The Moral Dimension of Financial Planning

Certainly there are those who do not buy in to the concept of sin; holding such a belief does not make the belief correct. But failing to properly plan can indeed be a “sin of omission.” On the other hand, financial planning that has the goal of maximizing wealth for one’s own benefit is obviously selfish and a “sin of commission.” So what about planning itself? Some say, “God will provide” and so choose to not carefully steward their resources with professional help or DIY with similar detail. After all, aren’t we advised to avoid storing up treasure in this world, but do so for the next? We are. If we realize that financial resources (earnings potential, risk management, prudent investing) are like any other tool or earthly resource, then we must conclude that we have the same responsibility to bring efficiency to the stewarding of financial resources as the stewarding and maintenance of other worldly tools. Should a farmer say, “God will make all work out fine, so I don’t have to work hard or efficiently at my farming (or any other pursuit)?” If we have the opportunity to enhance our Acts of Kindness to others, then we have a moral obligation to preserve and expand that opportunity; enhance God’s return on the “talents” that He loans to us. The crucial point is that the tool should be used for others’ sake as well as our own. Examples of this include leaving a legacy, tithing, budgeting to create and preserve cash reserve tiers, avoiding financial disaster in event of a Long-term Care stay or a disability, and many other financial-related duties. Analyzing the long-term effects of financial decisions (or lack thereof) is a duty, an issue of conscience. I offer many tips for such stewardship, including how to wisely choose and utilize professionals, in my book The Secrets of Successful Financial Planning detailed at AuthorDan.com. Since I am retired and no longer licensed, this resource lacks any bias or client-acquisition agenda (not that helping clients is some bad thing; it’s just that my book is focused on helping others). Try it, and consider that recommending or gifting copies to others about whom you care is also an act of kindness.

Published by

Dan Gallagher

Overview: Dan retired from financial services in December 2017 to work professionally as a writer, freelancer, speaker and educator. This is curtailed due to spine problems. During his practice, Dan’s professional designations included: Chartered Financial Consultant & Chartered Life Underwriter (1989), Certified Financial Planner® (1992) and Certified Business Intermediary (2002). Dan’s thirty-year financial practice encompassed group and individual benefits, money management, financial plans, business valuation & brokerage, commercial realty and – often very personal – counseling. He now relies on agent Bill Pettit to offer his works, especially fiction. Chronology: Dan graduated from Virginia Military Institute (1981), third among Economics majors, simultaneously completing the Modern Languages curriculum. He served in the Infantry, then as a reservist in a Special Forces support role, next as a Training Company Commander and later in a classified Army Research Institute role. Dan completed his Master of Business Administration at William & Mary (1986). He and wife Laura married in 1988, loved raising their four children, and assisted both Boy and Girl Scouting through their church through 2010. Dan has given numerous seminars at major employers and other entities including Delta Environmental Consultants (now Antea Group), Anheuser-Busch, Norfolk Naval Shipyard, Canon USA and small businesses. Charlotte Magazine selected Dan as a ‘2009 Five-star Wealth Manager.’ Dan was a panelist and guest speaker at the Charlotte Chamber of Commerce’s 2007 ‘Business Disposition Workshop.’ Dan is the author of a novel, a licensing manual, and numerous articles in journals such as Virginia Lawyers Weekly, Financial & Estate Planning, The Daily Press and The Virginia Gazette. Articles by and about Dan have also been published in the Charlotte Business Journal and Charlotte Ventures. His fiction and narrative nonfiction have been published by Skyhorse Publishing, Superversive Press, Millhaven Press, Creative Loafing, NFAA Archery (a humor short story), and Tuscany Bay Press.