Stingy Jack

October 30, 2019 - Published by IAG Wealth Partners

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Children and their parents cumulatively spend millions of hours across the country carving pumpkins for Halloween.

Even IAG’s competitive pumpkin carving teams took part in the tradition this year.

Why do we cut holes in the top of large orange gourds, scoop out their innards, poke holes in them, and then light them up?

According to history.com, this strange tradition that transforms millions of pumpkins every year are the direct result of an Irish folktale about a character by the name of Jack Stingy. You can read about it here.

In the folktale Jack believes he is fairly clever during life. He tricks the devil a couple of times to ensure his soul does not go to hell, but in doing so he also assures that his soul will not go to heaven. Thus, when Jack dies, he is left to wander the earth with a burning coal which he carries in a carved-out turnip. His nickname became Jack of the Lantern.

When the Irish brought this tradition to America they found that native pumpkins made much better carving material than turnips, and the Jack O’Lantern was born.

Jack Stingy is a classic tale of morally challenged people making “deals with the devil.” While the deal may seem pretty clever initially, the deal’s long-term consequences haunt the dealmaker through eternity.

As American consumers, we make less consequential mini-deals every day that impact our long-term financial well-being. The billion-dollar advertising industry’s entire purpose is to make us dissatisfied with what we have and motivate us to make a bad deal and buy what we – by their definition — “need.”

The blurrier the line between need and want the more likely we will make deals that come back to haunt us later in life. Report after report paints a grim picture for many Americans’ retirement plans as they have spent too much and saved too little.

Are you saving enough? Or do you need to restructure your deals to focus on your long-term goals? Our advisors can help you answer those questions and provide the focus you need to help you make your future brighter. That would be much better than wandering aimlessly with a turnip.

 

 

Quote of the week: Proverbs 13:11: “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”


Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. No strategy assures success or protects against loss. Investing involves risk including loss of principal.

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