I remember going to catechism as a kid and learning about the seven deadly sins. Maybe that’s why an old national sin survey, conducted by a Kansas State University team of geographers, caught my attention. The provocative study measured and created a “sin index” for 3000 US counties with respect to pride, envy, lust, gluttony, wrath, greed, and sloth. Truth be told, I found it to be rather fascinating because there are personal finance sins too.
It’s true. Your personal finances are subject to the very same seven deadly sins that many believe afflict the human soul.
With that in mind, we should all step into the confessional from time to time and reflect upon whether we’ve committed one or more of the seven deadly sins of personal finance.
1. Pride
Mortal or Venial? Mortal. In fact, pride is the deadliest of all the personal finance sins as well as the one from which most of the other deadly sins emanate.
Examination of Conscience: Pride can quickly result in insolvency and a trip to bankruptcy court. People who suffer from this sin have a strong sense of self-importance. As a result, they see it as their solemn duty to keep up with the Joneses — whether they can afford to or not.
Penance: Two rosaries and this article from James Clear on the importance of delayed gratification.
2. Wrath
Mortal or Venial? Mortal. Wrath is the only personal finance sin not related to selfishness or self-interest.
Examination of Conscience: People who are afflicted with this sin often have uncontrolled feelings of anger and denial. As a result, they typically fail to recognize that: 1) their income is a finite resource; and/or 2) their finances are in dire straits — usually because they live beyond their means.
Penance: Three Acts of Contrition, two Hail Marys, the Lord’s Prayer, and this quick piece on financial denial.
3. Sloth
Mortal or Venial? Mortal. Sloth is the only personal finance sin characterized by a lack of excess.
Examination of Conscience: Those who suffer from sloth are listless and apathetic when it comes to their own financial health; that leads to financial instability. Slothful people are so detached from their personal finances that they refuse to track their income and expenses, plan for their retirement, or make a household budget.
Penance: Three Lord’s Prayers, a Hail Mary and this article from Forbes on all the ways your laziness is costing you money.
4. Greed
Mortal or Venial? Mortal. Greed, of course, is a sin of excess and instant gratification.
Examination of Conscience: Greed is characterized by an insatiable desire to acquire material goods, without regard for need or cost. Greedy individuals lack self control. As a result, their less-than-pragmatic approach to shopping strains household finances.
Penance: Three Hail Marys and this article on what’s really important in the grand scheme of things.
5. Lust
Mortal or Venial? Mortal. Fun fact: This sin was originally known as “extravagance.”
Examination of Conscience: Lustful people have a proclivity for extravagant behavior. As a result, they constantly purchase high-end luxury goods. Those who are guilty of lust would never be caught dead buying products without an expensive designer label.
Penance: Two Hail Marys and this article on bad habits that keep people mired in debt.
6. Gluttony
Mortal or Venial? Venial. This is one of only two personal finance sins that can be categorized as relatively benign.
Examination of Conscience: Those who are guilty of gluttony over-indulge and over-consume to the point of waste. For example, gluttonous people will buy useless items that provide very short-term satisfaction, use paper plates for dinner on a daily basis, fail to repair leaky faucets, and buy items in bulk — only to let them sit unused beyond the product expiration date.
Penance: A Lord’s Prayer and this 90-second news clip on how restaurants get you to spend more.
7. Envy
Mortal or Venial? Venial. This is arguably the least destructive of personal finance sins — especially for those with a strong sense of self-control.
Examination of Conscience: Envious people perceive themselves as lacking and resent the good fortune and material possessions of others. Unlike greed, envy in and of itself will not destroy one’s personal finances. However, if not controlled it often leads to greed, which easily can.
Penance: Two Acts of Contrition and this piece from US News on how to combat financial envy.
One last note: Always follow the 10 Commandments of personal finance — because nobody can effectively manage their personal finances on blind faith.
Photo Credit: gags9999
Well done, Len! I love the write up and the required penance. P:)
I think greed is the worst one for me because it’s hard to know how much is enough. Sometimes it’s tough for me to see the line between desire for success/accumulation and greed.
Interesting take on the 7 deadly sins! After a disaster took away most of the things I owned, I just realized that I have been committing gluttony unconsciously for a number of year already.
Such an entertaining article, thanks for this.
My biggest killer is SLOTH – I fight against it constantly. Many would probably not consider me slothful, but that is only because I work hard to strive against it. If left unchecked… I will slink down into the terrible depths of the sloth!
Good post and so true. These are things that everyone needs to be fighting against, but so many people embrace a lot of them…
Funny post. I think that the self-deception of overspenders is better classified as lust though, because it’s really about seeking the pleasure of experiences and material things beyond their actual worth or benefit. Lust has an “out of control” quality, whether it lust for sex, power, or stuff.
Very nice list to ponder. I think most of us are vulnerable to those “sins” above. I agree with the comment above about greed, which is pretty hard to draw a line. And most of those in the list seems to become gray when in real life. If you set some standard or something like that, it’s pretty vague and appears to be classified as a case to case basis. I think discipline and proper financial management education will help a lot.
I am not very Catholic, but this was great!
I have been guilty of Sloth, Greed, Lust, Envy and Gluttony. Possibly all at once.
Awesome post, Len!
What a great Idea for a Blog Post. I may have to borrow the theme for some that I do. I think in today’s culture, Lust is playing a big role in financial decisions. How many families are giving in to their kids lust for the latest games or gadgets. I know it wasn’t like that when I was growing up.
Great blog and great idea for a post.
Well, we’ve seen that greed leads to a complete worldwide economic breakdown. I think humility and gratitude is your insurance from engaging in these “sins.”
Actually a sin becomes mortal if we’re aware that what we’re doing is wrong yet we continue to do it. Just sayin’.
I agree with # 1. Peoples pride levels are far to high when it comes to personal finance. If people put their pride aside and looked for help, they might just find it.
Love this one, Len.
A great post, Len. I’ve been guilty of a couple of these myself, time to time. I still battle with sloth to some degree.
I have been waiting for someone to post, “What’s in the box?, What’s in the box?”
Your financial future, if you’re not careful.
Greed is back in investors. No not a bubble but the dreams of early retirement. When the bear comes it’ll be interesting.
OMG – I am crying I am laughing so hard and I know damn well we are both going to rot in hell – you for having written this blasphemous blog and me for having laughed so hard over it.
Sorry, buddy, just gotta tell you there are not enough Hail Mary’s, Our Father’s or Glory Be’s that are going to save our sorry souls!
Last ditch effort – I live near the Mother of Cabrini shrine so I could get us each of jar of holy water and we can always hope for the best!
I think I’ve been guilty of both pride and sloth in the past with my finances. No more, though.
I think I need an exorcism. I am guilty of all the sins listed.. Help!
Man, I’m very guilty of lust. Not necessarily that I need to impress others, but I like to buy brand items to feel good. Personally, I feel that if I find my healthy balance I’ll stop feeling guilty about how I’m spending my money.
Luckily, I have systems in place that at least cover the basics (saving for retirement, smaller savings goals) but it’s a shame to see money go to waste for bad choices.
Thanks for sharing Len!
Great article. It took me back to my youth. Money can be linked to all 7 sins. I will take my penance and read the articles you suggested.
Found you through Rockstar Finance. I laughed when I read the required penance on each ‘sin’… nice touch!
Thanks, Froggy! I’m glad I made you smile!
Around these Cajun Catholics and Italian Catholics, “The Lord’s Prayer” is called “The Our Father”.
Years ago, a woman posted that she had to go to confession at age 9. She didn’t know what to confess. So, she told the priest she had committed adultery 6 times that week. The priest made her say 4 Hail Mary’s and 5 Our Father’s. She said I never did that again. When I grew up and found out what was adultery, it explained why the priest kept laughing during my confession.
lol