About Building Wealth for Building
the Kingdom
Building Wealth for
Building the Kingdom is a simple,
practical guide to help LDS families organize their personal financial plans to
meet their unique goals. The book provides simple answers to questions like:
How much should I be saving each month for my son's mission?
How much should I be saving each month for my children's college education?
How can I save enough to be able to retire while I'm healthy enough to serve a mission?
Avoiding tips on pinching pennies, the book focuses on opportunities to save thousands or tens of thousands of dollars by making smart moves with big decisions, like home and car purchases.
Mormon families will appreciate the gospel-centered, scripture-based focus on putting tithing at the center of a financial plan. Building Wealth for Building the Kingdom will help prepare families to enjoy the benefits of their labor while simultaneously contributing to the growth of Church.
How much should I be saving each month for my son's mission?
How much should I be saving each month for my children's college education?
How can I save enough to be able to retire while I'm healthy enough to serve a mission?
Avoiding tips on pinching pennies, the book focuses on opportunities to save thousands or tens of thousands of dollars by making smart moves with big decisions, like home and car purchases.
Mormon families will appreciate the gospel-centered, scripture-based focus on putting tithing at the center of a financial plan. Building Wealth for Building the Kingdom will help prepare families to enjoy the benefits of their labor while simultaneously contributing to the growth of Church.
But before ye seek for riches, seek
ye for the kingdom of God.
And after ye have obtained a
hope in Christ ye shall obtain riches, if ye seek them; and ye will seek them
for the intent to do good—to clothe the naked, and to feed the hungry, and to
liberate the captive, and administer relief to the sick and the afflicted.
- Jacob 2:18-19
You can reach Devin via email at bw4bk.tumblr.com.
Building Wealth for Building the
Kingdom is available for Kindle and Nook.
Purchase the book at Devin’s website, www.bw4bk.tumblr.com
LDS Motivation
This book has been written for those
Latter-day Saints (members of the Church of Jesus Christ of Latter-day Saints)
who believe that it is more important to do good than to do well. That is
to say, it is written for you because you believe it is more important to raise
a good family, attend to your Church duties, send your children on missions and
pay tithing than it is for you to accumulate wealth. You may, therefore,
lack adequate financial planning. The objective of this book is to help
you to prepare financially to render any service that you may be called to
give.
Brigham Young best expressed what
has become the theme for this book. He said, “If, by industrious habits
and honorable dealings, you obtain thousands or millions, little or much, it is
your duty to use all that is put in your possession, as judiciously as you have
knowledge, to build up the Kingdom of God on the earth.”
What Brigham Young suggests is
something akin to consecration. The Church does not now require that we
currently share all of our wealth directly with the Church or that we keep all
things in common. Instead, we live a preparatory law of tithing and the
payment of offerings. Beyond that, we give to the Church much of our free
time. We save and invest our money to prepare our children to enter
life as contributing members of the Church. We save and invest to send
our children on missions and to serve missions ourselves.
This preparatory law is good
preparation for living the higher law. So much of our time, talents and
resources are already dedicated directly to building the kingdom that to go to
the next step of fully consecrating our assets and income to the Lord should
become relatively simple. It is not inappropriate to consider financial
planning from the standpoint of preparing ourselves for living this higher law.
Self-reliance is a fundamental
precept of our Latter-day religion. President Hinckley explained this
concept in an interview with the BBC in 1995, saying:
We teach emphatically the
importance of self-reliance, the importance of education, of equipping our
people so they can earn a living; the importance of saving and being prudent in
the management of their affairs; the importance of setting something aside, a
reserve, to take care of their needs if there should come a rainy day in their
lives. And it's amazing how many follow that teaching. That's basic with us.
This desire for self-reliance,
therefore, further defines who we are as Latter-day Saints and how we approach
the task of financial planning. Our objective, therefore, is to be able
to provide for ourselves and our family members all of the things we desire them
to have—without reliance upon a government dole or help from the Church.
Although you may never have thought
about it before, your perspective on financial planning is likely somewhat
different than other people’s. The motivations you may have as a
Latter-day Saint in accumulating wealth are likely associated with a desire to
render service to others, to build up the Lord’s Kingdom, to prepare yourself
to live the law of consecration and, finally, a desire to be self-reliant.
LDS Issues
Latter-day Saints face financial
challenges different from other groups of people. Our financial planning
issues are different due to an identifiable set of issues that distinguish us
from other people.
Tithing is not uniquely an LDS
doctrine, but few other religionists practice a ten percent tithe with the
commitment of the Latter-day Saints. The Saints practice the law of
tithing with enthusiasm that may result in part from relief at not being asked
to practice the higher law of consecration.
Latter-day Saints are recognized as
having large families. Having adopted the Lord’s admonition to “be
fruitful, multiply and replenish the Earth,”[iii] given to Adam and Eve as
being a relevant command in 2012, the Saints do have larger families, on
average, than other Americans. The number of children we have creates a
financial planning challenge—particularly as respects education.
Missions, not only for our young
men, but also for our daughters and ourselves, create a distinction in our
financial planning from financial planning for those of other faiths.
Missions are, perhaps, one of the easiest financial objectives for which we can
prepare if we start the process early. Missions as couples in retirement
needn’t require substantial wealth, but planning and preparation are
nonetheless important.
After considering all of the
peculiar financial planning aspects of Latter-day Saints, it is also important
to put the traditional issues of education, home ownership, retirement, etc.
into an LDS context.
While Latter-day Saints do have a
significant set of financial planning issues in common, each family will have a
different set of particulars. It is important, therefore, to seek the
advice of competent advisors (this may not be your brother-in-law). Such
advisors should include a CPA to advise you on tax planning issues, insurance
agents to help you with both life insurance and casualty insurance policies, a
stockbroker and or a financial planner to help you with your investments.
Remember, however, that this is your money. You should be making the
decisions based upon your best judgment after gathering information from all
appropriate sources. Until and unless you approach an age or condition
where you, or others, question your competence to make such decisions, you
should take responsibility. Remember, your stockbroker doesn’t have to
live off of your investments, but eventually you will.
About Devin D. Thorpe
Devin D. Thorpe brings a broad
perspective to financial planning, having owned and operated an
investment-banking firm—which included an investment advisory business—a
mortgage brokerage and having served in a variety of corporate finance
positions.
Presently, Devin serves as a
business professor at South China University of Technology in Guangzhou, China
on behalf of Brigham Young University’s Kennedy Center China Teachers program.
Previously, he served as the Chief Financial Officer for the multinational
company MonaVie, listed in Inc. Magazine’s 2009 Inc. 500 as the 18th
fastest growing company in America and, at $834 million in revenue, the third
largest company on the list. Prior experience includes two years working
on the staff of the U.S. Senate Banking Committee during Utah Senator Jake
Garn’s tenure. He also served briefly in Utah State Government, working
at USTAR under Governor Jon Huntsman.
He earned an MBA with focus in
Finance and Accounting from Cornell University’s Johnson Graduate School of
Management. He completed his undergraduate degree in finance at the
University of Utah, where he later worked as an adjunct professor of
finance. In 2006, Devin was recognized by the David Eccles School of
Business at the University of Utah as a Distinguished Alum.
In the Church, Devin presently
serves as a seminary and institute teacher along with his wife, Gail.
Previously, he served as a counselor in a stake presidency, a counselor in a
bishopric, ward executive secretary, young men’s president, assistant scout
master, three times as an assistant ward clerk, and in more elders quorum
presidencies than he can count.
Devin ran his first marathon in
2011, finishing in 4:35.
You can reach Devin via email at bw4bk.tumblr.com.
Building Wealth for Building the
Kingdom is available for Kindle and Nook.
Purchase the book at Devin’s website, www.bw4bk.tumblr.com
1 comment:
excellent
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