Podcast Episode 289: 7 Deadly Sins of Financial Planning

Financial planning is not just about the numbers, it’s also about making sure that our lives do not succumb to the seven deadly sins. By keeping these sins in check, we can improve our financial standing and make better decisions when it comes to our money.

Greed is one of the most common financial pitfalls. Greed starts with a desire to have more than what you need. This can lead to reckless spending and investing, which can erode your resources and endanger your financial standing. Greed should be avoided at all costs, as it leads to a never-ending cycle of wanting more without having the means to get it.

Pride is another of the seven deadly sins that can lead to financial disaster. Taking pride in something is admirable, but taking pride in material goods or money can be detrimental to your financial wellbeing. Pride can cause us to spend more than we should and take on debt that is not necessary or advisable.

Envy is another sin that can have a devastating effect on our finances. Envy of others can lead us to make poor decisions that may strive for a lifestyle we cannot afford, which can put us in financial peril. It’s important to recognize when envy is influencing your financial decisions and adjust accordingly.

Finally, there is wrath. Wrath is often linked with anger or aggression, and it can lead to bad financial decisions. Impulsive purchases or investments made out of anger can have serious consequences, so it’s important to make sure that you are acting in a cool and rational manner when dealing with your finances.

By avoiding the seven deadly sins, we can be better stewards of our money and take care of our financial well-being. We can make prudent decisions that will set us up for a secure and prosperous future.  Financial planning is not just about the numbers, it’s also about having the wisdom to avoid the seven deadly sins and pave the way for a successful financial outlook.

If you want to learn more about your financial plan or your retirement, take advantage of our Money Map review and meet with the team to begin the conversation.

Here’s are the seven sins we discuss in this episode:

2:30 – Pride

3:59 – Envy

5:22 – Wrath

6:46 – Greed

8:31 – Laziness

10:178 – Gluttony 

12:13 – Lust