Finance The 12 DEADLY SINS of personal finance Understanding the mistaken ideas, destructive behaviours and areas of ignorance that can threaten your long-term financial health Fact #1: Money can be a deeply complex subject and managing it isn’t always easy. Fact #2: Investing is full of unknowns; the stock market is inherently risky and economic events are notoriously hard to predict, much less understand. Fact #3: Our finances can generate strong emotions and those emotions can interfere with our ability to make sound financial decisions. All of which is to say that when it comes to personal finance, mistakes are inevitable. But there’s a difference between a miscalculation and a fatal error. When it comes to managing our money, there is a group of blunders and pitfalls that are much more serious than a simple mistake. Consider them the “deadly sins” of personal finance – the poisonous ideas, dangerous misperceptions and destructive financial behaviours that can sabotage our efforts to achieve financial stability and permanently derail us from achieving our financial and life goals. Avoiding these deadly financial sins is crucial if your goal is to ensure a prosperous future for yourself and your heirs. If you can learn to identify and be on guard against the following 12 mindsets, behaviours and areas of ignorance, you can go a long way toward protecting and preserving your wealth for the long term. By James Dolan 22 | www.snowbirds.org
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