Gospel topic
Money: Scams
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If America is destroyed, it may be by Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers—normally good Americans, but Americans who fail to comprehend what is required to keep our country strong and free—Americans who have been lulled away into a false security. Great nations are never conquered from outside unless they are rotten inside. Our greatest national problem today is erosion, not the erosion of the soil, but erosion of the national morality—erosion of traditional enforcement of law and order. Theodore Roosevelt said: "The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, and love of soft living and the get-rich-quick theory of life." (Quoted in The Red Carpet, p. 315.)
Elder Ezra Taft Benson
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Of the Presidency of the Seventy Invest wisely. Avoid speculations and get-rich-quick schemes.
Elder M. Russell Ballard
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In today’s marketplace—yes, in your own neighborhood, town, and cities—scheming, deceiving promoters are making available to gullible purchasers all kinds of enticing offers. We are sorry to report thousands within our ranks are being duped by the glib tongues of those who offer and solicit in whispers. “Once in a lifetime opportunities” and “Just for you” approaches are unusual no more. Such offerings and deals should be avoided like a plague. I believe the Lord wants us to become alarmed and concerned when we see the wicked and unscrupulous taking unfair advantage of the weak and uninformed. No Latter-day Saint should exploit another man’s situation, manipulate, lie, steal, cheat, or deceive. Our responsibility is to assist each other in avoiding involvements that can be devastating to our welfare. The practice of thrift is not outdated. We must discipline ourselves to live within our incomes even if it means going without or making do. The wise person can distinguish between basic needs and extravagant wants. Some find budgeting extremely painful, but I promise you, it is never fatal. Debt can be destructive, causing financial bondage and bankruptcy and the loss of self-respect. A family who can manage money wisely and budget well, including tithing and fast offerings, is helping itself and others in the Lord’s own way. Just debts should be paid. I believe the Lord wants us to be successful in our honorable occupational pursuits and use wisely our means for the benefit of the individual, family, Church, and community.
Elder Marvin J. Ashton
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We’ve had a little fad sweeping Utah. I read in the paper — people who pretend to know — that Utahns were subject to more scam arrangements and financial abusive schemes than anybody else. Well, if we get involved in some of these pyramiding things, we’re going to be judged for the lack of sense and understanding and wisdom that we had in that field aside from the fact that we’ll probably lose everything that we put into it.
Elder Bruce R. McConkie
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How do we become victims of dishonesty? There are many ways, but let us examine a few. A potent statement from Isaiah sheds light on one reason: “Yea, they are greedy dogs which can never have enough, and they are shepherds that cannot understand: they all look to their own way, every one for his gain, from his quarter.” Greed can make a person both dishonest and gullible. Such are spoken of in Doctrine and Covenants 68:31–32: “Their eyes are full of greediness. These things ought not to be, and must be done away from among them.” Good advice for those who would avoid deceitful propositions is found in Doctrine and Covenants 9:13: “Be faithful, and yield to no temptation.” A friend recently confided that he had lost heavily in a get-rich-quick scheme because he couldn’t turn off his greed valve. Wanting more and more—living beyond one’s income—makes many of us susceptible to the dishonest promoter. The plan that offers exorbitant rewards or gives you and only you a once-in-a-lifetime deal is to be avoided. Use of important, well-recognized names or undue reference to special community or religious affiliations are often used to gain confidence and open the door to sales deceptions. Avoid those who want immediate decisions or cash right now. All worthwhile investment opportunities can bear deliberation and scrutiny. We must get all the available facts and consider them well, and then make decisions that are in the best interest of all. When marginal cases and situations arise, personal integrity must be an important element in any decision. When right actions are not clearly evident, personal honesty will lead us to discern and reveal relevant points or facts of which others may not be aware. A person of integrity will assist others to be honest. A person of integrity will ask questions and give answers that are accurate. Integrity makes it possible for us to chart a course of righteous personal conduct long before the time for action arrives. A wise person will not allow himself to be victimized by the unscrupulous because of false pride. Oftentimes people are swindled because false pride prevents them from asking questions and seeking additional information. For fear of embarrassment or being thought ignorant, a prospect ofttimes nods his head in the affirmative when he really doesn’t understand the glib salesman’s line of chatter. “What does that mean?” “What are the risks?” “What are the pitfalls?” “What is the history of the company?” “What references do you have?” are questions worthy of pursuit. When promoters carelessly use simple but elusive words such as “hedge,” “shelter,” “exempt,” “annuity,” “umbrella,” “tax free,” “insulated,” and “deferrable,” the buyer had better be aware. If prudent decisions cannot be reached on the basis of one’s own expertise, advice should be sought from knowledgeable and trusted counselors. Offers that cannot wait or stand review are not worthy. Abraham Lincoln once said, “Stand with anybody that stands right. Stand with him while he is right and part with him when he goes wrong.” (The Home Book of Quotations, sel. and arr. by Burton Stevenson, New York: Dodd, Mead, & Co., 1935, p. 1726.) We are living in a day and time when the “gentle lie,” the “soft lie,” the “convenient lie,” the “misleading lie,” the “once-in-a-lifetime deal,” the “opportunity for a few selected friends” are being vigorously advocated and promoted. Designing promoters of questionable schemes have and will continue to prey on the gullible. Fortunately, or unfortunately, the business climate is always good for those who have a deal to promote. In times of recession or depression, unwise debt is encouraged by promoters who would give us the opportunity to supplement our inadequate means. During periods of prosperity and plenty, some try to convince us that then is the time to borrow, speculate, and move up to higher levels of living by riding the waves of a guaranteed prosperous tomorrow. How often do we hear, “I would have made it big if the economy had not slowed down”? History should have taught all of us that there is enough risk and uncertainty in normal or conservative investments to cause the cautious to rebel at the exorbitant returns offered by those who would have us “bet on the come.” More often than not, those who can least afford to go into debt to provide funds for scheming money managers are those hurt the most when the day of final accounting arrives. It is true, getting into debt is a tanglesome web. Samuel Johnson also said, “Do not accustom yourself to consider debt only as an inconvenience; you will find it a calamity.” (The International Dictionary of Thoughts, p. 196.) We encourage all to avoid going into debt for speculation purposes. “The love of money is the root of all evil.” A proper balance in our money management skills should be the continuing goal of all who would be free of financial bondage. President N. Eldon Tanner wisely suggests, “The choice to serve God, worthily made, does not necessarily preclude a home or sufficient money or income, or the things of this world which bring joy and happiness, but it does require that we must not turn away from God and the teachings of Jesus Christ while in the pursuit of our temporal needs.” (Ensign, June 1971, p. 14.) It should be the goal of every Latter-day Saint to become the kind of person of whom it can be said, “His word is his bond.” In all of our words and deeds we should ask ourselves, “Is it right? Is it true?” not “Is it expedient, satisfactory, convenient, or profitable?” Just, “Is it right?” The wise will consider, “What is right?”; the greedy, “What will it pay?” Sometimes investment promoters, because of the pressures of pending financial reverses and tragedy, scramble and use devious delay tactics while they struggle for survival. Honesty will be compromised by some when failure lurks. People with integrity will stand true and firm in success or disaster. ... If a lie is any communication given to another with the intent to deceive, we will all do well to seek God’s constant help in understanding and finding the truth. People of integrity will neither foster, nourish, embrace, nor share the lie. People of wisdom will not let greed, fear, or the desire for quick riches lead them into the snares of the dishonest and unscrupulous who prey on the gullible in order to maneuver from them valuable possessions. May we constantly remind ourselves to “seek not for riches but for wisdom; and, behold, the mysteries of God shall be unfolded unto you, and then shall you be made rich. Behold, he that hath eternal life is rich.”
Elder Marvin J. Ashton
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One of the most destructive forms of deceit is self-deceit. Modern-day prophets have pled in plainness for us to avoid “get-rich-quick” schemes if we would avoid the heartaches of financial bondage. Perhaps we have not said enough about the fact that too many of us, in our moments of dreaming of grandeur, plant the seeds of economic disaster. Then at a later date when much is lost, we blame those who participated with us. It is difficult to be of good cheer when self-deceit is our companion. When we willingly expose ourselves to the winds and storms of fraud and scam, we should not be surprised when we come down with deficit disease. Over the years of listening to those who have suffered heavy money losses, I have heard many in desperation declare, “I was taken.” Often my heart, mind, and the Spirit have prompted me to share, “Yes, you were taken by yourself.” We all need to be encouraged to lift up our heads and see where our thoughts and undeclared priorities are taking us. Self-deceit permits us to blame others for our failures. For many years President Ezra Taft Benson has reinforced his talks of love and guidance to our youth with the truth that wickedness never can be happiness. (See Alma 41:10 In dating and courting, decisions of conduct, to be effective, must be made before the moment of enticement and temptation surfaces. Too often immoral conduct results from self-deceit. We have allowed ourselves to blame others for the incident of misconduct when our failure to make decisions ahead of time was not thought to be of importance. The thought that wickedness brings good cheer makes reason stare. A constant effort must be made to lift our daily conduct so that it squares with our knowledge of truth and our standards. Self-mastery must always triumph over self-deceit for us to taste the fruits of good cheer.
Elder Marvin J. Ashton
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I advise you to be patient in financial matters. Avoid rash or hurried financial decisions; such decisions require patience and study. Get-rich-quick schemes seldom work. Beware of debt. Be especially careful of easily obtained credit even if the interest is tax deductible. You young couples should not expect to begin your married lives with homes, automobiles, appliances, and conveniences comparable to those your parents have spent years accumulating.
Elder Joseph B. Wirthlin
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Do not trust your money to others without a thorough evaluation of any proposed investment. Our people have lost far too much money by trusting their assets to others. In my judgment, we never will have balance in our lives unless our finances are securely under control. The prophet Jacob said to his people: “Wherefore, do not spend money for that which is of no worth, nor your labor for that which cannot satisfy. Hearken diligently unto me, and remember the words which I have spoken; and come unto the Holy One of Israel, and feast upon that which perisheth not, neither can be corrupted, and let your soul delight in fatness” Brothers and sisters, remember to always pay a full tithing.
Elder M. Russell Ballard
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We again urge our people to avoid unnecessary debt, to be modest in the financial obligations which they undertake, to set aside some cash against an emergency. We warn our people against “get rich” schemes and other entanglements which are nearly always designed to trap the gullible.
President Gordon B. Hinckley
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