Provident Provider

I felt like a big theme this week in class was on provident living and tithing.  I really appreciated these talks because our family is always struggling to live beyond the subsistent level.  There is a lot to ponder here, and A LOT of inspiration!   I am inserting several main points from Elder Hales talk “Becoming Provident Providers Temporally and Spiritually” from May 2009 for my own future reference.

• We must want more than anything else to change our lives so that we can break the cycle of debt and our uncontrolled wants.
•  Our success is never measured by how strongly we are tempted but by how faithfully we respond.
• “We can’t afford it, even though we want it!” or “We can afford it, but we don’t need it—and we really don’t even want it!”
• As we counsel and work together in family councils, we can help each other become provident providers and teach our children to live providently as well.
• The foundation of provident living is the law of the tithe.
• Tithing helps us overcome our desires for the things of this world and willingly make sacrifices for others.
• We should regularly review our family income, savings, and spending plan in family council meetings. This will teach our children to recognize the difference between wants and needs and to plan ahead for meaningful use of family resources.
• “Wherefore, do not spend money for that which is of no worth, nor your labor for that which cannot satisfy. Hearken diligently unto me, and remember the words which I have spoken; and come unto the Holy One of Israel, and feast upon that which perisheth not, neither can be corrupted” (2 Nephi 9:51).
• I testify that the appetite to possess worldly things can only be overcome by turning to the Lord.

Elder Wirthlin talks about Debt=Bondage!  When we have the illusion of prosperity, we think we own things but they really own us… this parallels straight back to the book I read Rich Dad, Poor Dad!  An asset is something that puts money in our pocket.  Debt is a liability, and only takes money away from us.  So if we “own” a car, but still have a note on it, then it is really a liability because it is taking money away from us each month.  When my husband and I discussed the concept that our home is not really an asset, I was grateful to see his understanding of this principle too, and that we are both now looking beyond the narrow understanding of financial education that most people have. 

The Start-ups on a Shoestring was a fascinating read!  It really is amazing what a person can do with just a “Big Idea!”  It is inspirational to know that successful business have been created from very little startup investment.  This is one of the aspects that I like best about the $100 challenge.  It is a great opportunity to put the principles of Entrepreneurial Management into action and learn how to do the process.  Some of these $100 challenge ideas could really do well and grow into big businesses as was shown in this article!

I have selected an entrepreneur to interview, and I am really excited about meeting with him!  Rocky Fischer is a brilliant man who is currently the CEO of 123 Postcards, a dental marketing service.  He has tapped into a specific field, and fine-tuned the details that allow dentists to create fabulous marketing that really bring in the customers!  He has plans to broaden this postcard model into other business categories!  I am grateful to be able to interview him, and gain knowledge from this wonderful mentor!

On the $100 challenge for this week, I had to find $20 capital with which to start my business.  I will be making “cookies and cocoa” for holiday gifts.  I invested $10 of my own money from savings, and I was able to find a local investor, my sister-in-law Rachel Hathcock, for the other $10.  I need to brainstorm ideas for a name for the business asap!  I am planning to set up a Facebook page, and network selling to my local community.