The Monkey Shack

"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."

—The First Presidency, All Is Safely Gathered In: Family Finances, Feb. 2007, 1

Latter-day Saints have been counseled for as long as I can remember to use their financial resources wisely. Sadly, Utah of all places has not listened and has had one of the highest bankruptcy rates in the nation (see here). Religious leaders and economists have both warned and at times scolded, but few have listened. As a result, our free-spending ways that have left consumers and financial institutions alike struggling under an enormous debt burden so extraordinary it has brought the likes of Washington Mutual, Fannie Mae, Freddie Mac, Lehman Brothers, and insurance giant AIG to their knees.

Now, as our country spirals deeper into a state of economic panic, you have to wonder how much better off we would be if all of us, individuals, businesses, and government alike, were to listen to those who have consistently warned us of the dangers of our "buy-now pay-later" mentality. We can't change the past, but we can learn from it. Hopefully this economic meltdown will awaken all of us, myself included, to a greater sense of provident living.