Who Are You Getting Financial Advice From? Show 61

“There is a story about a small town in which there was a jewelry store, and like all jewelry stores, or most jewelry stores at least, there was a big clock in their front window.
Every morning for years, the jeweler had noticed a working man stop, and adjust his pocket watch to the same time as the clock in the window.
He had been doing this for many years. One morning the jeweler was out in front sweeping his sidewalk, and asked the man, ‘Why do you adjust your watch to my big clock every morning? I’ve noticed you doing that for years.’
The man said, ‘Well, I’m the foreman down at the big plant. I want to make sure my watch is correct because I blow the quitting whistle every night at 5 o’clock.
 The jeweler looked at him rather strangely for a moment, and then said, ‘Well that’s funny, I’ve been setting that big clock in the in window by that quitting whistle all these years.’
A very logical thing, but between them they could have been off six months! It is a case of people just going along with what they thought to be correct without checking their references.
So, I want to suggest that from now on, at least we do that. That we check our references, and ask ourselves, ‘Are the people I’m following going where I want to go?’”
This illustration is taken from a short book I read over the weekend titled The Strangest Secret by Earl Nightingale (pictured above). It was published in 1957.
You’ll have to read it to discover what the strangest secret is though. If you’d like to read the book, reply to this email with your mailing address and I’ll send it to you.
Following along can be a trap and cause us heartache if we’re not wise about who we’re taking our cues from. The Bible states that Solomon is the most wealthy person to have ever lived.
In today’s dollars some estimate Solomon would have a net worth of $1.2 trillion. For comparison, Jeff Bezos, who was the wealthiest person in the world up until last week when Amazon’s share price fell, is worth $192 billion. Solomon had over six times as much money has Bezos.
God appears to King Solomon and tells him to ask for anything. Solomon thanks God for his favor that he had shown him and his father David, and Solomon proceeds to ask for wisdom and knowledge so that he can properly lead the people of Israel.
2 Chronicles 1 states, “God said to Solomon, ‘Since this is your heart’s desire and you have not asked for wealth, possessions or honor, nor for the death of your enemies, and since you have not asked for a long life but for wisdom and knowledge to govern my people over whom I have made you king, therefore wisdom and knowledge will be given you. And I will also give you wealth, possessions and honor, such as no king who was before you ever had and none after you will have.’”
King Solomon
Are we asking the right questions? Solomon didn’t put the cart before the horse. He knew if he had wisdom, then the other material things would flow to him. Maybe he was already wise enough to know how to ask for the right thing.
Before asking our questions we should figure out how to become more wise so that when we hear the answers, we’ll know how to apply them. What good is knowledge without application?
In reflecting on these things, it seems it’s more important to pursue wisdom and knowledge so that when we have decisions to make, we can make prudent choices.
The natural question then becomes “How do I make prudent financial choices?” Years ago, I was taught in a class that everyone has a worldview. A worldview was defined as the lens through which we see the world.
It’s important to take advice from people who have a similar worldview. A worldview isn’t an opinion about whether the stock market will crash this year or not. A worldview is a moral compass that guides you.
The second thing to look for is someone who has your best interest at heart. I think the easiest way to figure this out is to observe what a person is greedy about. If there are three slices of pizza and your buddy takes two without any thought for you, you probably have a pretty good idea who’s interest he’s looking out for. A person who is looking out for you is concerned about your outcome. They understand that if you have a favorable outcome, then they will have a favorable outcome.
I always love hearing your feedback and answering your questions. If I can help, just reply to this email or call our office at 864.641.7955.
Until next week,
David C. Treece,
Financial Advisor
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel.

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