Posted: September 28th, 2022

Each reply must be supported with at least 1 citation

Discussion Board InstructionsYou
are required to reply to 2 other classmates’ threads. Each reply must be 200
words.Each reply must be supported with
at least 1 citation. All citations must be from current (published within the
past 6 years), peer-reviewed, academic journals in the area of personal
finance, not corporate finance (i.e., Journal of Financial Counseling and
Planning, Journal of Personal Finance, etc.), and must be written using current
APA format. Wikipedia, Investopedia, magazines, and newspapers are not
considered peer-reviewed, academic sources for this assignment. The information
from your sources mustbe summarized in your own words, not direct quotes from
the sources.Dana,
Counsel meaning receiving wisdom
and the question is should this wisdom come from some other source than God or
a relative. It is clear that wisdom and or knowledge can come from many sources
for example, “A wise man will hear, and will increase learning; and a man of
understanding shall attain unto wise counsels” (Pr. 1:5). This passage from the
Bible is somewhat broad in meaning; yet, it opens learning from other sources;
thus, a person can now have knowledge in a specific subject; thus increasing wisdom.
The passage of Matt. 25:14-30 is a great example for the financial
planning process, because this passage is about a man and his servants. Yet,
for the financial planning process we could say a man and is financial
experts. The man gives his financial team each a level of responsibility
with his property with the intent that each servant would increase the value of
his property.
The man is this passage and his
financial team are ordinary people facilitating a business arrangement. The
servants are acting as financial planners and working in a specific time frame
with expected results; similarity, as an engagement letter.This process allow
the experts to do their profession and the man to do his occupation; thus, each
person in this working relationship is able to work in their own level of
expertise. The best financial planners have over 10 years of work experience
with certifications (Dalton and Langdon, 2014, pg. 17). According to
Dalton and Langdon, there are different levels of expertise when it comes to
financial planners. Hence, no different then the parable of the man and his
servants. They were given a task of increasing the value of the man’s property
and according to the parable most of the financial experts did exactly what the
man expected. However, not all of the experts had an increase and; therefore,
not giving the desire results the man was expecting. There is no shame in
falling and or not producing and hoping that this expert will receive counsel
from the professionals in his chosen profession and excel to be great.Kelly,
Proverbs 19:20 says, “Listen to advise and accept instruction, and
in the end you will be wise.” Obviously, we do not know
everything. As instructed in this verse, we need to seek the advice of
those who are more knowledgeable about a particular subject than we
are. If we act on their instruction things will go well for
us. In 2 Chronicles 25:7 a “man of God came to him (King Amaziah) and
said, ‘O king, these troops from Israel must not march with you, for the Lord
is not with Israel…” Unfortunately, the king did not listen to this Godly
advice. The king was captured, part of the wall of Jerusalem was
destroyed, all gold and silver in the temple were taken as well as the palace
treasures and hostages.
I think I am like many people when it comes to financial
planning. I know it is important, but I had no idea how to do it. I
know that retirement will be here before I know it and I am told that I need to
have a large amount of money available to me. I knew I would not earn
what I need if I put my money in a savings account. I thought my best bet
is the stock market. However, I have no idea how to invest or what
I should invest in. Obviously, I was in need of a professional who could
help me plan for my future.
I met with a financial planner and we talked about my current
financial status as well as my financial goals. She asked me questions
about when I wanted to retire, what kind of lifestyle I wanted to have, where I
planned on living, if I planned to travel and how much I planned to pay towards
my children’s college education. After meeting several times she
suggested a plan for me. Some of the items in the plan included savings,
investments and life insurance plans. I followed her advice and purchased
life insurance. I also diversified my 401k into various stocks as well as
a Roth IRA. It didn’t take long before I saw my investments paying
off. It is true that there were some quarters when my stocks went down in
value, but by the end of the year my stock investments had done quite well and
I was quickly making money. As stated in Proverbs 19:20 I listed to
advice and accepted instruction. As a result, I am on my way to having
the money I will need when I retire.

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