Week 11 Entrepreneurship Reflection
Based on the "Attitude On Money" article, respond to the following questions:
- What is your attitude toward money?
My attitude of money is different from my husband's. He is the one that has to work for it and make sure it covers everything. I think it is a means to an end, but my life doesn't revolve around it. I know my husband wishes I would take more of an interest in it, but my job and focus is on the home and family. Plus we learned early on that we have different ways of doing the same thing, such as balancing the checkbook. Dividing the responsibilities is what works for our marriage. I pay the bills and he makes sure the money is there to pay it.
- How can your view of money affect the way you live?
Money can rule your life. The obsession of getting more of it or the anxiety of not having enough of it. Most men that commit suicide do it because of money and feeling inadequate. I live in Whitefish MT, a very affluent community. I have found that my kids are so concerned about wearing name brands and whether we are rich or not, that I decided to home school because I didn't want to raise them in that environment.
- What rules are recommended for prospering?
1. Seek the Lord and have hope in Him
2. Keep the commandments, temporal ones like tithing
3. Think about/plan to become self reliant
4. Education
5. learn the laws which blessings of wealth are predicated
6. care for the poor and needy.
My favorite part of this article was his parable of the talents and how he made it relevant.
Again as in the story of the Good Samaritan, we have a person of some wealth who travels
around the country with his servants, selling goods. So he is a merchant. He is engaged, in what
we call in the Philippines, Buy and Sell.
He calls on three men, who appear to be in the same business, because the scripture talks about
him delivering goods to them. Perhaps the first man is a wholesaler and the other three are
retailers. Anyway, not only does he deliver goods to them, he also makes an investment in each
of them.
With the first, he invests five talents, the second two and the third, one. He decides how much
he will invest with them based on their individual abilities and his confidence in them.
As the parable develops we see both the first and second individual do what good merchants
do. They seem to have engaged in the buying and selling of merchandise. The scripture says they
"traded with the same" and they made a profit. That is what good merchants do, or as we write
about in our Rules of Thumb, they buy low/sell high. They also turn their inventory and they
have good mark ups, which is the difference between what they pay for the merchandise and
what they sell it for.
The third individual, however, did not turn his inventory. In fact, he really did a bad think.
We teach in the Academy with our Rules of Thumb, that we should not "let our money sleep." He
buried it.
We all know the end of the story. The merchant returned and those who had gained a profit,
through following the proper laws, received a blessing; they prospered in the land. They became
filled with joy, and they lived happily ever after. While the individual who let his money sleep did
not practice good business principles, did not get the blessing. And not only did he not get a
blessing, he got a punishment.
https://www.churchofjesuschrist.org/study/ensign/1996/03/formula-for-success?lang=eng
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