P.J.
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Seven Sins that are costing your money
Lust
"I want..." could be the most dangerous words for your finances, mostly because we seem to want everything— a world tour, a swanky car, a plush abode. However, extravagance can lead to financial hell.
Wrath
Anger could also lead you to be impatient and make impulsive choices, like resigning from your job in a huff. Learn to evaluate your decisions rationally and, more importantly, figure out a way to remedy the situation. So, invest in your career by rescaling, or work with a high performer to learn how to do the job right.
Pride
Holding on to your arrogance and an investment that is losing money will only mean that you're losing out on benefits you could have earned had you invested that money somewhere else. Here's one way to keep your ego out of your investment decisions.
Envy
Envy could lead you into the big black hole of debt, and escaping it can be rather difficult.
It may be tough, but living within your means is the only way to financial independence. A loan is good only if it helps you build an asset that will grow in value. Otherwise, avoid taking one.
Greed
The greed to make a quick buck or bag a great deal often blinds us to the high risks that come with attractive schemes, making us prey to various traps and scams.
Sloth
Procrastination can cost you big money. If you're lazy about paying your bills, you could end up with hefty penalties, ranging from `75-100 for a delayed phone bill payment, to 2.5-3.5% a month on the overdue amount of a credit card bill.
Gluttony
Saving is good, hoarding is bad. Most people don't even realise when they cross this line. Going obese on anything will just make it difficult for you to stand up again if you fall. So, concentrating on a particular industry, theme or stock is a bad idea.
Seven sins that are costing you money - Page2 - The Economic Times
Lust
"I want..." could be the most dangerous words for your finances, mostly because we seem to want everything— a world tour, a swanky car, a plush abode. However, extravagance can lead to financial hell.
Wrath
Anger could also lead you to be impatient and make impulsive choices, like resigning from your job in a huff. Learn to evaluate your decisions rationally and, more importantly, figure out a way to remedy the situation. So, invest in your career by rescaling, or work with a high performer to learn how to do the job right.
Pride
Holding on to your arrogance and an investment that is losing money will only mean that you're losing out on benefits you could have earned had you invested that money somewhere else. Here's one way to keep your ego out of your investment decisions.
Envy
Envy could lead you into the big black hole of debt, and escaping it can be rather difficult.
It may be tough, but living within your means is the only way to financial independence. A loan is good only if it helps you build an asset that will grow in value. Otherwise, avoid taking one.
Greed
The greed to make a quick buck or bag a great deal often blinds us to the high risks that come with attractive schemes, making us prey to various traps and scams.
Sloth
Procrastination can cost you big money. If you're lazy about paying your bills, you could end up with hefty penalties, ranging from `75-100 for a delayed phone bill payment, to 2.5-3.5% a month on the overdue amount of a credit card bill.
Gluttony
Saving is good, hoarding is bad. Most people don't even realise when they cross this line. Going obese on anything will just make it difficult for you to stand up again if you fall. So, concentrating on a particular industry, theme or stock is a bad idea.
Seven sins that are costing you money - Page2 - The Economic Times
