At the April 2006 Conference, Pres. Monson gave a talk with the following quote:
“The final maka-feke I wish to mention today is one which can crush our self-esteem, ruin relationships, and leave us in desperate circumstances. It is the maka-feke of excessive debt. It is a human tendency to want the things which will give us prominence and prestige. We live in a time when borrowing is easy. We can purchase almost anything we could ever want just by using a credit card or obtaining a loan. Extremely popular are home equity loans, where one can borrow an amount of money equal to the equity he has in his home. What we may not realize is that a home equity loan is equivalent to a second mortgage. The day of reckoning will come if we have continually lived beyond our means.
My brothers and sisters, avoid the philosophy that yesterday’s luxuries have become today’s necessities. They aren’t necessities unless we make them so. Many enter into long-term debt only to find that changes occur: people become ill or incapacitated, companies fail or downsize, jobs are lost, natural disasters befall us. For many reasons, payments on large amounts of debt can no longer be made. Our debt becomes as a Damocles sword hanging over our heads and threatening to destroy us.
I urge you to live within your means. One cannot spend more than one earns and remain solvent. I promise you that you will then be happier than you would be if you were constantly worrying about how to make the next payment on nonessential debt. In the Doctrine and Covenants we read: “Pay the debt thou hast contracted. … Release thyself from bondage.”
You can read the talk in it’s entirety here:http://www.lds.org/ldsorg/v/index.jsp?vg…
I was reminded of this talk today in Relief Society and thought about how relevant it was after the last week’s financial crisis that will continue into next week.
Any thoughts?
*NOTE* This is a fairly specific question directed to a specific group of people. Do not use this as an opportunity to attack a faith, or you will be in violation of Y!A Community Guidelines.
Mormons/lds: Have You Thought About What Pres. Monson Said During The Financial Insanity This Past Week?
06
Nov
Raising Three Ducklings!
November 6, 2009 at 12:41 am
Well I am not Mormon, but I will say that he makes some very good points.
The housing crisis occurred because too many people wanted to live above their means and too many banks were willing to hand out excessive loans to people who were not qualified.
Pres. Monson sounds like a wise man.
Pangloss (Binge Thinker)
November 6, 2009 at 1:03 am
The Church has been telling us to get and stay out of debt. To live BELOW our means so that we can save and prepare for the future. Those that listen…it has not been easy…but I’m not scared now that things are going weird and nasty.
LDS~Tens
November 6, 2009 at 1:19 am
I agree with the first poster too. I’m not mormon, but I live in Utah so that is basically the dominant culture. I think pres. Monson makes some very valid points about not living above your means.
Laura [tangerine atheati]
November 6, 2009 at 1:39 am
seems to be wise counsel. I hadnt remembered it. but it definitely is wise counsel.
Avatar_d
November 6, 2009 at 2:03 am
Wise counsel. I wish I could discipline myself enough to follow it more faithfully.
Open Heart Searchery
November 6, 2009 at 2:55 am
I find my self feeling shame for not following this council as closely as I could have.
Yoda's Duck
November 6, 2009 at 3:39 am
I like th eone our prophet gave about the times and the country will slowily recover in a few years, a think this is a bit more positive. Times are hard now, but the country will evetually recover. Don;t you concur?
7 of 9
November 6, 2009 at 4:24 am
yes,
this is what Robert Kiyosaki was talking about too.
And everybody criticized him when he tried to explain to people that their house is a liability, not an asset.
I completely agree with the first post.
Live Laugh Love
Lola
November 6, 2009 at 5:16 am
This is excellent advice. Whether you believe Thomas Monson is a prophet (which doesn’t mean he is perfect, just chosen to be God’s mouthpiece) or not, we should all live our lives within our means.
It’s also interesting to note that active members of the Mormon Church have lower bankruptcy rates.
rndyh77
November 6, 2009 at 5:53 am
The prophets have been advising us to get out of debt for a long time now. Some people seem to think that the words of the prophets are meant for other people, not themselves.
It makes President Monson look prophetic now.
Doc
November 6, 2009 at 6:06 am
Its always fun to go back and take another look at an older conference. I purchased the first conference of the church after my baptism on DVD and I just recently watched it again. Its amazing what great counsel there was if we would pay attention and then obey.
Jacob
November 6, 2009 at 6:08 am
Church leaders (The Church of Jesus Christ of Latter-day Saints) have counseled for many years for it’s members to get out of debt and to stay out. This has weighed heavily upon my mind and I cannot tell you how good it feels, how it lifts the soul, to be out of bondage to creditors.
I like this: “I am suggesting that the time has come to get our houses in order … ,” President Gordon B. Hinckley urged Church members during October 1998 general conference. “Self-reliance cannot obtain when there is serious debt hanging over a household. One has neither independence nor freedom from bondage when he is obligated to others.”