Wisdom

The Internet has spawned an abundance of knowledge. No longer is there a prolonged debate over information, no matter how trivial. "Google it!" is the common response.

Knowledge is everywhere.

Wisdom, now that's another matter. Wisdom, the practical application of knowledge, seems rarer today than at anytime in my six decades on this earth. You can't hurry wisdom anymore than you can rush the arrival of summer in Canada. And it is for this reason that wisdom should carry a premium over knowledge.

Twelve years ago I sat down and wrote Free Parking detailing the experiences I had gathered from 30 years in the business world. At 49 I thought I had a lot of wisdom to pass on. I had knowledge. I correctly forewarned about the credit problems that began a few years later and I told anyone who would listen to be wary of the stock market.

That knowledge led me to sell our house before the downturn. But I lacked the wisdom to stay away from the stock market. My understanding of how the markets work didn't protect me from making many of the same mistakes that others were making. It wasn't my first setback. I had been there in the early 80s, in the crash of 87 and the dot com bust that ushered in this millennium. And while I didn't make the same mistakes each time I did show a lack of wisdom. Knowledge isn't helpful when your emotions paralyze you from acting.

What about today? I still defer to those with more experience. I think that's wise. I also know that I am wiser now than I was at 49; much wiser than when I was 29. I'm sure you have more wisdom now than five years ago.

And while I could really use the knowledge of a 16 year old computer geek, when it comes to getting financial and life skills I tend to gravitate to those who have walked the walk. That's not to say that the thirty something financial planner can't give sound advice but how does he know if it will work.

I'm delighted to read blogs from 30 year olds who have pulled themselves out of debt and are well on their way to retirement but I believe the jury is still out until they have been through a few more market and life cycles. When they have finished raising kids with marriage still intact.  

Life is a puzzle

My Premature Obituary

The financial news today included a report from Reuters that legendary investor George Soros had died. He issued a statement denying it but the markets were waiting for a second opinion. Next to politicians, hedge fund managers have little credibility when they issue statements.

I thought it might be appropriate for me to announce my own return from the dead. I'm Alan Dickson. I have been known to introduce myself as a recovering financial planner.

Its been almost a decade since I stopped writing publicly on financial matters. After writing two books (one a bestseller) and numerous articles for a national magazine, I thought I didn't have much more to say. But sometimes you just have to speakup.

I continue to be disturbed by how easily we the public can be swayed by the experts as they spout-off statements about our precarious financial condition. I intend to challenge many of their assumptions.

I hope I can provoke some discussion and maybe entertain a little.