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Dana Anspach

The Patience of Job

By January 28, 2013

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I was featured in the January issue of Research Magazine this year in a piece called Sensible Maverick. Those who know me personally said the journalist did an excellent job of capturing the true nature of my personality and style. I absolutely agree.

She had asked to interview one of my clients for the article. I had no idea what he said until I read the article. It was with a chuckle that I saw he described me as having "the patience of Job".

In particular, I chuckled because I am sure there are plenty of people out there who would not associate that phrase with me. At times I do have an incredible amount of patience - usually when I am in "teaching" mode. However, there are other times - like when a sales person walks in my office and just stands there waiting for me to finish my task or phone call - that I show very little patience.

I also find I get impatient with ignorance. With the internet there is a wealth of information at your fingertips. You can fact check things. You can find detailed research on almost any topic you care to look into. This blog post by Rick Ferri titled Na´ve Investors Taken to the Cleaners provides a great example. He references a research report that shows that unsophisticated investors who are not investment savvy end up buying the highest fee products that have low performance.

In addition to naivety, friendship can get in the way of making better financial decisions. I can't tell you how many times I see people continue to do business with someone because they were college buddies, they're neighbors, or simply because they've used their services for a long time. These are all fine reasons to work with someone if they deliver a valuable service for a fair price. But with financial advice, that is not always the case. Even with friends, you need to evaluate the quality of their services objectively.

You work hard to save and earn money. Be smart about making the most of it.

If you're looking for financial advice, use these seven steps to find the best financial advisor. If you're doing your own planning and investments, follow these retirement blogs to keep up on the latest thinking and research.

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