Today is 403(b) day, the lesser known sibling of 401(k) day. 

Of course, 401(k) day was obscurred, as it typically is, by April Fool's Day. (And this year, it took a backseat to Easter.) But somewhere in there is an important lesson for us that we would be wise (READ: Prudent) to heed.

This is no April Fool. (The weather might have felt like an elaborate April Fool's joke, and I felt like I was being punked in this picture, but that too was no joke. Easter SNOW!)

Sunday was 401k day. But on 4-01 we are reminded of the famous proverb that "a fool and his money are soon parted."

Ironically, most people assume (incorrectly) that the saying comes from the Bible. While the Bible talks a lot about fools and their money, this exact saying appears to be a term coined much after biblical times. While wholly consistent with biblical scholarship, this exact phrase does not appear in any translation of the Bible. (Go ahead...search for yourself.)

Some will say the origin of this phrase is Proverbs 21:20.

• In one translation of the Bible it reads, "The wise store up choice foods...fools gulp theirs down." (NIV)
• In another it reads, "There is desirable treasure...but a foolish man squanders it." (NKJV)
• In still another, it reads, "There is treasure...but a foolish man spendeth it." (KJV)
• And never to be outdone in wit or simplicity, The Message puts a cute spin on it when translating that passage as "Valuables are safe in a wise person's home; fools put it all out for yard sales."

The saying is not explicitely from the Bible, but nevertheless, it seems to be true that when money is the issue much provision is made for fools at the table. 

It makes sense that where there is much wealth, there will be party crashers. It does not make sense why we would set a place at the table for them. That's the act of a fool.

While the origins are unclear, and may have been redacted from Scripture, the use of this English proverb was quite common by the 16th century and appeared in several publications during the 1500's. The meaning of this phrase appears to be that it is easy to get money from foolish people and it is difficult for foolish people to maintain their hold on any acquired wealth. (In other words, it is unlikely that foolish people build much wealth, and the few who do quickly lose it.)

Which brings us to 401k day. How fitting that Fool's Day collides with the most popular vehicle for building wealth, a program unnecessarily complicated by some and exploited by others. It's not that hard to build wealth in a 401(k) plan. The formula is simple. 

Ingredients:

• Save as much as possible 

• Then save a bit more 

• Mix in a diversified portfolio until well blended (no lumps)

• Bake at a medium temperature for a really long time

• Then give it some more time 

• And then more time

(HINT: Time is key.)

No additional spices or ingredients required. In fact, avoid any exotic ingredients (investments) or Managed Accounts programs or unnecessary fees. These "short-cut" provisions to double your money overnight generally lose your money overnight. Get-rich-quick schemes are for fools. You can't cook this recipe in a microwave; it takes a crockpot. 

That's it. Simple, right?

Unfortunately, as it bakes (and grows) it will attract a variety of pests. The larger the wealth accumulated, the greater the swarm of flies (insurance agents). Remember, a fool and his money are soon parted. (THINK: annuities)

Much foolishness could be avoided if employers hired Fee-Only, Certified Plan Fiduciary Advisors rather than insurance brokers or commission-based financial advisors. And the employees would be less foolish if they avoided IRA rollovers (particularly into annuities) and kept their money in the 401(k). (When leaving a company, the best advice is to roll the money forward into their new company's 401k or leave it in their old one.)

Don't put your 401(k) out for a yard sale!

Ironically, the opposite of foolishness is ... prudence. This contrast is drawn in numerous other proverbs (those of the biblical variety), and prudence is the cornerstone of ERISA (the body of law meant to protect 401k investors from foolish mistakes (their own or those of their employer). 

ERISA (the Employee Retirement Income Security Act) is meant to promote prudence rather than foolishness, to protect us and our retirement savings, sometimes from ourselves.

We can be our own worst enemies.

So remember, next time you're celebrating April Fool's Day, to avoid doing anything foolish with your 401(k) (or your 403b) ... or the joke could be on you.