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Personal Finance: Another Perspective


Personal Finance: Another Perspective Your Future 1: Learning to Give Updated 4/10/2013 * * * * What has been the Lord s counsel on giving? The prophet Alma ... – PowerPoint PPT presentation

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Title: Personal Finance: Another Perspective

Personal Finance Another Perspective
  • Classroom Slides
  • Your Future 1
  • Learning to Give
  • Updated 4/9/2014

  • A. Understand the five myths of giving
  • B. Understand what the scriptures say about money
    and giving
  • C. Understand the principles of wise giving
  • D. Understand why we should give
  • E. Understand the basics of wise giving

Your Personal Financial Plan
  • Section XVI. Giving Plan (not to be handed in
    but to be included in your PFP after it is
  • Include your thoughts on your personal and family
    giving plan. How will you handle both your
    institutional (through Church and other
    institutional contributions) and personal
    (personal and family contributions and service)
  • Action Plan
  • What is your giving plan for tithes, offerings,
    and other contributions?
  • What is your giving plan for door-to-door, phone,
    and other solicitors?
  • How will you teach your children to give?

Case Study 1
  • Data 1
  • You are sitting at home and the phone rings. It
    is a person soliciting donations for an
    organization that you have never heard of. While
    you dont want to be rude, this is not one of the
    charities that you choose to donate to. What do
    you do?
  • Data 2
  • The difference this time is you are aware of the
    charity, The World Wildlife Fund and would like
    to know more. Where do you get information on
    the charity, their goals, programs, or the
    quality of their giving?

Finding Information on Charities
  • One of my favorite charity websites is Charity
  • http//
  • You can log in for free
  • They can give you lots of information about
    various charities which file Form 990 with the
  • However, they do not include religious
    organizations listed as church or convention or
    association of churches which are exempt from
    filing Form 990

Charity Navigator
Charity Navigator
Charitable Giving
  • Is giving a one-time event or a Christ-like
  • Elder Mark E. Petersen commented
  • Instead of taking from our fellowmen, we must
    learn to giveto be good Samaritans in very deed
    to share with our less fortunate neighbors, and
    in reality show love for our fellowmen. So He
    said remember the poor, and consecrate of thy
    properties for their support. And inasmuch as
    ye impart of your substance unto the poor, ye
    will do it unto me (DC 4230-31) (Honesty, a
    Principle of Salvation, Ensign, Dec. 1971, 72).

The Visit to Taz Murrays Candy Store
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Life is Like Taz Murrays Candy Store
  • We all have our little bags of candy, the
    experiences we are to have while here on earth
  • We have been given instructions as to what is
    good and badwe have agency
  • If we choose wisely, we can enjoy the good
  • If we fail to choose wisely, we are accountable
    as there are consequences for our actions
  • And interestingly, the more we share, the greater
    will be our joy later on

Understand the 5 Myths of Giving
  • 1. Giving makes us poorer
  • While in giving we have less financially
    initially, it really makes us richer in the long
  • Givers are happier. Research has shown that
    happy people make more money, have better
    marriages, and contribute more to society
  • Givers are healthier. Research has shown that
    when people are happier, they put less stress on
    their bodies and live longer
  • Givers are leaders. Research has shown that
    those who give are perceived to be leaders by
    those who observe. We are all leaders!
  • (Arthur C. Brooks, Why giving Matters, BYU
    Magazine, Summer 2009, p. 25-28)

Giving Myths (continued)
  • 2. People are naturally selfish
  • People are selfish yes, but not naturally
    selfish. People are unnaturally selfishwe learn
  • Research as shown that when we are at our best
    selves, in equilibrium, where we are supposed to
    be cognitively, neuro-chemically, and
    spiritually, we are a giving people (Ibid.)

Giving Myths (continued)
  • 3. Giving is a luxury
  • Giving is not a luxury--it is a necessity. It is
    interesting that the Lord requires the critical
    first 10--not the last 10
  • And this is not just from a spiritual point of
    view either
  • And if we want to do better and to be better, we
    must learn to give

Giving Myths (continued)
  • 4. If the government would do its job correctly,
    we would not need to give
  • The day the government does all the giving in
    this country is the day we become poorer,
    unhappier, and unhealthier (Ibid.)
  • We must continue to take our place as givers and
    support the communities and people who need what
    we can give
  • We need it as much as they do!
  • When ye are in the service of your fellow
    beings, ye only in the service of your God
    (Mosiah 217).

Giving Myths (continued)
  • 5. You must have money to give
  • Giving doesnt depend on the checkbook, but on
    the heart
  • What you do is more important than what you have
  • I believe that if you dont give when you are
    poor, you will not give when you are rich

B. Understand the Scriptures on Money and Giving
  • The scriptures give good counsel on money and
  • It is easier for a camel to go through the eye of
    a needle than for a rich person to enter the
    kingdom of God (Mark 1025).
  • For where your treasure is, there will your heart
    be also (Luke 1234).
  • For what shall it profit a man, if he shall gain
    the whole world, and lose his own soul?  Or what
    shall a man give in exchange for his soul? (Mark

Money and Giving (continued)
  • Therefore take no thought, saying, What shall we
    eat? or, What shall we drink? or, Wherewithal
    shall we be clothed?  
  • (For after all these things do the Gentiles
    seek) for your heavenly Father knoweth that ye
    have need of all these things.
  • But seek ye first the kingdom of God, and his
    righteousness and all these things shall be
    added unto you (Matt 631-33).

Money and Giving (continued)
  • What about Christ and his parables
  • How many of his parables were about money (or
    property and wealth)?
  • It is no different today than it was then!

Matthew (8 of 10) The hidden treasureThe pearl
of great priceThe draw-net.The unmerciful
servant The laborers in the vineyard.The two
sonsThe ten virginsThe talents
Luke (9 of 12) The two debtors The good
Samaritan The importuned friendThe rich fool The
lost piece of silverThe prodigal sonThe unjust
steward The Pharisee and the PublicanThe ten
pieces of money
Money and Giving (continued)
  • What about other comments on money and giving?
  • Money is the way in which we express our
    aspirations, our dreams, our ideals. Money can be
    used to build up or to tear down, to serve or to
    dominate, to liberate or to oppress (Will
  • Money doesnt change us. It just reveals us to
    ourselves (Anonymous).

C. Understand the Principles of Wise Giving
  • There are a number of principles of wise giving
    that can help us as we learn to give 
  • 1. We are to give out of love
  • We are to give out of gratitude for all that God
    has done for us. Paul writes
  • And though I give all my goods to feed the poor,
    and though I give my body to be burned, if I have
    not love, it profits me nothing (1 Corinthians

Principles of Giving (continued)
  • 2. We are to give sacrificially
  • Ours is a sacrificial religion
  • A religion that does not require the sacrifice of
    all things never has power sufficient to produce
    the faith necessary unto life and salvation
    (Joseph Smith, Lectures on Faith, comp. N. B.
    Lundwall, Salt Lake City Bookcraft, n.d.), p.
  • C. S. Lewis wrote If our charities do not at
    all pinch or hamper us, they are too small.
    There ought to be things we should like to do and
    cannot do because our charitable expenditure
    excludes them (Mere Christianity 1952, 67).

Principles of Giving (continued)
  • 3. We are to give wisely
  • We are to give within our capacity to give
  • King Benjamin counseled And again, I say unto
    the poor, ye who have not and yet have
    sufficient, that ye remain from day to day I
    mean all you who deny the beggar, because ye have
    not I would that ye say in your hearts that I
    give not because I have not, but if I had I would
    give (Mosiah 424).
  • And see that all these things are done in wisdom
    and order for it is not requisite that a man
    should run faster than he has strength. And
    again, it is expedient that he should be
    diligent, that thereby he might win the prize
    therefore, all things must be done in order
    (Mosiah 427).

Principles of Giving (continued)
  • 4. We are to give of our abundance
  • There is a different type of accounting in
    heaven, not of dollars and cents, but of our
    capacity and willingness to give
  • And he Christ looked up, and saw the rich men
    casting their gifts into the treasury. And he
    also saw a certain poor widow casting in thither
    two mites. And he said, Of a truth I say unto
    you, that this poor widow hath cast in more than
    they all For all these have of their abundance
    cast in unto the offerings of God but she of her
    penury hath cast in all the living that she had
    (Luke 211-4).

Principles of Giving (continued)
  • 5. We are to give freely according to what we
    have been given
  • And again Alma commanded that the people of the
    church should impart of their substance, every
    one according to that which he had if he have
    more abundantly he should impart more abundantly
    and of him that had but little, but little should
    be required and to him that had not should be
    given. And thus they should impart of their
    substance of their own free will and good desires
    towards God, and to those priests that stood in
    need, yea, and to every needy, naked soul
    (Mosiah 1827-28).

Principles of Giving (continued)
  • On the subject of giving, Elder William R.
    Bradford commented
  • It is not the amount of money that we donate to
    the Church or others that matters to the Lord.
    Rather it is whether we give of our abundance or
    of our living. We should give until it is a
    sacrifice to give (William R. Bradford, Words of
    Jesus Riches, Ensign, Feb. 2003, 52).

Principles of Giving (continued)
  • On the subject of fast offerings, President
    Spencer W. Kimball said
  • Sometimes we have been a bit penurious (stingy)
    and figured that we had for breakfast one egg and
    that cost so many cents and then we give that to
    the Lord. I think that when we are affluent we
    should be very generous and give, instead of the
    amount we saved by our two meals of fasting,
    perhaps much, much moreten times more where we
    are in a position to do it. I know there are some
    who couldnt (In Conference Report, April 1974,
    p. 184).

Principles of Giving (continued)
  • Statistics on Charitable giving (1991 data)
  • Charitable giving as a percent of income
  • Individuals earning 20-30K gave 1,207 or 4.8
  • Individuals earning 30-40K gave 1,318 or 3.8
  • Individuals earning 50-100K gave 1,837 or 2.5
  • Why did those who earned more money give less
    than half, in percentage terms, as those who made
  • Why should our giving decrease as our blessings
  • Although the data is old, the results have not
    changed much in the succeeding years

Principles of Giving (continued)
  • And this is entirely from the book of Bryan
  • Think about giving in percentage terms, rather
    than in dollar terms
  • Tithing is easy, its the other contributions
    that are hard
  • Put those in percentage terms as well
  • That way Heavenly Father will know that
    regardless of how much or how little you are
    blessed financially, your giving will always be
    the same
  • Dont let your giving decline as your income
  • In fact, over time it should likely increase

Principles of Giving (continued)
  • President Gordon B. Hinckley commented
  • You know, as I know, that when you pay your
    honest tithes and offerings, the windows of
    heaven are opened and blessings are showered down
    upon you. That which you give is never missed
    it becomes not a sacrifice but an investment
    under the wondrous powers of the Almighty to
    bless you (Discourses of President Gordon B.
    Hinckley, Volume 2, Intellectual Reserve, USA,
    2005, p. 330).

Principles of Giving (continued)
  • Elder F. Burton Howard wrote
  • The real reason for our mortal probation is to
    confront challenges, not escape them. It is to
    learn to give, not to learn to get. In earth life
    as in the university, we cannot complain about
    not getting passing grades if we are unwilling to
    take the test. There are no shortcuts to the plan
    of salvation. There is no exaltation without
    effort. We have nothing more important to do than
    to fully, honestly, and completely obey the laws
    upon which blessings are predicated. Make no
    mistake about it, we will reap what we sow
    (Galatians 67) (On Giving and Getting, New
    Era, Oct. 1985, 44).

  • Any questions on learning the principles of wise

D. Understand Why We Should We Give Now
  • 1. We have been commanded to give
  • The prophet Jacob taught
  • Think of your brethren like unto yourselves, and
    be familiar with all and free with your
    substance (Jacob 217).
  • President Gordon B. Hinckley stated
  • Without sacrifice there is no true worship of
    God. The Father gave his Son, and the Son gave
    his life, and we do not worship unless we
    givegive of our substance, our time,
    strength, talent, faith, and testimonies
    (Teachings of Gordon B. Hinckley 1997, p. 565).

Why Give? (continued)
  • King Benjamin commented
  • And now, for the sake of these things which I
    have spoken unto youthat is, for the sake of
    retaining a remission of your sins from day to
    day, that ye may walk guiltless before GodI
    would that ye should impart of your substance to
    the poor, every man according to that which he
    hath, such as feeding the hungry, clothing the
    naked, visiting the sick and administering to
    their relief, both spiritually and temporally,
    according to their wants (Mosiah 426).

Why Give? (continued)
  • 2. Giving shows our love for God
  • King Benjamin stated
  • And behold, I tell you these things that ye may
    learn wisdom that ye may learn that when ye are
    in the service of your fellow beings ye are only
    in the service of your God (Mosiah 217).
  • Sister Carol B. Thomas commented
  • Sacrifice is an amazing principle. As we
    willingly give our time and talents and all that
    we possess, it becomes one of our truest forms of
    worship. It can develop within us a profound love
    for each other and our Savior, Jesus Christ
    (Sacrifice An Eternal Investment, Ensign, May
    2001, 63).

Why Give? (continued)
  • 3. Giving helps others
  • King Benjamin further counseled
  • But ye will teach them to walk in the ways of
    truth and soberness ye will teach them to love
    one another, and to serve one another. And also,
    ye yourselves will succor those that stand in
    need of your succor ye will administer of your
    substance unto him that standeth in need (Mosiah

Why Give? (continued)
  • 4. Giving helps us to become more like Christ!
  • President Marion G. Romney (1897-1988) taught
  • The Lord doesnt really need us to take care of
    the poor, but we need this experience for it is
    only through our learning how to take care of
    each other that we develop within us the
    Christ-like love and disposition necessary to
    qualify us to return to his presence (Living
    Welfare Principles, Ensign, Nov. 1981, 92
    emphasis in original).

Why Give? (continued)
  • 5. Giving helps us repay an un-payable debt
  • There is one final debt, a debt we can never
    repay. And while we can never repay the debt, we
    can try. King Mosiah, in Mosiah 2 20-21 states
  • I say unto you, my brethren, that if you should
    render all the thanks and praise which your whole
    soul has power to possess, to that God who has
    created you. . . I say unto you that if ye should
    serve him who has created you from the beginning,
    and is preserving you from day to day, by lending
    you breath. . .I say, if ye should serve him with
    all your whole souls yet ye would be unprofitable

  • Any questions on why we give?

E. Understand Basics of Wise Giving (phone,
door-to-door, or mail)
  • Before you give a penny!
  • 1. Ask for the charity's full name and address.
  • Get identification from the solicitor
  • Don't be fooled by names that that closely
    resemble the name of a well-known organization
  • 2. Ask if the charity is licensed by state and
    local authorities
  • Registration or licensing is required by most
    states and many communities
  • 3. Ask if your contributions are tax deductible
  • Contributions to tax exempt organizations are not
    always deductible. Is it a 501c3 organization?

The Basics of Giving (continued)
  • 4. Check out the organization with the Better
    Business Bureau (BBB)
  • What percent of their donations go to programs,
    fund raising, and administrative? The BBB
  • 1. At least 50 of the charity's total income to
    be spent on programs discussed in the literature
  • 2. No more than 35 of contributions to be spent
    on fund raising, and
  • 3. No more than half of the charity's total
    income to be spent on administrative and fund
    raising costs
  • Supporting causes where these limits are not
    reached may not be the best use of your funds

The Basics of Giving (continued)
  • 5. Watch out for statements such as "all proceeds
    will go to the charity"
  • This can mean that the money left after expenses,
    such as the cost of written materials and fund
    raising efforts, will go to the charity. These
    expenses can make a big difference, so check
  • 6. Dont worry about unordered merchandise.
  • If unordered items such as key rings, greeting
    cards or pens are enclosed with an appeal letter,
    remember you are under no obligation to pay for
    or return the merchandise

The Basics of Giving (continued)
  • 7. When you're asked to buy candy, magazines,
    card, or tickets to a dinner or show to benefit a
    charity, be sure to ask what the charity's share
    will be
  • You cannot deduct the full amount paid for any
    such items, as the IRS considers only the part
    above the fair-market value of the item to be a
    charitable contribution. If you pay 10 for a 8
    box of candy, you can only deduct 2 for tax

The Basics of Giving (continued)
  • Once you decide to give
  • 1. Do not give cash
  • Always make contributions by check and make your
    check payable to the charity, not to the
    individual collecting the donation
  • 2. Keep records of your donations (receipts,
    canceled checks, and bank statements) so you can
    document your charitable giving at tax time
  • Although the value of your time as a volunteer is
    not deductible, out-of-pocket expenses (including
    transportation costs) directly related to your
    volunteer service to a charity are deductible

The Basics of Giving (continued)
  • 3. Don't succumb to pressure to give money on the
    spot or allow a "runner" to pick up a
  • The charity that needs your money today will
    welcome it just as much tomorrow
  • 4. Call your local BBB if a fund raiser uses
    pressure tactics such as intimidation, threats,
    or repeated and harassing calls or visits
  • Such tactics violate the CBBB's recommended
    Standards for Charitable Solicitations
  • These ideas are from Tips on Charitable Giving,
    1986, Council of Better Business Bureaus, Inc.

The Basics of Giving (continued)
  • What About Unwanted Mail?
  • Decide in advance which charities you want to
    support and discard appeals from all other groups
  • Don't feel guilty about not supporting all groups
    writing to you. You physically and financially
    cant! But you can help the most important to
  • Stop giving to all those that mail you
    solicitations, and they will stop soliciting you

The Basics of Giving (continued)
  • What about unwanted Telephone, Door-to-Door, and
    Street Solicitations?
  • Decide in advance what your Family Giving
    Policy is and stick with it
  • I tell them We have a Family Giving Policy
    that we do not give over the phone or to
    door-to-door salespeople over 12 years old. If
    you will send (or leave) material covering your
    charity, I will be happy to review it later and
    make a decision. We do not commit to anything via
    phone or door-to-door
  • Rarely do I get things in the mail (or left) in
    response to our Family Giving Policy

Other Sources
  • Two good locations for information on charities
  • Better Business Bureaus Wise Giving Alliance at It rates over 400 different
    charities. It is a great resource
  • Charity Navigator, an independent charity
    evaluator at It works
    to advance a more efficient and responsive
    philanthropic marketplace by evaluating the
    financial health of America's largest charities

The Basics of Giving (continued)
  • President Gordon B. Hinckley said
  • Generally speaking, the most miserable people I
    know are those who are obsessed with themselves
    the happiest people I know are those who lose
    themselves in the service of others (Whosoever
    Will Save His Life, Ensign, Aug. 1982, 5).
  • Elder Joseph B. Wirthlin said
  • If the Savior were among us in mortality today,
    He would be found ministering to the needy, the
    suffering, the sick (Inspired Church Welfare,
    Ensign, May 1999, 78).

The Basics of Giving (continued)
  • Tithing Principles and Promises
  • Malachi 310
  • Bring ye all the tithes into the storehouse, that
    there may be meat in mine house, and prove me now
    herewith, saith the LORD of hosts, if I will not
    open you the windows of heaven, and pour you out
    a blessing that there shall not be room enough to
    receive it.
  • DC 64 23
  • Behold, now it is called today until the coming
    of the Son of Man, and verily it is a day of
    sacrifice, and a day for the tithing of my
    people for he that is tithed shall not be burned
    at his coming.

The Basics of Giving (continued)
  • My Favorite Charities
  • Following are a few of my favorite charities
  • My charity principles are
  • 1. Support charities which are consistent with my
    personal goals and values
  • 2. Support charities which help people worldwide
    and make the world a better place
  • 3. Support charities which are effective in their
    use of the widows mite. They will be wise with
    others and my funds

The Basics of Giving (continued)
  • Fast Offerings Principles and Promises
  • President Marion G. Romney stated
  • Caring for the poor is a covenantal obligation.
    It follows, then, that we look after our poor and
    distressed not only because it is convenient, or
    exciting, or socially acceptable we should do it
    first and foremost in fulfillment of our covenant
    with the Lord that we will do so (Marion G.
    Romney, Caring for the PoorA Covenantal
    Obligation, Ensign, Nov. 1978, 87).

The Basics of Giving (continued)
  • He also said
  • If we will double our fast offerings we shall
    increase our prosperity, both spiritually and
    temporally. This the Lord has promised, this has
    been the record (Henry D. Taylor, The Law of the
    Fast, Ensign, Nov. 1974, 14).

The Basics of Giving (continued)
  • LDS Charities (Humanitarian Services)/Perpetual
    Education Fund
  • 100 of everything you give goes to those in need
  • Missionary Funds
  • I believe the Lord helps those who help
  • Deseret Industries
  • What a better way to give of things that are
    still good
  • Other charities
  • BYU Annual Fund, BYU Scholarships, Boy Scouts of
    America, The United Way, Habitat for Humanity,

The Basics of Giving (continued)
  • Elder Robert D. Hales stated
  • You have received much in your life go forth and
    freely give in the service of our Lord and
    Savior. Have faith the Lord knows where you are
    needed. The need is so great, brothers and
    sisters, and the laborers are so few (Couple
    Missionaries A Time to Serve, Ensign, May 2001,

The Basics of Giving (continued)
  • Elder Vaughn J. Featherstone said
  • Now my young friends, think of all the
    opportunities you will have to serve at
    inconvenient times. I promise you that most of
    the service you render to the Lord will come at
    times not convenient to you (Vaughn J.
    Featherstone, True Christlike Service Is Seldom
    Convenient, Tambuli, Aug. 1984, 34).

The Basics of Giving (continued)
  • Elder Vaughn J. Featherstone concluded
  • My beloved young friends, determine to serve one
    another. Listen to the spirit when your flesh is
    weak. For truly the Master said, Inasmuch as ye
    have done it unto one of the least of these my
    brethren, ye have done it unto me (Matt 2540).
    The blessings are tenfold when we do those good,
    kindly acts of Christian service when it is
    inopportune or not convenient (True Christlike
    Service Is Seldom Convenient, Tambuli, Aug.
    1984, 34).

The Visit to Taz Murrays Candy Store
Review of Objectives
  • A. Do you understand the myths of giving?
  • B. Do you understand what the scriptures say
    about money and giving?
  • C. Do you understand why we should give?
  • D. Do you understand how to give now?
  • E. Do you understand the basics of wise giving?