On the evening of Sunday, June 28, 2009, I attended a fireside at the Easter building, an LDS stake center in Littleton, Colorado. The speaker was Barton Smith, Professor of Economics at the University of Houston. The title of this post was the title of his message. He reviewed the current economic situation and gave some counsel. For me, these points from one of his slides pretty much summed up the evening:
- Live within our means
- Make decisions unencumbered by greed
- Be grateful and prudent
- Set priorities and eliminate non-essentials
- Properly value time vs. money
- Bless children with good memories, not trinkets
- Be prepared for the worst with hope for the best
He recommends as a “pearl” certain personal finance resources found at www.personalfinance.byu.edu (there is a link to this site from http://www.lds.org [from lds.org select “Home and Family,” then “Family Finances,” then “Additional Resources,” and then “Personal Finance Web Site”).
Professor Smith invited all to read his economic commentaries over the next three months. The commentaries are found at www.uh.edu/irf.