Monday, June 11, 2012

Guest Blogger: Three Surprising Ways to Start Saving Money Right Now by Devin Thorpe, Author of Building Wealth for Building the Kingdom

Building Wealth for Building the Kingdom is a simple, practical guide to help LDS families organize their personal financial plans to meet their unique goals. The book provides simple answers to questions like:

  • How much should I be saving each month for my son’s mission?
  • How much should I be saving each month for my children’s college education?
  • How can I save enough to be able to retire while I’m healthy enough to serve a mission?

Avoiding tips on pinching pennies, the book focuses on opportunities to save thousands or tens of thousands of dollars by making smart moves with big decisions, like home and car purchases.

Mormon families will appreciate the gospel-centered, scripture-based focus on putting tithing at the center of a financial plan. Building Wealth for Building the Kingdom will help prepare families to enjoy the benefits of their labor while simultaneously contributing to the growth of Church.

Three Surprising Ways to Start Saving Money Right Now
by Devin D. Thorpe

Do nothing!

That’s right, the first and easiest way to start saving money right now is to do absolutely nothing. Do go shopping. Don’t go out to dinner. Don’t sell your car, even to buy an older, cheaper one. Don’t sell your home and buy a new one. Don’t do anything you don’t have to do. For most of us, we’ll discover that a tremendous amount of our money goes to fund things that we don’t need to buy or do. Don’t get me wrong, I recognize that you must do some things (eating, paying the mortgage, etc.), but the first money you contribute to a savings plan may just come from doing nothing for 30 days, 60 days or 90 days while you focus on getting your savings program rolling.

Stop passing up free money!

Having worked as a finance executive in several large companies, I’ve seen the data. Many employees don’t contribute to their 401k retirement plan at work and as a result, don’t get the free match offered by most employers. You’re going to do the work no matter what, right? If you’re not contributing anything to your 401k, you could be missing out on a 5% raise. So be sure to check with your human resources department to find out how to sign up for at least the minimum contribution to the 401k plan required to get the company match!

Pay a generous tithe to your church!

Yes, you heard me right. If you really want a successful savings program in your home, start by giving generously to your church. God said through the prophet Malachi, “Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.” (Malachi 3:10) Get God on your side by paying a tithe, and prepare to have help you never thought possible.


Devin D. Thorpe brings a broad perspective to financial planning, having owned and operated an investment-banking firm—which included an investment advisory business—a mortgage brokerage and having served in a variety of corporate finance positions.

Presently, Devin serves as a business professor at South China University of Technology in Guangzhou, China on behalf of Brigham Young University’s Kennedy Center China Teachers program. Previously, he served as the Chief Financial Officer for the multinational company MonaVie, listed in Inc. Magazine’s 2009 Inc. 500 as the 18th fastest growing company in America and, at $834 million in revenue, the third largest company on the list. Prior experience includes two years working on the staff of the U.S. Senate Banking Committee during Utah Senator Jake Garn’s tenure. He also served briefly in Utah State Government, working at USTAR under Governor Jon Huntsman.

He earned an MBA with focus in Finance and Accounting from Cornell University’s Johnson Graduate School of Management. He completed his undergraduate degree in finance at the University of Utah, where he later worked as an adjunct professor of finance. In 2006, Devin was recognized by the David Eccles School of Business at the University of Utah as a Distinguished Alum.

In the Church, Devin presently serves as a seminary and institute teacher along with his wife, Gail. Previously, he served as a counselor in a stake presidency, a counselor in a bishopric, ward executive secretary, young men’s president, assistant scout master, three times as an assistant ward clerk, and in more elders quorum presidencies than he can count.

Devin ran his first marathon in 2011, finishing in 4:35.

You can reach Devin via email at bw4bk.tumblr.com.

Building Wealth for Building the Kingdom is available for Kindle and Nook. Purchase the book at Devin’s website, www.bw4bk.tumblr.com

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