Timeless Advice

My mother in law was looking through a very old church book yesterday and found a bookmark in it. This bookmark was from January 1925 and it had the following printed on one side, apparently a handout from the Grant Stake of the Church of Jesus Christ of Latter-day Saints. These words ring as true today as they did 84 years ago. I find item #10 to be especially insightful considering the time it was issued...just 4 years prior to the stock market crash and the beginning of the Great Depression.

FINANCIAL STANDARD

1. Work and Earn. Never expect to get a dollar without working for it.
2. Pay Your Tithing Promptly.
3. Save. "If you can save, you will be successful (financially). If you can't, you will not."
4. Make a Budget. Practice thrift and economy.
5. Buy for Cash. Keep out of Debt. Possible exception to this rule may be made, if necessary: a) for a mission, b) for an education, c) for a home, d) for an income (I believe that means to get started in business, perhaps)
6. Keep a Record of Expenditures. It has been said that that man is not likely to fail who keeps an accurate account of his assets (and liabilities, if any) and of every dollar he spends.
7. Own Your Home.
8. Never Break Your Word or Your Contract.
9. Carry Life Insurance.
10. Secure an Income. Choose safe investments. Avoid get-rich-quick stocks and schemes that promise lavish returns. "6 percent and safety" is a good motto.
11. Take Care of What You Have.
12. Share with Others.
13. Consult with your Bishop.

Slogan: "We stand for sound financial practice."

--Standards of Right Living, Ward Teaching and Home Evening, Grant Stake, January 1925

Words to Live By

As a member of the Church of Jesus Christ of Latter-day Saints, I really like this quote from the Church's pamphlet about self-reliance. It is wisdom for all of us, regardless of religious affiliation:

We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. . . . If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts.—All Is Safely Gathered In: Family Finances