancy Amid Change: Pay an Honest Tithing

"In the Book of Mormon, the prophet Jacob gives us some important counsel on this matter:
“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).
"The foundation and perspective then are these: We must first seek the kingdom, work and plan and spend wisely, plan for the future, and use what wealth we are blessed with to help build up that kingdom. When guided by this eternal perspective and by building on this firm foundation, we can pursue with confidence our daily tasks and our life’s work, which must be carefully planned and diligently pursued.
"It is within this framework that I would like to explain five principles of economic constancy.
"Constancy #1: Pay an honest tithing. I often wonder if we realize that paying our tithing does not represent giving gifts to the Lord and the Church. Paying tithing is discharging a debt to the Lord. The Lord is the source of all our blessings, including life itself.
"The payment of tithing is a commandment, a commandment with a promise. If we obey this commandment, we are promised that we will “prosper in the land.” This prosperity consists of more than material goods—it may include enjoying good health and vigor of mind. It includes family solidarity and spiritual increase. I hope those of you not presently paying your full tithe will seek the faith and strength to do so. As you discharge this obligation to your Maker, you will find great, great happiness, The like of which is known only by those who are faithful to this commandment." (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Constancy Amid Change: Live on Less

“Constancy #2: Live on less than you earn. I have discovered that there is no way that you can ever earn more than you can spend. I am convinced that it is not the amount of money an individual earns that brings peace of mind as much as it is having control of his money. Money can be an obedient servant but a harsh taskmaster. 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).
“The key to spending less than we earn is simple—it is called discipline. Whether early in life or late, we must all eventually learn to discipline ourselves, our appetites, and our economic desires. How blessed is he who learns to spend less than he earns and puts something away for a rainy day.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Constancy Amid Change: Needs vs Wants

“Constancy #3: Learn to distinguish between needs and wants. Consumer appetites are man-made. Our competitive free enterprise system produces unlimited goods and services to stimulate our desire to want more convenience and luxuries. I do not criticize the system or the availability of these goods or services. I am only concerned about our people using sound judgment in their purchases. We must learn that sacrifice is a vital part of our eternal discipline.
“…Overindulgence and poor money management place a heavy strain on marriage relationships. Most marital problems, it seems, originate from economic roots—either insufficient income to sustain the family or mismanagement of the income as earned.
President Kimball has given this thought-provoking counsel:
“The Lord has blessed us as a people with a prosperity unequaled in times past. The resources that have been placed in our power are good, and necessary to our work here on the earth. But I am afraid that many of us have been surfeited with flocks and herds and acres and barns and wealth and have begun to worship them as false gods, and they have power over us. Do we have more of these good things than our faith can stand? Many people spend most of their time working in the service of a self-image that includes sufficient money, stocks, bonds, investment portfolios, property, credit cards, furnishings, automobiles, and the like to guarantee carnal security throughout, it is hoped, a long and happy life. Forgotten is the fact that our assignment is to use these many resources in our families and quorums to build up the kingdom of God” (Ensign, June 1976, p. 4).
“By way of testimony, may I add this to President Kimball’s statement. I know of no situation where happiness and peace of mind have increased with the amassing of property beyond the reasonable wants and needs of the family.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Constancy Amid Change: Live Within a Budget

“Constancy #4: Develop and live within a budget.
“It has been my observation in interviewing many people through the years that far too many people do not have a workable budget and have not disciplined themselves to abide by its provisions. Many people think a budget robs them of their freedom. On the contrary, successful people have learned that a budget makes real economic freedom possible.
“Budgeting and financial management need not be overly complicated or time-consuming…
“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.
“May I comment on two of these elements. Nothing seems so certain as the unexpected in our lives. 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.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Constancy Amid Change: Be Honest in Financial Affairs

“Constancy #5: Be honest in all your financial affairs. The ideal of integrity will never go out of style. It applies to all we do. As leaders and members of the Church, we should be the epitome of integrity.
“Brothers and sisters, through these five principles, I have tried to sketch what might be characterized as the true pattern of financial and resource management.” (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov 1979, 80)

Bestowed Possessions

“There is any amount of property, and gold and silver in the earth and on the earth, and the Lord gives to this one and that one—the wicked as well as the righteous—to see what they will do with it, but it all belongs to him. He has handed over a goodly portion to this people, and, through our faith, patience and industry, we have made us good, comfortable homes here, and there are many who are tolerably well off. … But it is not ours, and all we have to do is to try and find out what the Lord wants us to do with what we have in our possession, and then go and do it. If we step beyond this, or to the right or to the left, we step into an illegitimate train of business. Our legitimate business is to do what the Lord wants us to do with that which he bestows upon us, and dispose of it just as he dictates, whether it is to give all, one-tenth, or the surplus.” (“Chapter 32: Temporal Wealth and the Kingdom of God,” Teachings of Presidents of the Church: Brigham Young, 235)

True Riches

“When I cast my eyes upon the inhabitants of the earth and see the weakness, and I may say, the height of folly in the hearts of the kings, rulers, and the great, and those who should be wise and good and noble; when I see them grovelling in the dust; longing, craving, desiring, contending for the things of this life, I think, O foolish men, to set your hearts on the things of this life! … A man or a woman who places the wealth of this world and the things of time in the scales against the things of God and the wisdom of eternity, has no eyes to see, no ears to hear, no heart to understand…

“The possession of all the gold and silver in the world would not satisfy the cravings of the immortal soul of man. The gift of the Holy Spirit of the Lord alone can produce a good, wholesome, contented mind. Instead of looking for gold and silver, look to the heavens and try to learn wisdom until you can organize the native elements for your benefit; then, and not until then, will you begin to possess the true riches.” (“Chapter 32: Temporal Wealth and the Kingdom of God,” Teachings of Presidents of the Church: Brigham Young, 235)

Happiness

“Men and women who are trying to make themselves happy in the possession of wealth or power will miss it, for nothing short of the Gospel of the Son of God can make the inhabitants of the earth happy, and prepare them to enjoy heaven here and hereafter.” (“Chapter 32: Temporal Wealth and the Kingdom of God,” Teachings of Presidents of the Church: Brigham Young, 235)

Patient labor brings temporal possessions and eternal riches.

“… People think they are going to get rich by hard work—by working sixteen hours out of the twenty-four; but it is not so…
“This is the counsel I have for the Latter-day Saints today. Stop, do not be in a hurry. I do not know that I could find a man in our community but what wishes wealth, would like to have everything in his possession that would conduce to his comfort and convenience. Do you know how to get it? “Well,” replies one, “if I do not, I wish I did; but I do not seem to be exactly fortunate—fortune is somewhat against me.” I will tell you the reason of this—you are in too much of a hurry; you do not go to meeting enough, you do not pray enough, you do not read the Scriptures enough, you do not meditate enough, you are all the time on the wing, and in such a hurry that you do not know what to do first. This is not the way to get rich. I merely use the term “rich” to lead the mind along, until we obtain eternal riches in the celestial kingdom of God. Here we wish for riches in a comparative sense, we wish for the comforts of life. If we desire them let us take a course to get them. Let me reduce this to a simple saying—one of the most simple and homely that can be used—“Keep your dish right side up,” so that when the shower of porridge does come, you can catch your dish full.
“When [individuals] act upon the principles which will secure to them eternal salvation, they are sure of obtaining all their hearts’ desire, sooner or later; if it does not come today, it may come tomorrow; if it does not come in this time, it will in the next.”(“Chapter 32: Temporal Wealth and the Kingdom of God,” Teachings of Presidents of the Church: Brigham Young, 235)

Labor for your Support

Unfortunately, there has been fostered in the minds of some an expectation that when we experience hard times, when we have been unwise and extravagant with our resources and have lived beyond our means, we should look to either the Church or government to bail us out. Forgotten by some of our members is an underlying principle of the Church welfare plan that “no true Latter-day Saint will, while physically able, voluntarily shift from himself the burden of his own support” (Marion G. Romney, in Conference Report, Oct. 1973, p. 106).
One of the first principles revealed to father Adam when he was driven out of the Garden of Eden was this: “In the sweat of thy face shalt thou eat bread, till thou return unto the ground” (Gen. 3:19). All we obtain in life of a material nature comes as a product of labor and the providence of God. Work alone produces life’s necessities. (Ezra Taft Benson, “Prepare for the Days of Tribulation,” Ensign, Nov 1980, 32)

Resource Management

What resources do I have? What is resource management?
“Questions about Coping Financially: Welfare Services Suggests Some Answers,” Ensign, Jun 1980, 12

Resources are anything we use to accomplish goals. Economic and material resources include money, homes, cars, food, clothing, household furnishings, and other personal possessions and property. Time, energy, credit, and good relationships are examples of intangible resources. Some of our most valuable resources are our own human abilities, such as knowledge, creativity, determination, skills, talents, feelings and beliefs.

Resource management means controlling resources to accomplish our most important goals. Developing a talent, earning money, growing a garden, and sewing clothes are examples of using resources to accomplish goals. Rather than setting goals based on what resources are available to us at the time, we should base our goals on our values and priorities, and then determine what resources are available, what resources we still need, and how we can develop or substitute for the resources we need. Thus, we can control our resources and our lives rather than being controlled by them.