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The Seven Sins of Personal Finance Part 1


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 [1] 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!


Hum… some say it is being frugal [2] 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 😉


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.


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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5 Comments To "The Seven Sins of Personal Finance Part 1"

#1 Pingback By The Financial Blogger | The Seven Sins of Personal Finance Part 2 On January 3, 2008 @ 7:00 am

[…] I presented the first 3 Sins of Personal Finance. Today, I am closing this 2 part posts on those seven bad habits that many people have. The Sins of […]

#2 Pingback By The Financial Blogger | Financial Ramblings On January 5, 2008 @ 7:00 am

[…] I will be trading more actively this year and I hope that my return will be better than for this year (-8%). I had a small portfolio and I really sucked at attributing my assets correctly. I took way too much risk for nothing, thinking I would hit big and double my portfolio value. I guess this is what happens when you are trading with such greed! […]

#3 Pingback By Carnival of Personal Finance 134: Building on the Basics | Mrs. Micah: Finance for a Freelance Life On January 7, 2008 @ 5:35 am

[…] Financial Blogger has come up with the The Seven Sins Of Personal Finance. Maybe they won’t send you to hell, but they can make you pretty uncomfortable up […]

#4 Pingback By The Financial Blogger | December Top Ten On January 9, 2008 @ 7:02 am

[…] are mostly in line with my 7 Sins of Personal Finance Part1 and Part2.  We still don’t know how to make money with our investments, but we now […]

#5 Pingback By The Financial Blogger | 4 Trading Money Eaters On January 14, 2008 @ 7:02 am

[…] sleep from your nights. Be sure to revise your investment strategy once a year and don’t become too proud to get help from a financial […]