By Sheryl Rowling
SAN DIEGO — Q: I’ve been in a contemplative mood since the High Holy Days. Now, as I begin a new Jewish year, what “financial failings” should I strive to overcome?
A: With an advance apology for “literary license,” I offer the following inspirational meditation:
For the financial failings that I have committed knowingly or unknowingly, I acknowledge my past shortcomings, resolve to be more fiscally responsible, and hereby confess to the following alphabet of monetary mistakes:
For the act of acquiring an annuity, when I should have resisted sales pressure…
For buying into a bartering bamboozle, believing I could avoid taxable income…
For charging up credit cards, creating copious consumer debt…
For drawing on a debit card, disregarding the duty to record the expense …
For all these financial failings, I resolve to be more fiscally responsible.
For guzzling my cash by gambling, guessing that the next bet will win…
For helping myself to hobby loss deductions, when it wasn’t a real business…
For intuitive investing, influenced by the latest “hot tip”…
For jumping into junk bonds, looking only at return and not considering risk…
For all these financial failings, I resolve to be more fiscally responsible.
For noting non-cash contributions, not realizing I have to document them…
For opting not to exercise stock options, missing the opportunity to diversify…
For passing up professional portfolio advice, thinking I could do it myself…
For quitting contributions to my qualified retirement plan, and not saving…
For all these financial failings, I resolve to be more fiscally responsible.
For taking taxes into consideration, ignoring economic consequences…
For not utilizing umbrella insurance, not knowing that the cost is small…
For letting market volatility vary my asset allocation, not staying the course…
For going without a will, not wanting to face mortality…
For all these financial failings, I resolve to be more fiscally responsible.
May the New Year bring peace, happiness, health and wealth!
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Rowling is a certified public accountant, personal finance specialist, and principal of Rowling & Associates. She may be contacted at sheryl.rowling@sdjewishworld.com