Sunday, December 7, 2008

Elder Perry: Large Homes, Dual Incomes, and Bishop Bailouts

Elder L. Tom Perry, “The Joy of Honest Labor,”Ensign,Nov 1986,62

I wonder what kind of signals we are sending to our children when we purchase homes that are status symbols. We waste space and resources when we buy a larger home than is needed, a larger home than is practical for us to afford. We encumber ourselves with mortgages so large that they require the income of both husband and wife to make payments. Then we build consumer debt to the point of absorbing completely all of our disposable income, leaving no margin of safety for the rainy days that come into everyone’s life. Do not such signals from heads of households only feed the philosophy of “I want it now” in the lives of our children?

Some even have the mistaken belief that after turning their ears away from the counsel of the prophets to avoid unnecessary debt, they can then turn to their bishops to bail them out of their foolishness. About all the poor bishops can do is weep with them and help them move to more affordable housing and then counsel them on how they can cut their losses.

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