19 November, 2020 Total Client Experience

Deadly Sins in Economy | Paul’s Blog

Deadly Sins in Economy

Overdoing things can relate to almost any part of our lives, including our financial affairs. I recently received an email that talked about 7 deadly sins chronicled since the 15th century and how they were represented in David Fincher’s 1995 film, SE7EN – in which the seven basic concepts led the characters’ souls to waste.

These 7 sins have been reworked to provide a roadmap on how to remain virtuous with your money. You will likely be familiar with most of them, but a refresher can never hurt:

  1. Greed – don’t spend more than you make. Simply, too many of us spend more than we make, and then some.
  2. Envy – everyone else is doing better. We’re all subject to the fear of missing out and following the herd mentality. Define your goals and financial objectives that fit you and develop a disciplined approach to planning that considers your tolerance for risk.
  3. Sloth – don’t put it off. It’s not uncommon to think of wealth planning as just for the ‘rich and famous’.
  4. Lust – when you absolutely, positively must have it. Almost all of us overindulge in something we don’t need and spend too much on.
  5. Wrath – don’t get mad. Everyone’s financial fortunes go through periods of volatility, but the remedy is not anger or panic. Have a plan and stick to it if it still makes sense.
  6. Pride – know your limitations. Don’t overestimate your ability to deal with financial situations and be realistic about your tolerance for risk.
  7. Gluttony – avoid too much of a good thing. There is such a thing as over-spending, overindulging and even over investing. Always keep it balanced.