Personal Finance and Its Deadly Sins

Would you believe me when I tell you that the seven deadly sins usually talked about in Catechism at schools and churches also apply to personal finance?

A nation-wide survey, performed by a team from Kansas State University, actually tried to measure and then create a “sin index” of people from around 3000 counties in the US relating to the seven deadly sins. If you have no idea what these sins are, they are pride, envy, lust, gluttony, wrath, greed and sloth.

So, it is very fascinating to know that your personal finances are also subject to these very same sins.

To know whether you have committed any of these sins of personal finance, let us try to get to know them more.

First off, while there are seven of them, they can be categorized into two: mortal and venial, with the former described as rather wicked and the latter as more benign.

Personal Finance

Mortal Sins of Personal Finance

1. Pride

This is perhaps the deadliest of all the sins and is also usually the origin of all the others.

When you have committed too much pride, this will lead you straight down to ruin and a quick trip to the bankruptcy court. People who have committed this sin usually have a very strong impression of superiority of themselves. To them, it is of utmost importance to try keeping pace with the Joneses – even if they can’t really afford it.

2. Wrath

Wrath is the only sin that is not associated with selfishness or self-centeredness.

People with this sin tend to have unrestrained feelings of denial and anger. Because of this, they are unsuccessful at recognizing that their incomes are only finite and/or that their finances are already lying in a big puddle of trouble. This can become very dangerous because they must first try to recognize their financial problems before they can actually work them out.

3. Sloth

This is the only sin that is not characterized by excess.

People who are suffering from sloth tend to be indolent and indifferent to their personal financial health. This then results in financial instability. People who are slothful are very aloof from their own finances that they won’t even track their own income; expenses, too. They also seem it too bothersome to even try and plan ahead for their retirement, or would even refuse such a mundane task as making the household budget.

4. Greed

Greed is the sin of personal finance that concerns overindulgence and instant satisfaction.

A familiar sin when it comes to money, this sin is typically characterized by a person’s voracious desire on acquiring material goods, without even a little bit regard to its cost or need. Individuals who are greedy are often lacking self-control and thus have a less-than-pragmatic approach when it comes to shopping. This then results to having many useless items at home and household finances on the low.

5. Lust

People afflicted with this sin have a penchant for extravagant behaviors. Because of that, these lustful people are always buying luxury and high-end goods to go with their excessive attitudes. They would never act so low as to buy products without expensive designer labels on them. To them, that would be like an act of total shame. They’re blind to the similar cheaper products nearby that are as good as their expensive counterparts.

Venial Sins of Personal Finance

While these sins may be categorized as benign, they are still quite deadly and worthy to be thoroughly avoided at all times.

1. Gluttony

People guilty of gluttony are characterized as to over-consume and over-indulge things till there is absolutely nothing left. These people buy numerous useless items that only give them satisfaction at a very short term. They also have a tendency to buy thing in bulk, so expect a lot of items lying around the house, all unused and wasted.

2. Envy

Of all the seven deadly sins, envy is possibly the least damaging. This is maybe because those who have very strong self-control can withstand falling into envy.

People who are envious tend to see themselves as very lacking of many things and they would always feel bitter about the fortune and the possessions owned by other people. A thing to remember is that envy is not like greed, because somehow it’s not damaging to a person’s personal finances. However, if envy is not controlled, it would most likely lead to greed. Uncontrollable envy which results to greed easily happens to most people, hence a growing problem among many.

Now that you know about these seven deadly sins, look back and think if you’ve ever committed one of them. If you have, figure out ways to get out of it and then make sure that your personal finances will never be a thing to worry about again.