Financial Planning Hall of Fame
If there were a Financial Planner Hall of Fame this guy would be the first inductee.
His wisdom and insight were unmatched. He was assertive, confident, yet humble. When he recognized risk, he created a plan to mitigate it. Heck, his prudent planning was so effective he saved an entire generation.
The people he worked for summed up his stewardship by simply stating they felt, “no worries” when he oversaw their things. And if that’s not enough, he was even a good-looking dude. Above all, though, he was as trustworthy as they come.
So, who sits at the top of the Cooperstown of Financial Planning? I’m talking about the one, the only, the Hebrew hall-of-famer, Joseph, son of Jacob!!!
The story of Joseph is one of my favorites in the entire Bible. There are so many lessons of God’s goodness. But in addition to that, Joseph provides the model for what a good financial planner does. Namely, a good planner stewards the resources of others prudently, providing them peace of mind.
Let’s look at several financial planning lessons from the GOAT of financial planning, Joseph.
What Made Joseph Great
He Planned for the Future (duh)
Joseph saved the land of Egypt (and the surrounding lands) by careful planning. He saved a portion of the land’s harvest during its “good years” to be used during the not-so-good years. This sounds an awful lot like good retirement planning if you ask me.
He Was Decisive and Assertive
I really admire Joseph’s decisiveness and assertiveness. He saw a problem and immediately recommended a solution. He didn’t tip-toe around it and hope that someone else would create a solution. Joseph communicated the risks, and confidently made a recommendation on how to fix. Good planners can do the same.
He Was Trustworthy
His father, Jacob, trusted Joseph’s report on his brothers. Potiphar trusted Joseph with “everything”. The warden trusted Joseph with “everything”. Pharoah put Joseph in charge of the entire land of Egypt. This obviously does not happen without all of those having a great deal of trust in Joseph. Everywhere Joseph went, people trusted him. I’m going to state the obvious here, but none of the other stuff matters without trust.
He Was a Blessing
Potiphar’s “crops and livestock flourished” under Joseph’s management. Flourishing livestock and crops mean increasing wealth. Joseph’s management brought tangible, practical blessings to Potiphar. The passage makes it clear, though that ultimately it was God working through Joseph. Joseph didn’t bring rain for the crops to flourish – God did. Similarly, a good financial planner helps a household flourish BUT not by controlling the uncontrollable.
He Provided Peace of Mind
What was the result of Joseph’s management? For Potiphar, he didn’t “worry about a thing”. For the warden, he had “no more worries”. And Pharoah had no more worries about the famine and put Joseph “over the entire land.” A good planner brings peace of mind.
If Your Advisor Does This, Run
Joseph saved Egypt by interpreting Pharaoh’s dream. As much as I love the story of Joseph, this is where the train stops. If your advisor recommends a strategy because of a dream they had, you run. You’d honestly be surprised of the stories I’ve heard.
The Perfect Planner
Joseph Overseer of the Pharaoh’s Granaries (1874) by Sir Lawrence Alma-Tadema
If you ever wonder what a good financial planner does, read the story of Joseph. In my book, he’s the perfect financial planner. His ability to see risks, plan for those risks, communicate the plan, and implement that plan are as good as it gets. And the underpinning of all those was his trustworthiness.
The result of good planning? Peace of mind. Just ask the folks that allowed Joseph to manage their things.
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