7 Cures To The 7 Deadly Financial Sins
Do you want to know the 7 Cures to the 7 Deadly Financial Sins?
Halloween is tomorrow and as we visit the day of death, lets talk about the death and life of money (oo hah hah hah)!
#1 Cure to 1st Deadly Financial Sin Neglect/Sloth – Pay Loving Attention to Your Money
Pay yourself first (put aside at least 10% of your income into a separate investment account for your financial freedom).
Pay your bills with love. They provided you valuable services in advance, trusting you to pay them.
Look at your money in the eyes, and no matter what is happening, love yourself and your financial situation.
Calculate and keep track of your Net Worth, your Cash Flow, your Passive Income, your Financial Freedom Account.
Pay loving attention to your money.
#2 Cure to 2nd Deadly Financial Sin Greed – Measure Risk and Reward
Don’t go into an investment for greed.
Go into it AFTER you actually measure with numbers the RISK AND REWARD.
Not just the reward.
I’ve lost over $10,000 in options trades where I did not understand the risk.
Measure your risk.
#3 Cure to 3rd Deadly Financial Sin Gluttony – Set a Baseline
#4 Cure to 4th Deadly Financial Sin Frenzy/Lust – Set up Separate Accounts For Freedom and for Play
#5 Cure to 5th Deadly Financial Sin Wrath – Set up Insurance and Hedging
#6 Cure to 1st Deadly Financial Sin Envy – Set up an Exit Strategy
#7 Cure to 1st Deadly Financial Sin – Pride – Cut Your Losses
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