Why Some Professions Do Better Than Others In Investing (#164)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode of "Financial Advisor: Say the Darndest Things," AB Ridgeway delves into the importance of processes and systems for success, focusing specifically on the success of teachers and how their dedication and structured approach contribute to their financial well-being. He highlights insights from Dave Ramsey and explores the correlation between adherence to systems and financial prosperity.

Key Takeaways:

1. Mission-Driven Dedication: Ridgeway emphasizes the significance of being mission-driven, citing teachers as an example of individuals deeply committed to their roles. Their dedication to serving others, especially children, forms the foundation of their financial contentment and success.
2. Contentment and Financial Freedom: Teachers, according to Ridgeway, find contentment in their work and don't measure their worth solely by their income. This mindset enables them to focus on their mission rather than constantly pursuing financial gains, leading to a sense of fulfillment and financial freedom.
3. Structured Approach to Success: Ridgeway draws parallels between the structured methodologies of professions like teaching, law, and engineering and the importance of implementing structured processes in wealth-building. He underscores the necessity of adhering to proven systems and methodologies for achieving financial goals.
4. Biblical Principles and Financial Planning: Ridgeway integrates biblical principles, such as those found in Proverbs, into financial planning. He emphasizes the importance of having a comprehensive plan for wealth management to fulfill God's purpose and leave a legacy for future generations.
5. Initiating Financial Planning: Ridgeway encourages listeners to initiate financial planning by taking concrete steps, even if it starts with small actions like setting aside funds for loved ones. He stresses the necessity of having a financial plan in place to avoid potential failures in the future.

Quotes:

1. "When teachers have decided in their hearts that what I make is enough... that does not change who I am as a person internally, and that is what gives them the drive to continue and have their mission."
2. "That's why engineers. That's why accountants. That's why those teachers are successful because they have a plan in place."
3. "Start somewhere, but if you continue to go in life and thinking that you don't have to have any type of plan, you are going to fail."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

https://youtu.be/ZvfYUUTTnHM