“The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.” – Stephen Hawking
I have always been a fan of good quotes. Life lessons are condensed into as few words as possible. However, sometimes quotes need a bit of context to be fully understood.
Charlie Munger told this story in his 2007 Commencement speech at the USC Law School.
After winning the Nobel Prize, Max Planck went around Germany giving the same standard lecture on the new quantum mechanics.
Over time, his chauffeur memorized the lecture and said, “Would you mind, Professor Planck, because it’s so boring to stay in our routine. [What if] I gave the lecture in Munich and you just sat in front wearing my chauffeur’s hat?” Planck said, “Why not?” And the chauffeur got up and gave this long lecture on quantum mechanics. After which a physics professor stood up and asked a perfectly ghastly question. The speaker said, “Well I’m surprised that in an advanced city like Munich I get such an elementary question. I’m going to ask my chauffeur to reply.”
It is ok not to know. Socrates said, “All I know is that I know nothing.”
What is most important is knowing when you are the limo driver and when you are the scientist.
The good news is that in retirement, you don’t have to know. Heck, you don’t even have to drive. You can ride.
You just need three things:
- Knowing where you want to go.
- A limo driver to help guide you.
- Enjoy the view along the way.
Retirement Reminder: I reminded a client to contribute to his nonworking spouse’s IRA. He said his CPA said it is not tax deductible. This may be true, but you may take a nondeductible IRA and convert to ROTH. This is called a backdoor ROTH IRA conversion.
The latest episode on The Retire Happy Podcast:
Why It’s Important To Have A Fiduciary Financial Advisor (Ep. 21)
Let me know if you have any questions. You can email me at Je****@Ri*********.com or click here to schedule a phone appointment.
On the lighter side, Myrtle Beach High School honored the seniors on the tennis team. The MBHS parents, staff, and Varsity Girls did a wonderful job organizing the event. Another happy, sad night. Pictures below.
Hope all is well with you and your family,
Jeremy
Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information. My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.
Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities.
This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
