The Back of the Room Approach
I try to take the back of the room approach (steady eddy) based on the following:
“Divide your portion to seven, or even to eight,
for you do not know what misfortune may occur on the earth.” (Ecclesiastes 11:2)
"The plans of the diligent lead surely to advantage,
But everyone who is hasty comes surely to poverty." (Proverbs 21:5)
"Plans are established by seeking advice;
so if you wage war, obtain guidance." (Proverbs 20:18)
"Do not wear yourself out to get rich;
do not trust your own cleverness." (Proverbs 23:4)
for you do not know what misfortune may occur on the earth.” (Ecclesiastes 11:2)
- In other words, don't keep all your wealth in one pot.
"The plans of the diligent lead surely to advantage,
But everyone who is hasty comes surely to poverty." (Proverbs 21:5)
- As tempting as it is, you need to take your time with financial decisions and not go for get rich quick schemes.
"Plans are established by seeking advice;
so if you wage war, obtain guidance." (Proverbs 20:18)
- You need to seek advice on making financial decisions because you may not be able to see every outcome like someone else might.
"Do not wear yourself out to get rich;
do not trust your own cleverness." (Proverbs 23:4)
- And lastly, the pursuit of riches can get you into all sorts of trouble and make you think you are very clever when you are not - because you can't always see what is just around the corner.