Excerpt Adapted From: The Financial Shepherd-
Why Dollars + Change = Sense by Glen Wright and Sy Pugh

At the end of this book, in the Top 50 Financial Terms section, we define what to look for when identifying Wise Counsel: advice, information, warning, direction, suggestions, recommendations, caution, guidance, or admonition that provides direction as to a decision or course of action or in setting standards or determining a course of action. When it comes to finances, rarely does Wise Counsel come in the form of friends and family who haven’t been professionally trained as financial planners or licensed counselors to help you face or navigate some of life’s more complex issues. If your money and your children’s futures are on the line, it is worth investing the time and energy to locate quality, well-trained, certified individuals who have some level of accountability for properly handling your money and money-related matters.

A good place to start is with referrals from respected individuals whose judgment you trust. Be prepared to ask a lot of questions and take notes to identify reputable financial planners and counselors in your area. It’s also worthwhile to research the recommendations of various professional associations such as the Financial Planning Association, the National Association of Personal Financial Advisors, the American Institute of Certified Public Accountants, and the National Board for Certified Counselors.

Licensure is the key when looking for a qualified counselor/therapist. Be mindful that the terms counselor and therapist are often used interchangeably. In fact, the terms themselves can be related to many other areas outside the intended use in this book. People without any specified skill sets are calling themselves counselors and therapists. For example, there are credit counselors and massage therapists. Neither of these two jobs requires the licensure process that identifies the service provider as a counselor/therapist that is highly skilled and trained in this area of expertise. The difference in the use of the term and the actual discipline is the licensure and the stringent requirements that are needed to obtain and maintain such licensure. This licensure comes with a governing body by which ethical guidelines are provided and enforced. This licensure also tells the consumer that this person, at the very least, completed a master’s degree program

from an accredited university. Among professional groups, a Licensed Professional Counselor (LPC), Licensed Clinical Social Worker (LCSW) or Licensed Psychological Associate (LPA), are good resources that should be considered when seeking wise counsel to help guide you and your family through uncertain or challenging situations.

[Glen] The Bible says in Proverbs 11:14 (KJV), “Where there is no counsel, the people fall; but in the multitude of counselors there is safety.” As a certified financial planner with a firm that has vast resources, I could help my clients with their banking needs. However, I feel that it would be a disservice to my clients because that is not my expertise. Keep in mind that your financial planner should act as the quarterback for your team and pass the ball to the appropriate receiver at the right time – with no interceptions. Remember, ultimately, you are the owner of the team, so make sure you have the right players on your squad.

Notes from The Financial Shepherd

Why Dollars + Change = Sense by Glen Wright and Sy Pugh

Proper investing allows you to purchase into tangible companies, products, and services that meet a real need or supply a demand. True investing correlates with the cycle of business and the production of goods and services, not a whim, lucky numbers, or a hunch. Even still, it is important to seek out qualified professionals to lessen the chances of losing in the market. And remember there are some strategies that allow you to participate in market gains, but not market losses (Index Annuity). Did you know that (former) Federal Reserve Chairman Ben Bernanke has nearly all of his retirement dollars in annuities? Not a bad strategy. And if it is good enough for the chairman of the FED, then it might work for you as well.

When you invest in the stock market you are literally buying companies. The stronger and larger the company, the better the odds are for success. For example, we know Walmart probably will not be going away anytime soon. Also, investing allows you to participate in the collective brain trust of experts and access the experience of successful people. I often hear people say that because they didn’t go to the “right” school or get in the “right” circles, they can’t succeed on a higher level. That is not the case. Although you may not know John Bogle personally (Vanguard Funds Founder) and may not have his Ivy-league education, you can still invest in his Vanguard mutual funds and benefit from the company’s expertise. Investing opens a whole new world!

The people who are most successful in life are those who envision the future-based version of themselves and use their present-day self to plan on achieving that goal. Our God is a God of vision, and not just for today. We can learn a lot from other people who are already where we want to be in life. We can pray to God to send us the right people to help guide us down the path to financial independence so that we don’t get misled by wolves in Financial Shepherd clothing. If you desire to be wealthy, you have to purposely meet with professionals who are trained to work with wealthy individuals and who know how to grow and maintain wealth. Also, if you know someone who has amassed wealth the right way, don’t let your pride get in the way of reaching out to them.

Notes From The Financial Shepherd

Why Dollars + Change = Sense by Glen Wright and Sy Pugh

The main purpose for the budget is to plan how someone’s money will be spent. Since most of us have limited resources, budgeting provides a way for us to monitor and manage personal cash flow, and to meet both current and future needs. Everyone needs a budget, regardless of how much or how little money they have, because everyone needs to have a solid understanding of their individual financial position. Following the example of the wealthy, it is important to know that most affluent people have an excellent understanding of their personal budget and a keen awareness of how money comes in and where money goes out.

Notes From The Financial Shepherd

Why Dollars + Change = Sense by Glen Wright and Sy Pugh

Truth be told, investing has changed my life and the lives of my clients for the better. My advice to you: Don’t be afraid, be prepared!  There is no such thing as the perfect investment so before starting to invest, you have to ask yourself some questions:

Why are you investing?
Do you need current income (i.e., bond interest or CD’s) or are you saving for accumulation goals?

Excerpt From The Financial Shepherd

Why Dollars + Change = Sense by Glen Wright and Sy Pugh

If you’ve ever been in a Fun House at a carnival or a fair, then you know how different you can look depending upon the mirror that you’re looking in. There are mirrors that can make you look 10 feet tall, or five feet wide. There are mirrors that contort your shape and proportions to the extent that you can hardly recognize your own reflection. On first glance, you know it’s you because you’re standing there and can recognize the clothes or shoes you have on, but everything else is so different, it is difficult to tell what’s real. In the Fun House, how you look in the mirror is not necessarily how you look in real life. The good news about these mirrors is that they are for entertainment purposes only – just for fun. The bad news is that some of us need to take a second look – because the distorted images we see reflected aren’t that far from the truth.

Excerpt From The Financial Shepherd

Why Dollars + Change = Sense by Glen Wright and Sy Pugh

My spouse and I have different spending habits, how do we compromise and start communicating about money?

First, married couples should be aware that this is a common theme in marriages. When individuals marry after being independent for a number of years, their personal goals need to be readjusted from focusing on “me” to “we.” In my practice as a therapist, conflict involving money is the problem presented most often by married couples. Money is important in marriage but it should never be what a marriage is based upon. In fact, if the marriage is based upon anything other than Christ, the conflict will manifest itself through that substitute.