For King Solomon, wisdom was more precious than riches and the key to living a prosperous life beloved by God. In today’s financial world, the wise King’s advice still rings true, offering guidance for investing smart in a constantly changing market.
Become informed about investing.
“Blessed is the man that findeth wisdom, and is rich in prudence,” says the King in _Proverbs 3:13. That’s a point echoed by Jason Hartman in his 10 Commandments for Investors, too – becoming wise about the world of investing leads to better decisions and the ability to weed out bad advice and spot scams.
Heed the advice of qualified professionals.
One aspect of wisdom is humility, according to the King – being willing to accept the advice of those with more experience and knowledge is the first step toward success. In Proverbs 5:12-13, the foolish man laments, “why have I hated instruction, and my heart consented not to reproof? And have not heeded the voices of them that taught me, and have not inclined my ear to masters?” Getting – and taking – good advice from qualified professionals saves time, money and legal woes.
Money may come and go, bur knowledge gained is never lost.
“Receive my instruction, and not money,” says the King in Proverbs 8:10-11, “Choose knowledge rather than gold. For wisdom is better than all precious things.” Of course, the goal of investing is to build wealth. But, the King tells us, knowledge is a resource that can weather all the ups and inevitable downs of the market.
Wise investing is also fair and honest.
Opportunities abound for cutting corners, taking advantage of others and taking part in scams to get a good deal. But, says King Solomon, wisdom is also the path of justices and equity. “A wise man feareth, and declineth from evil,” he tells us in Proverbs 14:16. The way of wisdom leads to long-term prosperity.
Invest for the long term, not for quick profits.
“The learning of a man is known by patience,” says the King in Proverbs 19:11. And as Jason Hartman says, investing in income property for long-term gains is a wiser strategy than pursuing fast money through flipping houses and other short-term ventures. Wise investing with an eye to the future leads to long-term gains.
King Solomon had much to say about the value of wisdom and its cousin, prudence. And for investors in today’s financial world, those ageless words form the foundation of a sound investing strategy that stands the test of time. (Top image:Flickr/RDavis)
The Solomon Success Team