MoneyWise Live

Dangers of Stubborn Pride

April 11, 2018

You start to notice that your expenses are increasing. Your paychecks are staying the same but bills are starting to mount. When do you ask for financial help before it’s too late? For many people, pride prevents them from admitting weakness or accepting constructive criticism. Learn how to avoid the dangers of stubborn pride and seek wise counsel with these points:

  • Two dangerous attitudes combine in a person who rejects advice; pride and stubbornness. Pride leads us to think more highly of ourselves than we should, and stubbornness threatens to make error permanent.
  • Listen to advice.  And, not just any advice; choose your counselors with care.
  • The Bible is replete with admonitions to seek wise counsel. Whether that counsel comes from a Godly friend, a coach, or a professional… we should seek Godly advice.

Next, they answer your questions at (800) 525-7000 and about the following:

  • At age 69, what are the tax implications of converting a Traditional IRA to a Roth IRA?
  • At age 60 , not working any longer and averse to risk and with $3500000 in bank, should you consider placing the money in annuities?
  • If the the balance in your 401(k) has gone down recently, who should one talk to for investing advice?
  • Since it's been suggested it's imperative that you should set aside money for savings and pay off debt, which of these two things takes priority?
  • If your employer is terminating your 401(k) and offers either distribution of the funds or rollover into an IRA, what are the tax implications of taking a distribution to pay off some of your debt?
  • If you're getting ready to sell a house, should you make repairs to the house or just sell it as-is?
  • With very little debt, a loan for a car and around $2000 in savings, is it a good idea to consider buying a house?

Rob mentioned these Bible passages in the show.  Here they are for your reference:

  • "To accept correction is wise, to reject it is foolish. Fools think they know what is best, but a sensible person listens to advice..." Proverbs 12: v 1 & 15 
  • "A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel" Proverbs 1, v 5

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