“Some rise by sin, and some by virtue fall” – William Shakespeare
When you take a look at the way the world runs, you could be forgiven for thinking that it pays to follow a less than honorable path in life. There’s lots of money to be made in the pursuit of nefarious activities, and they often provide a tempting lure for those who seek to get rich.
On the other hand, you will see decent, law-abiding citizens who have made positive contributions to society, struggling to make ends meet. In some cases, taking the righteous route can actually work to your detriment. When it comes to money, is there any value in being virtuous?
Last week, we looked at how the seven deadly sins – lust, gluttony, greed, envy, sloth, wrath and pride – can negatively impact your finances. In the age-old battle of good vs. evil, let’s see how the seven cardinal virtues of money may counteract the destructive effects of the seven financial vices. Continue reading The 7 Cardinal Virtues of Money
The Bible is often misquoted to declare that ‘money is the root of all evil’. Some people use this verse to preach that money is tainted and that it is the source of many of the world’s problems. However, 1 Timothy 6:10 actually states that “the love of money is the root of all kinds of evil.”
The passage is used in the context that an unhealthy aspiration for wealth can entrap people into harmful desires that may lead to their eventual ruin. It’s not often that love – perhaps the most unselfish and wholesome feeling known to humanity – is used to explain something that is evil.
Instead of referring to the love of money, I think that a more appropriate word to describe an excessive craving for riches would be greed. This negative behaviour is counted among the seven deadly sins, a religious classification of vices which dates back to the 4th century A.D.
The other six sins in the modern version of the list are lust, gluttony, envy, sloth, wrath and pride. In many respects, these serious transgressions are associated with undesirable attitudes and actions that affect your finances. Here’s my take on the seven deadly sins of money. Continue reading The 7 Deadly Sins of Money
Recently, I received an email advising me that an organisation had recovered funds that they believed had been diverted from my account. If I was willing to confirm my bank records, then I could benefit from the restitution of part of the over US$9 million in stolen assets that they claimed to have identified.
My first reaction to the outrageous email was to laugh heartily, as I wished that my net worth could justify my inclusion in their list of wealthy persons with diverted funds. Then, I thought that there had to be many people who would respond to the spurious message, knowing that they really didn’t qualify.
I believe that scam artists continue to create these fraudulent emails because there are lots of people who regularly fall victim to their improbable stories. If criminals had no success in trying to get persons to reveal their banking information, then they would have stopped trying this method a long time ago. Continue reading Getting Something for Nothing
Too many people live out their lives without setting financial goals or thinking of ways to get ahead in life. Like the ancient Arabic saying, “He who knows not, and knows not he knows not, is a fool,” they are dangerously unconscious about the importance of creating and carrying out a plan of action to become financially secure and successful.
One of the strategies that can help you to finance your dreams and achieve your objectives is investing. Investing is simply the act of putting your money to work in some type of endeavour with the expectation of making profit. The idea is that you are actively trying to increase the value of your initial investment and/or earn an income from your efforts.
While investing can be a key component in creating wealth, persons who decide to invest may receive vastly different results than they had expected. Although it may be relatively easy to put your money into some type of investment, it is not a given that you will make a profit.
The level of success you obtain will be largely dependent on your investing expertise.
Continue reading What type of investor are you?
In today’s technologically driven society, persons looking for advice can readily turn to the Internet to find solutions to almost any problem that they might encounter. When it comes to financial issues, it’s not difficult to search online and quickly find answers to a variety of questions about money.
One of the financial questions foremost on many people’s minds is how to become wealthy by investing. Many readers express that they would like to find the secret to making money work for them, so that they can work less.
However, while it’s important to learn about the operations of different investment options, it is even more essential to discover the principles of investing.
Typically, when people think of investors they picture wealthy business moguls or savvy stock owners wheeling and dealing their way into large fortunes. The reality is that investors come in all financial shapes and bank account sizes. An investor is simply anyone who commits money to an endeavour with the expectation of making a profit.
I’ve often wondered about the personal traits that can help to create a successful investor. Some people seem to have the Midas touch – everything they invest in turns into gold. Many others, however, seem to fail at any investment they undertake.
What does it take to win at the investing game? Is it lady luck, dominant genes, or hard work? Continue reading Investors: The Sceptical,The Gullible and the Greedy
For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. – 1 Timothy 6:10 (NIV)
What emotions and feelings does the word ‘money’ evoke in your heart and mind? Does it conjure up fear, excitement, despair, pleasure, stress, or desire? Sometimes it seems that we are involved in a desperate, dysfunctional love affair with money. If we don’t have any, we pine for it; if we have a little, we demand more; if we have a lot, we live fearfully thinking that someone is going to take it from us.
“Nobody ever has enough of you….
But one can have too much of everything else
Of love, bread, sweets, honour…
But nobody’s ever got enough of you!
Give 13 talents [coins] to anyone
All the more he’ll want 16
Give him 16 and he’ll want 40
Or he’ll say life isn’t worth living”
‘Wealth’ – Aristophanes (338 BC) Continue reading The Love of Money
“When you make a mistake, don’t look back at it long. Take the reason of the thing into your mind and then look forward. Mistakes are lessons of wisdom. The past cannot be changed. The future is yet in your power.”-Hugh White”
One of the biggest fears that we all face is the fear of making a mistake. This is even more evident in the investing world, where one wrong investment decision can prove costly and wipe out an investor’s hard-earned money.
I have heard many sad stories of investments gone awry – people who went into massive debt because of an ill-conceived business idea; trusted companies that promised high returns and disappeared into thin air; rented real estate that turned into a nightmare due to trouble with tenants.
However, most mistakes that are made in investing are not quite so dramatic. Every day, average investors make very simple errors in judgment that can have a negative effect on their investment plans. Continue reading Mistakes To Avoid When Investing