How to Make Wise Financial Decisions Ep. 122 Artwork

Excel in Retirement

Where financial planning becomes understandable. David brings interesting stories each week to listeners of his Excel in Retirement show along with actionable ideas that may help listeners avoid pitfalls that many people face in their retirement. David C. Treece began his career in the financial services industry in 2011. He is an independent financial adviser. He has passed the Series 65 securities exam, and he is health and life insurance licensed in several states. David’s financial advisory firm focuses on retirement income planning.David worked for two other financial advisors before founding his firm in 2018. David launched Clients Excel because he has a desire for his clients to have a second to none experience when it comes to their financial planning for retirement. David relentlessly strives to be the best at helping people prepare for retirement.The bedrock of David’s ethos is treating others as he would want to be treated.David works tirelessly to continually bring pertinent content to our clients and friends through our weekly newsletter and podcast. Through these, David brings informative content that may aid you in preparing for retirement. Through his financial planning work, David’s hope is that his clients are empowered to have a confident financial future.David and his wife, Mallory, have a daughter named Amelia and rescue dog named Oscar. They also have a backyard flock of chickens that Amelia loves to tend. David and his family are active in their church in Spartanburg. He is also a volunteer mentor with JumpStart, which is a ministry for people who have been recently released from prison.

All Episodes

Excel in Retirement

How to Make Wise Financial Decisions Ep. 122

July 10, 2024 • David C. Treece • Episode 122

David starts out with a story about his recent vacation to Hilton Head Island with his family. Then he gets into some practical steps that can help you make good decisions.

Today, I have a few practical things that sometime inhibit us from making the best decisions. When it comes to personal finances this is super applicable because we need to get our financial planning right!

I just finished reading a book called The Richest Man Who Ever Lived. It’s about King Solomon, who the Bible says is the wisest person to live and he was incredibility wealthy. The author, Steven K. Scott, has a section titled “The Cost of Being Naïve.” I’ve been accused of being naïve before (probably true) so I was particularly interested in the content. I have a predisposition to think the best about people but as we have probably all experienced, we probably shouldn’t extend that courtesy to everyone.

Whatever the case, we all want to make great decisions that result in our intended outcome, so what do we need to be aware of that prevents this from happening? Scott states several reasons why we sometimes don’t make good decisions. He writes, “We all have a natural inclination toward simplicity. We want things to be simple. We want to be able to figure things out instantly, without having to read an instruction book or doing homework. We want to believe everybody, and we want to accept what we’ve been told at face value.

Solomon warned us about assuming tomorrow will present the same opportunities as today in Proverbs 27:1. The author states, “The fact is, however, we do not live in a static world. Everything changes moment by moment, and presuming that we will have the same opportunities or conditions to respond to tomorrow that we have today is foolish and naïve.” My takeaway is to seize the day and squeeze as much out of our present as possible. What would we do today if we knew we could not do it tomorrow?

The next reason we may be naïve is we misplaced our trust. Perhaps, we trust someone or an institution that doesn’t merit our faith. Sadly, the author writes, “More often than not, people are less capable, less experienced, less competent and less honest than they seem to be.” Solomon recommended looking well into a matter and doing due diligence, and Scott analogized that due diligence is shining a floodlight on a situation. It illuminates what’s there or what may be missing.

Investment advisory services offered through CreativeOne Wealth, LLC. Clients Excel, LLC and CreativeOne Wealth are not affiliated companies. Licensed Insurance Professionals. Investing involves risk, including potential loss of principal. Any references to protection or lifetime income generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. Annuity withdrawals are subject to ordinary income taxes and potentially a 10% IRS penalty before age 59-1/2. Roth distributions are tax free after age 59-1/2 and the account has been open for at least 5 years. This video is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.