Counsel on Managing Finances

“Funding Your Business” was the topic for this week’s lesson in my New Business Creation class. By reading multiple talks and case studies on the topic of finance, I learned about important principles such as saving and budgeting, and I also discovered the best way to fund my $100.00 Challenge business.

One of the talks I had the opportunity to read this week was “Becoming Provident Providers Temporally and Spiritually,” by Elder Robert D. Hales. Elder Hales teaches that provident providers are those that provide for themselves and their families in ways both temporal and spiritual. Provident providers can do this by practicing the principles of provident living. These principles include saving, preparing for emergencies, living within our means, being grateful for our current situation, and steering clear of excessive debt. As we do these things we will be blessed with means to take care of our family’s needs. Another talk that I read was “Opening the Windows of Heaven,” by Elder James E. Faust. He discusses the importance of paying tithing to the Lord, which is one tenth of our individual increase. Elder Faust says, “Many of us have had the windows of heaven open up for us, so we do not look upon tithing as a sacrifice but rather a blessing and even a privilege.” I could not agree more with Elder Faust’s words. In my life I have had so many blessings come from paying tithing and I do not doubt that regardless of the amount, a full tithe payer will having the blessings of Heaven showered down upon them. I am grateful for this knowledge and my hope is that as I start new businesses, and even start a family, that I will remember and apply this counsel that I have received from prophets, seers, and revelators.

As I mentioned above, this week I chose how to fund my $100.00 Challenge business, Mommy Pedicures. In order to cover the costs of gas, traveling to and from the homes of my customers, I have decided to use personal capital. Because I already have all of the materials needed for this business, the costs of starting this business are minimal and so it seemed appropriate that I cover the costs myself. Next week I look forward to sharing my business “Elevator Pitch.”