7 Deadly Financial Sins to Avoid At All Costs

Hero

I launched FinanceSuperhero in April 2016 to help others save money, get out of debt, earn more money, and live the best life possible. Send me an e-mail or a comment if I can help you in your journey. Thanks for reading!

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13 Responses

  1. A great list. I’d add not having an e-fund. Not having cash saving on hand just forces you to go into debt when life happens, and adds stress. There is such peace of mind knowing you have money availabile to cover the unexpected.

  2. ZJ Thorne says:

    Pay day loans and rent-to-own furniture were popular in the poor place I was raised. I would love to see them gone. Especially now that IKEA can get you nice enough stuff for lower prices.

    Great list.

  3. Great list FSH, and each one a blog subject in its own right. Hey, there’s your upcoming seven posts taken care of!! As Brian says, this list can’t be limited to only 7 deadly sins as the list could fill several pages. Not paying off your credit card in full each month is another one.

    I have to admit, I bought a brand-new car late last year. I think every person should strive to have a new car once in their life. I justify it using your criteria by saying that I am financial independent and I do crack the million dollar mark in investment assets. However, it will be the last NEW car I ever buy. But I do love it.

  4. amber tree says:

    Other sins could be

    Not investing as from paycheque one.
    Not understanding your risk appetite
    Not sticking to the plan.

    I look forward to reading a post o each of these!

    A will is a must do for us. OR at least review our marriage contract

  5. Hey Hero, very good points. We try to avoid all of those sins in our lives.

    I think not investing is one of the biggest sins that you haven’t mentioned. Compounding is the strongest financial force, don’t fight it – grow with it.

    Tristan

  6. Very good list. We unfortunately took to the mindset of needing the best up until about 20 months ago and now are on the path of minimalism. I think the list is great and eye opening. A financial plan is absolutely necessary for a successful future. This may sound a bit crazy, but we have actually borrowed from our 401K, not because of emergency but for our real estate investing business. I know it is taboo, but we paid the money back and we made our money work for us. That was the way we decided to get into real estate investing and it worked for us. Great blog Superhero!

  7. Alex says:

    Another one:

    Student loans. Not dischargable in bankruptcy. Most people won’t pay it back in full due to unemployment or underemployment. Just watch.

    Anyways, I browsed through a few of your posts — mainly looking at your writing style. I am very impressed. I like the clarity, spiced by your personality and stories. It seems all the reading you did while young paid off. Keep it up and you’ll be the next Financial Samurai.

    • Hero says:

      Excellent addition, Alex. Unfortunately, the article could easily could have been 700 Deadly Financial Sins. 🙂

      My sincerest thanks for taking the time to read through a few of my posts and offer feedback. While I don’t quite know if I have what it takes to be the next Financial Samurai, I am humbled to be compared to Sam.

      After reading through several of your posts, I am very motivated to keep honing my craft. I think the most important thing a blogger can do each day is to read others’ writing.

  8. John Wedding says:

    Good list! Compared to these, carrying a balance on a credit card is just a peccadillo. 🙂

  9. Ivory says:

    It makes me smile to think I’m handling my money in an *almost* superhero-like way. Great article! I love your writing, David.

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