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Jun 2006 Issue
by Danielle Ellis
Ready for a standard missionary farewell talk, the entire extended Ellis family settled into the chapel on Mother’s Day. As Daniel, my oldest nephew, spoke, I realized he was giving a simple blueprint for a successful financial life. See, before Daniel left, he had paid, by himself, for his entire mission. $9,600.
Accumulating nearly ten thousand dollars is no small feat for most people, but for a teenager it is even more impressive. Obviously the bishop was so impressed that he asked Daniel to explain how he did it as part of his talk.
Daniel said from the pulpit, “I knew how much money I needed to pay for my mission, so when I started working, I started saving.” He started with the wages from his part time work, on Saturdays and over school breaks, beginning at age 16. “I just took what I needed for tithing, car insurance and gas, then took a little for myself, usually no more than $20 a week. The rest went into the missionary savings account.”
His mom, DaLea, elaborated a little. “Daniel has always paid his own expenses for car repairs and such. Either he paid for it himself, or we paid for it and he repaid us over the next few paychecks. But if he had spent his money for the week, and his friends wanted to go to a movie, he didn’t go to the bank and take out money. He’d just tell his friends he didn’t have money to go.”
So there he stood, ready to serve, having already sacrificed for years to make his dream a reality. What lessons had he learned? All the counsel the prophets have given on financial security. Pay an honest tithe. Live within your means. Avoid debt. Keep a budget. Save a little for a rainy day.
Daniel has learned, from the very beginning of his working years, how to make money his servant, rather than letting it become his master. He has learned the importance of setting goals and steadily working to accomplish them. He has learned that even large goals can be completed if you don’t let yourself get distracted by enticing diversions along the way.
Now that he has arrived in Sao Paulo, Brazil to begin his service in the Lord’s vineyard, what kind of a missionary do you think he will be? Financially speaking, he has already paid his dues to be there. He knows his service will not cause any hardship on his family. He has bought this experience with his own price. So he can put his whole soul into the work, and be the exemplary missionary his family knows he will be.
If a teenager can accomplish a goal like this, can we? Things may get more complicated with adult responsibilities and commitments, but the principles for success are the same, whether we are saving money for a home, a new car, or college or mission or wedding expenses; for retirement or a senior mission or a family vacation.
Figure out where you want to go, establish a workable plan, then remember that your goal will be a great reward. Remind yourself as diversions come about the importance of the goal. Don’t let it slip away one restaurant dinner or one clothing sale or one new piece of furniture at a time.
The Church has counseled us on how to save. We should establish a financial reserve, building as we are able to have a three to six month supply of money. Also, begin a storage program for food, water and clothing and other basic necessities. Begin with one week, then build to one month, three months, six months, then a year.
Second, strive for home ownership. Purchase a home within your ability to support, and beautify the home and landscaping during the time you own it. Third, buy insurance. Medical, auto, homeowners, and life insurance will help with the overwhelming expenses in case of tragedy. Fourth, set aside money in savings and investment accounts for future needs such as advanced education, missions for children and parents, and retirement. (ProvidentLiving.org.)
