The Financial Struggles of Joseph Smith's Family

Explore the economic realities, challenges, and survival strategies of the Smith family in early 19th-century America, and how their financial situation shaped their lives.

By Garret Merkley · Explainer · Jun 3, 2026

Branched from Joseph Smith's Early Life

Quick take

The Smith family faced persistent poverty, frequent moves, and economic instability in early 19th-century New England and New York.
Their income primarily came from subsistence farming, day labor, and various small, often unsuccessful, ventures.
Financial desperation contributed to their involvement in "money-digging" and other folk magic practices.
These struggles deeply influenced Joseph Smith Jr.'s upbringing and his later religious motivations.

The Smith family finances refer to the economic circumstances and persistent struggles of Joseph Smith Sr. and Lucy Mack Smith, the parents of Joseph Smith Jr., and their children during the early 19th century. Their story is one of frequent moves, varied attempts at earning a living, and a constant battle against debt and poverty in frontier America.

A Cycle of Instability and Debt

From their early years in Vermont and later in western New York, the Smith family faced significant economic hardship. They moved frequently, often in search of better land or financial opportunities that rarely materialized. Crop failures, poor soil, and broader economic downturns of the era—like the "Year Without a Summer" in 1816—often wiped out their gains. Joseph Smith Sr. engaged in a variety of occupations, including farming, cooperage (barrel making), broom-making, and teaching, but none provided lasting financial security. The family often relied on day labor, with Joseph Sr. and his sons hiring themselves out for farm work, well-digging, or other manual tasks to supplement their meager income.

The Lure of Treasure Seeking

The family's desperate financial situation led some members, including Joseph Smith Jr., to participate in "money-digging" or treasure seeking. This was a common folk practice in the region, driven by beliefs in buried treasure, often left by Native Americans or Spanish explorers, and the use of seer stones or divining rods to locate it. While never yielding significant wealth, these activities represented a hopeful, albeit often fruitless, attempt to escape their cycle of poverty and pay off accumulating debts.

Understanding the Smith family's financial struggles is crucial for grasping the context of Joseph Smith Jr.'s early life and the environment in which Mormonism emerged. Their constant search for stability and relief from poverty likely shaped Joseph Smith Jr.'s worldview, fostering a deep empathy for the poor and a desire for a more equitable society. These experiences underscore the economic realities faced by many frontier families and provide a backdrop for understanding the motivations and challenges that influenced the early development of a new religious movement.

Were the Smiths always poor?

While they owned land at various times and made efforts to improve their situation, the Smith family generally lived on the margins of poverty throughout Joseph Smith Jr.'s youth, experiencing frequent financial setbacks and difficulty accumulating wealth.

What were their main sources of income?

Their primary income came from subsistence farming, day labor performed by Joseph Smith Sr. and his sons, and various small, often temporary, business ventures like cooperage, broom-making, and teaching by Lucy Mack Smith.

How did their financial problems influence Joseph Smith Jr.?

His upbringing in poverty, the constant need for hard work, and the family's search for stability deeply influenced Joseph Smith Jr.'s character and worldview, likely contributing to his empathy for the struggling and his later emphasis on communal welfare within the nascent Church.

What was "money-digging" in this context?

Money-digging was a folk practice where individuals, often using seer stones or divining rods, attempted to locate buried treasure. For the Smiths, it was a desperate, though ultimately unsuccessful, attempt to find wealth and alleviate their financial woes.

Sources

Bushman, Richard Lyman. Joseph Smith: Rough Stone Rolling. Alfred A. Knopf, 2005.
Quinn, D. Michael. Early Mormonism and the Magic World View. Signature Books, 1998.
Taves, Brian, et al. Joseph Smith Papers, Journals, Volume 1: 1832-1839. Church Historian's Press, 2008.