All of us at some point in our lives fall into some of the 7 deadly sins of finance.
It seems easy, but managing money is a skill few possess. Even if you don’t have financial problems, this does not mean that you are an expert managing your income.
Most people overspend without realizing it, and even more so when their income allows them to live comfortably.
This is not bad, however, you are not making good use of your capital.
Other people feel that they do not have enough money and think that they should earn more, that they deserve a better salary.
The interesting thing about this situation is that it doesn’t matter if they get a raise, they will always spend more and more. They are people who live beyond their means.
All this happens because the 7 deadly sins of personal finance fall. Which are?
The 7 deadly sins of finance.
1. Envy.
Do you feel like you need to buy the new iPhone because your best friend has it? Does your neighbor have a better car than you? Would that 62-inch TV make your guests envy?
Comparing yourself to others and trying to pretend are big financial mistakes. Don’t wish for what others have and never compare yourself to others. Focus on competing against yourself.
2. Laziness.
Don’t let the laziness of making a financial plan, learning how to budget, saving money, and keeping track of your money win the game.
If at any point you think about this and your brain says “do it later”, do not let yourself be influenced.
Every day that you go without doing these tasks will be worse. Design a financial plan and be absolutely disciplined with your budget.
Letting ourselves be overcome by laziness will always bring us regrets.
3. Gluttony.
Stop thinking about instant gratification and think about delayed gratification.
No more parties, no more beers on Fridays. Have fun, but plan how to do it. Set limits and don’t get carried away for the moment. Your pocket will thank you.
4. Greed.
If what you earn is not enough, don’t make the mistake of blowing up your credit card. The key to all of this is always living below your means.
Spend less than you earn and invest the difference. Avoid spending on unnecessary things or making emotional purchases. This will only bring you debt.
Also read: How to get out of debt and transform it into a 20 million dollar business.
5. Lust.
Any vice you have will affect your finances. Drinking, smoking and gambling are the worst enemies of saving and investing.
If any of these vices is part of your habits, your bank account has a hole where a lot of money escapes that you could save and invest.
6. Pride.
Many people live by appearances and consider that they are better than others. They are always competing and worrying about not being left behind.
Your worth is not related to the items you own. What you are worth is within you, in your beliefs, values, and of course, in your actions. You are not worse or better than anyone.
This is some of the best financial education advice you will ever receive.
7. Anger.
Stop thinking that everything that happens to you is the fault of your boss, the government or the bank. Stop feeling anger against the world because things don’t go well.
If your financial situation is not good, it is your fault and no one else’s. Set yourself the task of finding what you are doing wrong and work on it. It doesn’t matter what situation you are currently in; You can always learn from mistakes and improve.
conclusion.
Since you know the deadly sins of financebe honest with yourself and identify where you fall and start working to improve.
All it takes is a bit of introspection, a desire to be better and a willingness to fight for what you want 🙂
To continue learning, you can read the following articles:
How to save more and have more and more money.
How to make a quick and easy budget for your personal life.
Know the difference between bad debt and good debt.
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
