The 7 Deadly Sins of Money

By Moreau.henri - Own work, Public Domain,
Always on the lookout for how to squeeze money into other contexts of life, I offer the following 7 Deadly Sins of Finance, as well as a strategy to neutralize them. 

Lust - (Latin, "luxuria")
When we desire something beyond what's healthy and within our current grasp, and if we don't get it we become angry, devastated, or distracted. 

Counter-strategy: seek contentment in our current circumstances, without becoming complacent

Gluttony - (Latin, "gula")
Overindulgence of material things to the point of waste, beyond what actually satisfies us. 

Counter-strategy: define how much is truly enough for our needs and goals, and reallocate the rest.

Greed - (Latin, "avaritia")
The pursuit of wealth or possessions obtained through hoarding, cheating, and deceiving.

Counter-strategy: be generous with our time, talents, and treasures.

Sloth - (Latin, "tristitia")
Delaying or being lazy with our finances. 

Counter-strategy: create a plan and take a micro-action towards doing it.

Wrath - (Latin, "ira")
Using money as a form of extracting revenge or payback against others. 

Counter-strategy: forgive, let go, and move on. Don't weaponize your dollars. 

Envy - (Latin, "invidia")
An insatiable desire to have the traits or possessions of someone else. 

Counter-strategy: don't compare ourselves to others.

Pride - (Latin, "superbia")
Only thinking about ourselves, and thinking we can never be wrong.

Counter-strategy: humbly acknowledge we don't have it all figured out.
Interesting Resources 

1. A Wealth of Common Sense - The Optimal Portfolio
"Asset and strategies that you hate right now because they’re underperforming will eventually have their day. And assets and strategies that you love right now because they’re outperforming will eventually come back to earth." Complete with lots of colorful and informative charts, Ben Carlson, as usual, does a great job communicating how the "optimal" portfolio can only be known in hindsight, and that successful investors know that there's no such thing as the perfect portfolio. 

2. Calibrating Capital - Today vs Tomorrowland
Long-time Fident Friday readers will recognize some echoes here, but here's my long-form thought on that delicate balance of living in Today vs planning for Tomorrow. This was by far the most popular post on Calibrating Capital to date. 

3. All About Your Benjamins - Individualizing FInancial Planning

A few people have made remarks recently how financial planning is a commodity, that it is a standard boiler plate template that can be stamped across any client and used as gateway to manage assets. I don't doubt that this exists, but it kind of triggered real financial advisors like myself and my friend Justin. He recorded a video on his thoughts on this idea that is worth a watch. 
What of those 7 Deadly Sins struck you the most? Any of them more of a struggle for you than others? What's been your counter-strategy to them?

For me: Envy. I'm privileged to see some extraordinarily successful and wealthy families doing really cool things with their wealth, and it'd be dishonest if I were to say I didn't suffer from client envy from time to time. So the counter-strategy of not comparing myself is a lesson I remind myself of regularly. 

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