Recently in Sacrament meeting our stake president read a letter from the First Presidency regarding financial fraud. This letter urged members to be wary of fraud and other financial scams. Appearantly, too many members of the Church are using their church status to scam other members of the Church.
In the letter, the First Presidency says that “reports of fraud schemes and unwise investments prompt us to again counsel members with respect to prudence in managing one’s financial affairs.” They also stated that they are “concerned that there are those who use relationships of trust to promote risky or even fraudulent investment and business schemes.”
“We are concerned that some church members ignore the oft-repeated direction to prepare and live within a budget, avoid consumer debt, and to save against a time of need.”
“Consideration should also be given to investing wisely with responsible and established financial institutions. We are also concerned that there are those who use relationships of trust to promote risky or even fraudulent investment and business schemes.”
“While all investments carry an element of risk, that risk can be managed by following sound and proven financial principles: first, avoid unnecessary debt, especially consumer debt; second, before investing, seek advice from a qualified and licensed financial advisor; and third, be wise.”
Some things to point out regarding this letter. This is not the first time that Church leaders have admonished us concerning following proven financial principles and avoiding debt. They are having to tell us again because most of the members of the Church have failed to heed their counsel.
Sure, I’d love to be a millionaire, but I’m not dumb enough to think all I have to do is sign up 20 of my friends and family, and then make sure they all sign up 20 of their friends and family. Over the course of the past 10 years, every single MLM opportuny (over a dozen) has been presented to me by members of the Church.
I seldom ever do business with someone simply because they are a member of the Church. There are many moral and honest people in all faiths and religions. I personally choose to do business with others that exhibit a similar moral code to mine, regardless of what religion to which they belong.
When I hear people talk about their church membership or position in the church in regards to a business venture or opportunity, it is an automatic red flag to be cautious. If in a business context someone tries to “use” the Church to establish their own credibility or trustworthiness, that person deserves neither credibility nor trust.
March 17th, 2008 at 2:07 am
I know exactly what you are talking about. I hate it when people come up to you and wanting to tell you all about something that you really don’t care about. I have been approached from others (not only from those LDS folks but from other religions) but I tried a few myself. I have found that I wasted more money in the MLM companies than I have any other way.
They like to try to convince you that if you join that you will be able to become a millionaire especially if you invite all your friends and family. I know a few people that have joined and a year later….are at the same place as they were when they told me about it and wanted me to join in with them.
Must be careful in whom we do business with because you never know what kind of trouble financially you can get into. My best advice would be to think about it (after being told about it), pray about it (if you are the religious type) and WAIT at least 72 hours before making a decision. I say the last one because like in other scenerio’s (such as impluse buying at a store for something you think you might want right now) you could regret your decision. If you wait 72 hours before making a decision, then at that time you have had time to research whatever it is ( like a business opportunity someone gave you) and know that if you feel that you still want to do it, you did not rush your decision.