>> Deadly Financial Sins
You can probably think of and add more to this list.
Tip of the hat to Suze Orman, Wall Street Journal and others.
- Borrowing from your 401(k).
- Co-signing a loan.
- Designating a Minor as a Life Insurance Beneficiary.
- Defaulting on Student Debt.
- Buying Variable Annuities.
- Not having four essential documents (will, revocable living trust, advance medical directive, durable power of attorney).
- Lust: chasing recent performance.
- Pride: being over confident.
- Sloth: overlooking costs.
- Envy: wanting to join the Club.
- Wrath: failing to admit failure.
- Gluttony: living for today.
- Greed: following the herd.
- Failing to maintain an adequate emergency reserve fund.
- Creating an overly optimistic financial plan.
- Paying more fees than necessary.
- Allowing your emotions to rule your financial choices.
- Not having adequate insurance/purchasing too much insurance.
- Assuming too big a risk.
- Not asking for help.