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“Go wisely and slowly. Those who rush, stumble and fall.”
The following article was written by Sheean K. Patel, a member of our Gift Planning Services Committee:
For centuries, people have studied Shakespeare for his wit and his wisdom. I started sharing some of that wisdom in a new series called:
Shakespeare never actually wrote about finance, of course. But I’ve found many of his lines contain important financial lessons. This month, let’s look at one such line from perhaps the most famous play he ever penned:
Quote #2: “Go wisely and slowly. Those who rush, stumble and fall.” Romeo & Juliet, Act 2, Scene 3
In this scene, Romeo asks his mentor, Friar Laurence, to wed he and Juliet as quickly as possible. In response, the friar counsels Romeo to “go wisely and slowly. Those who rush stumble and fall.”
You can probably guess the lesson here: avoid the temptation to rush into rash, impulsive financial decisions. Have you ever noticed how often people act on impulse? Advertising companies sure do. So do car dealerships, banks, and your local gym. In fact, every time you go to the checkout counter at a grocery store, take a moment to look at all those candy bars and tabloids strategically placed to take advantage of people’s impulsiveness.
Entire industries are built on capturing the human impulse. Most of the time these impulses are harmless enough, but the worst of them can have grave consequences. In fact, one of the greatest dangers to our financial health is that we don’t always think before we act. We rush into things. Now, if you rush into buying a candy bar, it’s no big deal. It probably won’t have an impact on your overall financial health. But some decisions do have a major impact, and when people rush into them, it’s quite easy to stumble and fall. Here are some examples:
Whenever you make an investment decision, it’s important you put in your due diligence first. Take time to research the investment you have in mind. Talk to an expert and get a second opinion. Read the fine print. The media often portrays investing as a frenzied sprint, but for most investors, slow and steady wins the race. Making consistent, unemotional decisions will serve you far better in the long run.
Friar Laurence’s advice isn’t just for star-crossed lovers; it’s for all of us. The fact is that when it comes to your finances, being hasty and impulsive can lead to missed opportunities, mistakes, debt, and other negative consequences. But those who “go wisely and slowly,” who take their time, who look before they leap, are well-positioned to achieve their financial goals faster than they ever thought possible. As Shakespeare might say,
“For never was a story of more woe, than of the investor who made a financial decision too fast instead of slow.”
Next issue we’ll move away from tragedy by examining a line from one of Shakespeare’s comedies. In the meantime, have a great month!
Sheean K. Patel, B.Com, CIM
Associate Investment Advisor
Patel Wealth Management Group / National Bank Financial
Disclaimer: National Bank Financial - Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada (NBC) that is used under license by NBF. NBF is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), and is a wholly-owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA).
