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1 Becoming Provident Providers: MoneyWise Outline and Goals February 2, 2012 Bryan Sudweeks, Ph.D., CFA From the BYU Marriott School of Management website.

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Presentation on theme: "1 Becoming Provident Providers: MoneyWise Outline and Goals February 2, 2012 Bryan Sudweeks, Ph.D., CFA From the BYU Marriott School of Management website."— Presentation transcript:

1 1 Becoming Provident Providers: MoneyWise Outline and Goals February 2, 2012 Bryan Sudweeks, Ph.D., CFA From the BYU Marriott School of Management website Personal Finance: Another Perspective at http://personalfinance.byu.nethttp://personalfinance.byu.net Provo Parkway Stake

2 2 Objectives A. Outline of the Next Four Weeks B. What We Want You to Do

3 3 Elder M. Russell Ballard stated: There are no shortcuts to financial security. There are no get-rich-quick schemes that work. Perhaps none need the principle of balance in their lives more than those who are driven toward accumulating “things” in this world. Do not trust your money to others without a thorough evaluation of any proposed investment. Our people have lost far too much money by trusting their assets to others. In my judgment, we never will have balance in our lives unless our finances are securely under control (italics added, “Keeping Life’s Demands in Balance,” Ensign, May 1987, 13.) A. Outline of the Course

4 4 Outline (continued) How do we get and keep our finances securely in control? That is a function of two areas: Knowledge Commitment We can help you on the knowledge We cannot help with commitment You must do that on your own

5 5 Outline (continued) We have developed 8 hours of materials to help you in your quest for “knowledge” Today is to help you understand the outline for the course, what we want you to do, and the importance of perspective and habits The remaining three days are the MoneyWise Financial Seminars we teach in the Young Married Stakes at BYU and the University of Utah We can share the information we have prepared, but it is up to you to make a commitment that you will be here and use the materials to become wiser financial stewards

6 6 Outline (continued) Who is MoneyWise? We are a number of professors, professionals and students that have come together to help individuals and families become wiser financial stewards It was started by professionals who wanted to help others become more financially wise It was expanded to include professors and students who wanted to help in this area We volunteer our time and talents to “building up the kingdom” through our specific set of professional and educational skills

7 7 Outline (continued)

8 8 What tools will we use? We will use the pamphlet “All is Safely Gathered In: Guide to Family Finances” by Marvin J. Ashton (2006) This gives 12 ideas on 12 pages on how we can improve our family finances It is good basic information on individual and family finances

9 9 Outline (continued) We will also use the “MoneyWise Financial Workshop Readings and Reference Materials” (2011) It includes selections from the BM418 personal finance course taught at BYU It can be freely downloaded at: www.personalfinance.byu.edu under Tools and Resources, and MoneyWise Financial Workshops www.personalfinance.byu.edu It gives more detailed information on implementation of the various topics discussed (374 pages)

10 10 Outline (continued) What are the topics for discussion: Day 1: Thursday February 2 Outline, What We Want You to Do, and Another Perspective on Personal Finance Day 2 : Thursday February 9 1. Understanding Financial Principles: Setting Priorities 2. Financial Freedom: Living Beneath your Means

11 11 Outline (continued) Day 3 : Thursday February 16 3. Saving and Investing: Achieving Financial Independence 4. Tax and Long-term Planning: Key Issues Day 4 : Thursday February 23 5. Major Purchases and Buying on Credit: The Home and Auto Decision 6. Having Adequate Insurance: Protecting Your Loved Ones

12 12 B.What We Want You to Do We have five things we want you to do: 1. Commit to being here each Thursday for the next four weeks Make a commitment now that you will be here We cannot share principles and ideas for implementation if you are not here Ask the Lord for help: “Commit thy way unto the Lord; trust also in him; and He shall bring it to pass” (Psalms 37:5).

13 13 What We Want You To Do (continued) 2. Open your mind (and your heart) to the view that Heavenly Father wants you to be a better financial steward As such, He is willing and able to help you in what you want to accomplish Counsel with the Lord in all thy doings, and he will direct thee for good; yea, when thou liest down at night lie down unto the Lord, that he may watch over you in your sleep; and when thou risest in the morning let thy heart be full of thanks unto God; and if ye do these things, ye shall be lifted up at the last day (Alma 37:37)

14 14 What We Want You To Do (continued) 3. Read the assignments at the end of each day and do the planned activities These are good materials that can help you if you will read and understand them Read the chapters for each topic Use them for Family Home Evening lessons and activities Try to implement the recommendations into your daily life

15 15 What We Want You To Do (continued) 4. Fill out the Six Financial Priorities sheet handed out today with your goals and plans These are among the most important financial decisions you will make They are just a beginning, but they are a wonderful start Lets start working on them today, and add to them as the lessons progress They will make a difference in your life

16 16 What are the six financial priorities? They are those basic things your bishop, stake president, parents, and your Father in Heaven want you to learn and do: 1. Pay tithes and offerings 2. Learn to manage money and use a budget 3. Pay off consumer debt 4. Prepare for emergencies with insurance and build a reserve 5. Save for an education and a home 6. Save for retirement What We Want You To Do (continued)

17 17 What We Want You To Do (continued) 5. Make a commitment that you will learn and apply the principles taught in these seminars in your life daily Marvin J. Ashton said: True happiness is not made in getting something. True happiness is becoming something. This can be done by being committed to lofty goals. We cannot become something without commitment (“The Word is Commitment, Ensign, Nov. 1983).

18 18 What We Want You To Do (continued) Marion G. Romney said: My plea is for us to make our decisions and act upon them, and the myriad of others which confront us, in light of the plan of salvation. I further believe that the most effective way to get on course and to stay on course is to do as Jesus did: make a total commitment to do the will of his Father (“Commitment and Dedication,” Ensign, March 1983).

19 19 What We Want You To Do (continued) If you will commit to these things and will seek Heavenly Father’s help for greater understanding of these things taught: You will be blessed to come to understand more fully your stewardship in these areas You will do better and improve in these areas, for we promise, as did Nephi: “For I know that the Lord giveth no commandments unto the children of men, save he shall prepare a way for them that they may accomplish the thing which he commandeth them” (1 Nephi 3:7).

20 20 Review of Objectives A. Do you understand who we are and the outline of the next four weeks? B. Do you understand what we want you to do?


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