Sins To Avoid In Money Management

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

And you? Are you an angel or a little devil when it comes to managing your money? "The seven sins can drag countless additional problems on our financial well-being," says financial planning expert Elaine King. "On the one hand, you can be an angel with your money if you stay cautious with your finances or on the other hand you can be a horned devil with your money if you let yourself go."

The author of the international bestseller La Familia and El Dinero Hecho Fácil is one of the celebrities who, along with Adamari López, Gaby Espino and María Elena Salinas - among a long list of stars - will land this March 14 at the James L. Knight Center from Miami to perform live on Poderosas LIVE!. The free event features a series of talks and programs aimed at empowering women.

Here, Elaine King gives us a taste of her advice, explaining one by one the mincemeat that we should avoid when managing our money. "Meet here one by one and decide in the end which one you are by answering True or False to the prayers that accompany each sin," she says.

Lust I

use the credit card without having the cash that I am going to "buy" in the bank (T / F) This sin refers to pleasure and could turn into financial infidelity if it is not treated in time. We must avoid the temptations of using credit cards outside our budget, if the money we want to spend with our credit card is not there, it should not be used. If you are tempted and you cannot contain yourself, I recommend having a fun fund (you can call it: lust) and once you have money in that fund you can spend it on what you want most.

Laziness

I think that saving is only when you have excess and it has no purpose (T / F). This sin refers to neglecting our financial obligations and letting laziness defeat us. In order to constantly save we must be disciplined, a minimum 10% of everything that enters your account, ideally will be directed to a separate account from the current. If you do not see the purpose of saving, I recommend, even if it is saving 3 months of an emergency fund to avoid getting into debt in the event of an unforeseen event.

Gluttony

When I like something I do it until I get tired without measuring myself then I see where I get to cover it (T / F). This sin is when you don't measure up and then it gives you financial indigestion. In finance it is necessary to plan, when you overspend on things that are not necessary, you stop doing things that are necessary and in the end you can regret. Spending without a budget is irresponsible and we must measure the consequences. If you don't want to measure yourself, then excise yourself by investing a percentage of your financial independence

Greed

When I go shopping I wonder what I want or need and what I need (T / F). This sin of being obsessed with money just because of having material things, that is not healthy because it is also important to be generous with your money. Set aside an amount to share monthly with purpose and set an example for children at home. Don't spend more than you earn and if you can't, start a fund of material things.

Anger

Because everyone can have good finances except me, it is the fault of others and the system does not work (T / F). This sin is getting angry for not having, or when the financial statement comes, avoiding it, instead of regretting, using energy to achieve your goals. Getting angry because it is not enough and becoming the victim can cause damage to achieve your financial peace, it is essential to have patience (and clear goals) in the bonds, carefully plan every week and have a financial goal that you can respect and fulfill. And if you can not take a relaxant (natural) before doing your finances.

Envy

I get annoyed when what others have does not reach me and if it reaches them (T / F). Compare yourself to a neighbor or friend who has something you don't have and want. You don't know the sacrifice they had to make to achieve their goals. The recommended thing here is to share your financial knowledge with others and see the good, understanding that we all have different goals, wishing everyone good and repeating "we are all abundance" will give you back control. Program your mind with affirmations for you and your neighbor. Do not compare your income with others. And if you can't remember that we are all energy and connected, before judging.

Pride

Without being financial, I know more than the professionals who studied and dedicated themselves to this (T / F). To think that we know everything or worse, that we know more than professionals is to be superb. We must be humble because each person has a financial lesson that can help us, share what you know, if it is true that you know it better from everyone and learn from others. Educate the rest of the members in finance so that everyone knows and participates. The best way to know if you know is by teaching the lesson. Practice it today

"Whatever your sin is in finances," says King, "share with your loved ones, they will be the best judges to decide if you are finally an angel or a devil in front of finances."

-