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Sloth: Don’t put it off. While we have collectively been sitting around in our sweatpants, it’s important to not sit on our laurels regarding financial planning or budgeting. Many people don’t require a comprehensive plan until they have their first good job and have accumulated some assets. But don’t be afraid to reach out to a planner to help set reasonable objectives and create a plan to achieve them.
Lust: When you absolutely, positively must have it. Desire to invest, whether in toys, luxury goods, real estate or financial vehicles is fine. In fact, everyone has an area or two where they overspend. That’s okay, as long as consumers are aware of these areas and are getting their money’s worth.
Wrath: Don’t get mad, get even. Everyone’s financial fortunes go through periods of volatility — especially this past year. The classical approach remains true. Slow and steady wins the race. Don’t make financial decisions based on fear or panic.
Pride: Know your limitations. Don’t overestimate your ability to deal with difficult or volatile financial situations. Be realistic about your tolerance for risk and make sure you plan for the unexpected. And if you are investing, always be realistic about your own tolerance for risk.
Gluttony: Avoid too much of a good thing. There is such a thing as overspending, overindulging and even over-investing. Keep it balanced at all times.
As we close out this chapter, there is a fork ahead in the road. Let’s take the more virtuous path.
Robyn Thompson CFP, CIM, FCSI is a finance expert and president of Castlemark Wealth Management.
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