Enemy Number Four: Unaware Jaywalking
When I looked up the definition of unawareness, I was somewhat amused by one definition: “Unconsciousness resulting from lack of knowledge or attention.” I used to enjoy watching Jay Leno when he was “Jaywalking.” He would ask questions, often of college students, that seemed to require basic knowledge. In one clip he asked a young woman, “What is the largest country in South America?” Her answer was, “Africa.” He asked another, “Where is Iran?” The answer: “In South Europe.”
There is another kind of jay walking. It is walking across the street in an unlawful or dangerous way. Lots of people do it, and some do it while looking at their phones. That is ignoring the reality of the dangers of being hit by big hard objects. People “jay walk” through much of life. It is a dangerous way to live.
Ignorance is not uncommon. Many people think the Bible says, “Money is the root of all evil.” It never says that, but it does say that the love of money is the problem. The same is true In the world of investing. I never cease to be amazed by the financial illiteracy of so many adults. Part of the problem, I fear, is a failure in our public (and dare I say, private schools and home school families) to teach the basics in both biblical truth and financial basics.
Change Can Happen
To gain a better understanding of what God says, you can read the Bible. There are also excellent commentaries and online resources to help the reader understand some of the more difficult passages. However, I don’t think John’s Gospel or Paul’s letter to the Romans is really all that difficult to understand. The problem often is that many have not read them.
The same is true when it comes to financial and investing literacy. If unawareness is primarily due to a lack of attention, then I encourage those who come to me for advice to “pay attention.” The first step in this process is to look at your budget and then compare your budget to your spending.
Another important piece is a 15-minute review of your investment or retirement savings statement(s). I have had so many come to me who have ignored the costs associated with the services their broker or financial advisor are providing. It isn’t uncommon to see thousands of dollars disappearing from a person’s assets due to fees and other costs applied to their accounts.
Addressing Financial “Lack of Knowledge”
Sadly, another misconception is that learning about investing is difficult. If you understand addition, subtraction, multiplication, division, and how to calculate percentages, you can probably learn enough to make better decisions. One good online source is Investopedia.
Suppose you heard someone talk about “The Rule of 72.” If you go to your web browser and type, “what is the rule of 72?”, you will see a link to Investopedia. The Investopedia article is titled, “The Rule of 72: Definition, Usefulness, and How to Use It.” This is basic financial knowledge.
Investopedia Covers the Basics
One of the options on the Investopedia site is the “Investing” dropdown menu. If you are interested in learning more about ETFs, then select “Investing” and then “ETFs.” There will be more links, Frequently Asked Questions, key terms, and a host of other valuable information. The key ingredient is to explore.
We are, however, living with packed schedules. Finding time to read about anything seems to be difficult. Perhaps we are just spending too much time on things that don’t really matter. I know many watch hours of NFL broadcasting of football games. Others spend time playing video games. We all have things we like to do that, in the end, have very little true value. We can choose to be like the college student who thinks Africa is the largest country in South America, or we can resolve to do something different.
Don’t Just Focus on the Physical and the Financial
Luke 12:15 says something that is even more important than my physical health or the health of our investments at Fidelity. These are the words of Jesus: “And he said to them, ‘Take care, and be on your guard against all covetousness, for one’s life does not consist in the abundance of his possessions.’”
If I had to choose between reading helpful information on Investopedia, and reading the Bible, I would pick the resource that addresses something other than the abundance of things. Don’t jay walk through life. Be attentive and continue to learn.
All scripture passages are from the English Standard Version except as otherwise noted.
Know Your Flocks & Herds 