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experiencing financial hardship while
many individuals are very good with
their money there are others who lack
financial literacy and commonly commit
financial faux pas these financial
blunders often refer to as financial
sins lend their name from the Christian
teachings of these seven deadly sins in
this video I will outline what these
seven financial sins are and how you can
avoid committing them sin number one
greed greed is a desire for more than
you need and is a critical sin to avoid
committing we live in a world of excess
and it can be hard for some people to
delineate their wants and needs causing
overspending and ultimately the
accumulation of debt this accumulation
of debt puts strains on the lifestyle
you can lead and can put pressure on
your relationships making it a sin to
avoid at all costs no pun intended in
order to avoid the sin practice acts of
gratitude and be happy for you have
instead of always feeling like you need
more things to be happy sin number two
sloth sloth is synonymous with being
lazy and being financially lazy can be
crippling to your financial state
planning your financial future is
essential in life as it allows you to
work towards buying your first home or
retiring with ample funds committing the
sloth sin often involves neglecting to
track your spending this is an
inexcusable acht with all the apps and
tools available that can track your
spending down to the last penny to avoid
the sin build a financial plan and
actively track your expenditures to
ensure you are living within your means
sin number three gluttony gluttony is
often defined as the overconsumption to
the point of waste but in financial
terms it is commonly associated with
overspending or spending on credit the
introduction of credit cards and lines
of credit facilitates the spending of
unearned money
which is a recipe for financial disaster
the sin is often committed when people
get addicted to the hi of shopping and
need to fuel their habit by going on
frequent shopping sprees in order to
avoid the sin limit your spending to
funds you have saved so that you do not
fall into the trap of spending gluttony
sin number 4 envy envy is the desire to
have what others have which is commonly
referred to as keeping up with the
Joneses while this phenomenon has always
existed this issue is exacerbated by the
rise in social media popularity which
acts as a highlight reel
leaving us with constant feelings of
envy and the fear of missing out as a
result many individuals spend money to
have these same experiences and
glamorous products as their friends and
the social media influencers they look
up to in order to avoid overspending
caused by envy detach yourself from the
constant flow of product placements on
social media and understand that your
purchasing power may not be as much as
the celebrities you adore sin number 5
pride having pride in oneself is an
admirable trait but this trait can often
land you in trouble
many people pride themselves on always
owning the newest gadgets or having the
nicest wardrobe this desire to stand out
can come at a hefty price tag and often
the cost does not justify the sentiments
that owning these items can provide
instead gain self pride through your
accomplishments like getting a good mark
on an exam or volunteering your time to
help the less fortunate these actions
will provide these same positive
feelings without draining your bank
account sin number 6 lost very similar
to envy lust is the strong desire to
obtain something and in financial terms
it relates to material goods
you may feel sentiments of lost when a
new iPhone comes out or your favorite
designer releases its new line of makeup
whatever the object may be avoid acting
on your feelings of lust by allowing
time to pass and then reassessing if you
still have the same urge to buy this
desirable product oftentimes we get too
wrapped up in the moment and act
impulsively only to regret or purchase a
short time later sin number 7 wrath
the last of the seven financial sins is
wrath with respect to finances wrath is
often displayed when you are unsatisfied
with the purchase decision while back in
the day you may have vented to your
partner about your dissatisfaction
people now turn to social media to
slander the companies providing subpar
products or services thus lashing out
online rarely amounts to any correction
of the mistake while casting an
unbecoming light on the complainer to
his or her onlookers therefore to avoid
committing the cardinal sin of Wrath
always conduct yourself in a respectful
and professional manner when resolving
any problems you encounter as a consumer
so there you have it these seven
financial sins their root causes and how
you can avoid them to ensure you never
have to experience financial hardship
for as long as you live thanks for
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