Transcript Buying a Home - Brigham Young University

Provo Parkway Stake
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.net
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Objectives
• A. Outline of the Next Four Weeks
• B. What We Want You to Do
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A. Outline of the Course
• 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.)
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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
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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
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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
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Outline (continued)
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Outline (continued)
• 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
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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
• It gives more detailed information
on implementation of the various9
topics discussed (374 pages)
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
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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
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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).
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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
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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
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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
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What We Want You To Do (continued)
• 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
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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).
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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).
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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).
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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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