Money matters: Seven sins & financial planning
Most of us have not even thought of having a dual income stream — one from our work and the other from our investments. Whether we accept it or not, each time we think about creating wealth, there are seven deadly sins that stop us from doing so.
Pride: This is caused by excessive belief in one’s own abilities. This happens because in school we were taught to believe in ourselves, but that belief was with knowledge. The sin is committed when we believe in ourselves and choose to act without adequate knowledge. All we have is just some idea of what is the best investment and believing it to be the best for us, we forever commit that sin under the pretext of “I know how this works.”
Envy: Just because you have seen someone else make a killing it is not enough reason for you to take the plunge as well. It might turn out that you took the plunge at the wrong time.