Plans Fail for Lack of Counsel: Proverbs 15:22 and Financial Advice
"Plans fail for lack of counsel, but with many advisers they succeed." — Proverbs 15:22 (NIV)
Quick Answer
Most financial failures come from poor counsel or no counsel—making big decisions in isolation. Wisdom comes from many advisers, each bringing perspective you lack. The question isn't whether to seek counsel, but whose counsel to trust and how to evaluate it.
Why Plans Fail Without Counsel
The human brain is susceptible to several biases that counselors can help correct:
Confirmation bias. You look for information that confirms what you already believe and ignore contradicting information. A counselor forces you to hear the other side.
Overconfidence. You believe your judgment is better than it actually is. "That won't happen to me" or "I'll be the exception." A counselor who's seen a hundred people fail in the same way is a reality check.
Emotional decision-making. When you're afraid, excited, or pressured, your decisions are impaired. A counselor who's not emotionally involved can help you think clearly.
Incomplete information. You don't know what you don't know. A good counselor fills gaps in your knowledge.
Group-think within your social circle. If everyone in your friend group is making the same financial mistake, you all reinforce each other. An outside perspective breaks the cycle.
Most financial disasters have a common feature: the person knew something was wrong but didn't seek counsel. They felt uncomfortable but ignored the feeling. They had a decision to make but didn't want to hear dissenting views.
That's where Proverbs's warning applies: plans fail without counsel.
Types of Counsel to Seek
Different situations call for different advisers:
For retirement planning and investment: A fee-only financial advisor (not commission-based, so they're not pushing products for profit). Or use tools like /products/fire-calculator and /products/compound-interest-calculator to educate yourself before talking to someone.
For business decisions: An accountant or business mentor who's successfully run a business. Not your brother-in-law, but someone with expertise.
For major life decisions: A mentor or counselor from your faith community. Someone who knows your values and can help you think through how decisions align with those values.
For marriage and money: A counselor trained in financial marriage counseling. Couples often make terrible money decisions because they're fighting, and a neutral third party helps.
For taxes and legal: A CPA and attorney. Not quick Google searches or YouTube videos, but professionals.
For peer perspective: A trusted friend or small group who can speak honestly, ask hard questions, and hold you accountable.
The worst counsel comes from:
- Social media influencers with financial agendas
- People making commission on selling you products
- Family members who don't understand your values or situation
- Your peers who are probably making the same mistakes you are
- ChatGPT (it's helpful but not a substitute for real counsel)
How to Evaluate Counsel
Before following advice, evaluate the source:
Do they have a hidden incentive? If someone stands to make money off your decision, be very suspicious. This includes financial advisors paid on commission, insurance agents, and influencers with affiliate links.
Do they have relevant experience? Someone who's never built a business shouldn't be your business counselor. Someone who's never been married shouldn't be advising you on marriage finance decisions.
Are they asking questions or telling? Good counselors ask: "What are your goals? What's your risk tolerance? What are your values?" They don't just tell you what to do.
Have they made this decision successfully? If they're advising you on something they've never done, be cautious. The best counselors have walked the path.
Do they disagree with your current thinking? This isn't disqualifying; it might mean they're seeing something you're missing. But if all your counselors agree, and they all tell you what you want to hear, something's wrong.
Do they know your full situation? A counselor making recommendations without knowing your whole financial picture is risky. They might miss constraints you have.
Building Your Counsel Team
Rather than relying on one person, build a team:
One mentor. Someone you trust who can answer your questions and help you think through decisions. This person doesn't have to be a professional; they just need wisdom and care for you.
One professional. A fee-only financial advisor, accountant, or business consultant depending on your situation. Someone you pay for expertise.
One peer group. Maybe a Bible study, accountability group, or friend circle. People who know you and will speak honestly.
One spouse or accountability partner. For major decisions, you need someone who will tell you the truth even when it's hard.
With four perspectives, you can triangulate truth better than you can alone.
Red Flags in Advice
Watch out for:
Guarantees. "This investment is guaranteed to return 10%." No investment is guaranteed. If someone guarantees returns, they're lying.
Urgency. "You need to decide today." Good decisions don't require immediate action. If someone is pressuring you, they have an agenda.
Secrecy. "This is a special opportunity; you can't tell others." Real opportunities don't require secrecy. This is often how scams work.
Emotional appeals. "Everyone's doing this" or "You'll regret missing out." These are manipulation techniques, not counsel.
Complexity you don't understand. If you can't explain the investment or plan to someone else, don't do it. If your counselor can't explain it simply, they're either hiding something or don't understand it themselves.
Advice that requires you to ignore your values. If counsel suggests something that violates your conscience or values, run.
When Counsel Contradicts
What if your counselors disagree? This is actually common and healthy. Different people see different aspects.
In disagreement, your job is to:
- Understand each perspective. Ask each counselor to explain their reasoning fully.
- Identify the disagreement. Is it about facts, priorities, or risk tolerance?
- Go deeper. Research the disputed issue yourself.
- Make the call. Ultimately, the decision is yours. You have to own it.
You shouldn't follow counsel you don't understand or don't believe in just because someone told you to. You should understand your own decision and own it.
The Wisdom of Listening
Proverbs 13:10 says, "Where there is strife, there is pride, but wisdom is found in those who take advice."
Notice the connection: if you're defending your position aggressively, that's usually pride talking. Wisdom means being open to new information.
But being open to counsel doesn't mean abandoning judgment. It means:
- Listening without immediately objecting
- Asking clarifying questions
- Considering perspectives you hadn't thought of
- Changing your mind if the evidence warrants it
- Still taking responsibility for your decisions
Counsel and Financial Tools
Using financial tools like /products/budget-allocation or /products/investment-fees isn't a substitute for counsel, but it prepares you for it.
When you understand your own financial situation (you've done a budget, calculated net worth, analyzed your portfolio), you're much better equipped to get good counsel. You know your gaps. You know what you need to learn. You ask better questions.
Counsel works best when you're not starting from complete ignorance.
Your Role as Counselor
Finally, if you've built financial wisdom and experienced success, you may become a counselor to others.
Be trustworthy:
- Admit what you don't know
- Disclose if you have any financial interest in their decision
- Ask questions before giving advice
- Respect their autonomy and values
- Give people permission to disagree with you
The best counsel is humble counsel—aware of its own limitations and respectful of the person's right to make their own decision.
Sources
- Proverbs 15:22 (NIV)
- Proverbs 13:10 — "Where there is strife, there is pride, but wisdom is found in those who take advice"
- Proverbs 12:15 — "The way of fools seems right to them, but the wise listen to advice"
- Proverbs 27:12 — "The prudent see danger and take refuge"
- Proverbs 11:14 — "Where there is no guidance, a people falls, but in an abundance of counselors there is safety"
- Proverbs 20:18 — "Make plans by seeking advice"