Proverbs 28 -- Financial Planning
It's tempting to focus on v. 1 today, which is the key to one of the better (in my opinion) Black Widower stories by Isaac Asimov. But because this blog is about the intersection of faith and economics, not Biblical references in science fiction mysteries, let's turn instead to verses 20 and 22.
[20] A faithful man shall abound with blessings: but he that maketh haste to be rich shall not be innocent.
[22] He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him.
Yesterday the Dow Jones Industrial Average dropped by over 400 points. If I were trying to accumulate a retirement fund in a week, then this fact would have been very troubling (or very good, depending on how I was betting). However, instead of trying to accumulate a retirement fund in a week, I'm doing so over a long period of time. Thus, I am able to look on these daily vicissitudes with some equanimity, because I realize that I might be wrong at any given time, but I have not overcommitted to a degree that could lead "poverty to come upon me." Similarly, I invested almost a decade in college and graduate school before beginning full time work for pay. That is a long time and a lot of money given up. Why? Because the skills developed during that time are durable and allow for me to adjust to various changing situations.
My daughter is now old enough to notice the various quick-fix credit schemes advertised during the sporting events I like to watch. They make for a marvelous opportunity to discuss savings, debt, and long-term versus short-term thinking.
[20] A faithful man shall abound with blessings: but he that maketh haste to be rich shall not be innocent.
[22] He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him.
Yesterday the Dow Jones Industrial Average dropped by over 400 points. If I were trying to accumulate a retirement fund in a week, then this fact would have been very troubling (or very good, depending on how I was betting). However, instead of trying to accumulate a retirement fund in a week, I'm doing so over a long period of time. Thus, I am able to look on these daily vicissitudes with some equanimity, because I realize that I might be wrong at any given time, but I have not overcommitted to a degree that could lead "poverty to come upon me." Similarly, I invested almost a decade in college and graduate school before beginning full time work for pay. That is a long time and a lot of money given up. Why? Because the skills developed during that time are durable and allow for me to adjust to various changing situations.
My daughter is now old enough to notice the various quick-fix credit schemes advertised during the sporting events I like to watch. They make for a marvelous opportunity to discuss savings, debt, and long-term versus short-term thinking.
Posted by William T. Bogart on
Wednesday February 28, 2007 at 8:29am