I often joke about the first piece of financial advice I gave to my wife after only 6 months of marriage. During her first year of teaching and before we were married, she had been counselled by her Credit Union to start saving in a Registered Retirement Savings Plan (RRSP). Just starting out, we didn’t have many other resources and we, (actually, more like I), desired to have a motorcycle. We did not want to borrow to purchase, so unknowingly, we did live by one Biblical financial principle which is to “avoid the use of debt.”
My financial advice as a brand new husband was to cash in the RRSP so we could enjoy some time together on our motorcycle. I had no idea that there would even be a tax consequence to this redemption, so this was not part of my thinking. The other thing I failed to consider was the time value of money. That original investment (more than 30 years ago), would now be worth 15 to 20 times more than the value at that time. I did not know or understand the biblical financial principles shared in my last blog. As a young couple, building liquidity or setting long term goals were not on our list of priorities.
While this financial decision may not have been the best, it did bring us much enjoyment, which is one of the things money can accomplish. In 1 Timothy 6:17b, we are instructed not to trust in money, but have confidence in God “who richly supplies us with all things to enjoy.”
The irony is amazing because this same Credit Union that gave good advice to my wife (to invest in an RRSP) later became my employer. As one of their financial planners, naturally, my advice was based on industry standards. As a Christian, I acted with integrity and provided good counsel to clients, but the focus of my advice did not intentionally incorporate biblical financial principles.
If you watch my story that I briefly shared last week at the 2019 Kingdom Advisors Conference, you will learn that I became an advisor out of necessity, not purpose. You will also begin to understand that the level of fulfillment as a financial planner increased tremendously once I realized my work was not just a job but a calling. My role was to educate people in financial wisdom, which in reality, is a means of fulfilling the Great Commission by teaching them.
Once I realized my unique position where I was able to use my competency as a Certified Financial Planner® and incorporate the wisdom gained as a Certified Kingdom Advisor®, my career became my calling. I was finally in the sweet spot and was able to build deeper relationships with clients than ever before.
In my current role, I connect with many advisors across Canada who are very much like I was, enjoying their career and client relationships, yet sensing there is another level of fulfillment that can be reached. My experience is that you can flourish in your work when you realize God has called you to do that work. When you apply wisdom that is timeless (James 3:17) to the advice you share, the results are heavenly and you can enjoy the ride!