As we are starting the New Year and we all feel guilty of spending, eating and drinking too much during the past two weeks. I decided to keep on going and write about what I call The Seven Sins of Personal Finance. While you must get rid of the original seven deadly sins if you have any , you probably should take a look at these other sins as well. The 7 sins of personal finance are responsible for most of your financial troubles and you might want to work on one or two of them during the upcoming year. This is still not too late to take a good resolution!

Greed

Hum… some say it is being frugal and others say that it is being cheap… Well there is a big different between the two concepts. Being frugal is to not waste your time or your money. It is using the minimum resources for the maximum result. This is being smart.

On the other hand, being greedy is represented by always wanting more money. It is also considered as never sharing with people. Have you ever heard of the expression “Share the wealth”? When you are fortunate, share your luck with people around you. Life will always give you back what you gave away. But it will surely slap you in the face and kick you in the teeth if you do otherwise

Pride

There is nothing wrong about being pride of you. However, if this pride comes to a point that you are unwilling to seek financial advices, you might get into big troubles. Nobody knows everything about finance; one must be humble and ask for help when he doesn’t know how to deal with the situation.

Ignorance

Most people don’t know much about personal finance and that is fine. However, most people don’t know that they don’t know much about personal finance! That is dangerous! Assess your knowledge by writing down a financial plan. Wherever you block, it means that you need to learn more about this specific topic.

Don’t feel ashamed because you don’t know something. Be ashamed if you keep going without asking advices to anybody else! There is always something new to learn in the world of personal finance. Reading newspaper, financial magazines and financial blogs will help you out to keep up with this continuously evolving environment.

Stay tuned for the next 4 Sins of Personal Finance on tomorrow’s article!

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