Continuing the theme of Praxis – Part 4 in an 6 part series

Aristotle said: “Whatever we learn to do, we learn by actually doing it (Praxis); men come to be builders, for instance, by building, and harp players by playing the harp. In the same way, by doing just acts we come to be just; by doing self-controlled acts, we come to be self-controlled; and by doing brave acts, we become brave.”

Personal financial planners, must not only have knowledge and experience, they most also possess ethics. And if we follow along Aristotle’s line of reasoning, ethics or “just acts” are acquired by ‘doing just acts/being ethical.’ And in financial services, ‘doing just acts/being ethical’ is a challenge. [Read more…]

Nothing ever becomes real till it’s experienced – Part 3 in an 6 part series

“Nothing ever becomes real till it is experienced – Even a proverb is no proverb to you till your life has illustrated it . . .”

This quote by John Keats has been a part of my life for the last four decades. And I have been waiting for a venue to apply it. My series of blog postings on the personal financial planning profession has provided just such an opportunity. The quote is from a letter by Keats to his brother and sister, George and Georgiana. The letter is long, but the sum of the matter is that knowledge acquired from books has little merit until actually applied in life.

And in point of fact, his observations have been supported by several studies and decades of research. The “sum and substance” of the studies is that “experts” in their various fields are experts as a result of the time they have put into their profession. This correlation between “time in grade” and superior performance is across all disciplines.  Everyone from a chess grand-master to a physician benefits by time practicing their profession. [Read more…]