Seven Sacred Virtues of Finance

Finance


friend,

I wrote an article recently. 7 deadly sins of finance, attempts to describe each sin struggle by considering various symptoms and alternatives, or antidotes. This article is a continuation of that conversation and sheds light on his seven sacred virtues that alleviate the oppression of sin against his enemies. Knowing your strengths is just as important as knowing your weaknesses.

It may be helpful to picture each of the seven topics as a spectrum with the healthiest and least healthy versions at the extremes. Much like the Enneagram system, our personalities and attributes can manifest themselves in different ways based on several internal and external factors. or you feel like you’re at a disadvantage, the fuse may get a little short. Perhaps we show more grace, mercy, empathy, compassion, and love when we recognize those gifts given to us. Instead, we find that the individual pendulum swings during different seasons of life. But we are not just wind chimes who have no say in this matter. The benefits of living with virtue far outweigh the effort required to embrace it.

Seven Sacred Virtues of Finance:

satisfaction (Overcome envy)

Be content with and accept yourself, your gifts and talents. By being content, you appreciate your circumstances and stop resenting the good fortune of others. As of 2021, 82% of Americans have a social media profile, and more than half of the world’s population uses social media (source: Statista). [MPK(R1] Opportunities to be jealous or jealous of someone else’s situation are right at our doorstep every day.

It is important to remember that a person’s quality is not defined by what society perceives as attractive and should not be measured by preferences. The online highlight reels we watch are shaped by difficult times…and we all deal with some pain in our lives. If we can find stillness in our steps, we will be able to treat others with dignity and respect, learn from others, and be inspired and empowered in their journeys. can even

Generosity (against greed)

A selfless attitude of sharing oneself and one’s possessions with others. His one of my favorite quotes from our pastor is, “Raise your standard of living as well as your giving.” Statistics vary, but on average, generous Americans donate 2-2.5% of their income. Another statistic I heard fascinated me. Americans spend more money on Halloween costumes … for pets … than they share with the poorest group of people on the planet[MPK(R2] (Source: Andrew Scott, Operation Mobilization US). I don’t know if we can classify our giving criteria as “sacrificial” as a whole, but I think the more you give, the more you know you have to give.

Donations are not limited to a portion of our income. Giving is about being present to anyone in your home, office, or community. It’s about listening, discerning, and opening up when someone is in trouble. In my experience, giving is purest when we don’t ask for anything in return, when there is no expectation of prize, reward, or recognition. Once completed, it is impossible to be completely satisfied or completely complete.

purity (against desire)

From an economic point of view, purity is not just about making money your god.In other words, money cannot buy happiness. We cannot hold a candle to joy!) The emptiness we seek is because there is no place for us to be filled at the top of the socio-economic ladder.

Money is simply a means to an end, a multiple of what is already inside us. live, borrow, give, growLive on it, borrow it (taxes and debts), give it away, or grow it (invest, build a business, etc.). If we can simplify our conversations about money, we can turn it into a tool to achieve greater profits, rather than enslaving it to climb a ladder of lies.

diligence and patience (against the sloth)

What I personally like is that perseverance develops when you work hard towards your goals. This is about using our talents, talents and attributes to grow and benefit our community and ourselves.

Discipline is the bridge that connects who we are and who we want to be. If you draw your own pie chart using the acronym “LOGG” for the 4 things money can do (Live/Owe/Give/Grow), which part of the pie is too big? Which is smaller? Ideally, what will the pie chart look like next month, next year, 5 years, 10 years from now? can move.

sobriety (against gluttony)

It calls for moderation, balance, self-control, self-control… It may sound weak, but it’s actually quite the opposite. When the world around us is preoccupied with gluttonous behavior, it takes a radical force to maintain balance.

From an economic perspective, moderation may best be described as having a budget or adhering to a financial plan. This means intentionally living within our means, being generous with the causes we care about, maintaining a healthy lifestyle, keeping our estate plans up to date, and having adequate insurance. is to A financial future that benefits both ourselves and our possessions, and our children and our future selves. A bad relationship with money can ruin almost every aspect of our lives, but practicing moderation and living with a well-thought-out plan can help you enjoy money incredibly. I can.

humble (Destroy your pride)

Face Your True Self – Don’t Think You’re Better or worse than you actually are. Financial humility is about living within our means, being generous and helping others when we can. It is to find the answer by presenting it.

CEOs rarely share the CFO title. As our journey to the C suite teaches us many lessons and refines our sense of self, we begin to truly understand our own talents and the needs of others. We understand that being humble in your personal finances means focusing on your gifts, your family, growing your business, your involvement in your community, etc. Outsourcing financial advice, taxes, estate planning and insurance It might help. Proverbs 15:22 says, “Without counsel plans fail, but many counselors bring success.” Pretending we have all the answers is absurd and most of the time ends up hurting ourselves and those we love most. is a variable with many If you can structure your time around your skill set, you are more likely to have a better chance of success.

Love (restrain anger)

We accept people for who they are, not what we need… Love is a virtue when it is unconditional. If our love is conditional, meaning we expect the other to behave in certain ways or meet certain needs, it is not virtuous and much cheaper.

There’s a concept I’ve been researching lately Use Our emotions…we may feel anger, sadness, sadness, but we can’t (and probably shouldn’t) try to control it. Rather than blaming God or others for our misfortunes, we choose to take personal responsibility (thumbs up, not fingers). Again, we recognize that everyone goes through something and we strive to extend grace first rather than assuming the worst. This is not giving them what we think they deserve. It’s about treating everyone with respect and dignity, even if they act like they don’t want it. Love plays an important role in personal finances as it can take advantage of us and cause serious financial damage.

Each virtue can replace the mortal sin we try to get rid of…that is, I can love as much as I want to let go of hate…be greedy. As we consider each topic, we draw lines and map “dots” on the spectrum. Where are you more virtuous? Where are you a victim of sin? Knowing your strengths is just as important as knowing your weaknesses. With knowledge comes wisdom and opportunity.

Dustin Elliott is a financial advisor to Morgan Stanley Wealth Management in Austin, Texas. The views expressed herein are those of the authors and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the information provided nor the opinions expressed shall be construed as an offer to buy or sell any securities. Past performance is no guarantee of future results.

This material is not intended to provide individually customized investment advice. It is made without regard to the individual financial situation or objectives of the person receiving it. Strategies and/or investments described in this material may not be suitable for all investors. Morgan Stanley Wealth Management encourages investors to independently evaluate any particular investment or strategy and encourages investors to seek the advice of their financial advisors. The appropriateness of any particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors do not provide tax or legal advice. Individuals should seek advice based on their particular circumstances from an independent tax or legal adviser.

Morgan Stanley Smith Barney LLC offers insurance products in partnership with licensed insurance agency affiliates.

The information contained herein has been obtained from sources believed to be reliable but its accuracy or completeness is not guaranteed.

Dustin Elliott may only trade in the states in which he is registered or excluded or exempt from registration. Any person in a state in which Dustin Elliott is not registered, or in which registration is excluded or exempted, will not trade or attempt to trade in securities, or will be issued a separate license for compensation. No follow-up or individual correspondence, including the provision of investment advice, will be provided. .

Morgan Stanley Smith Barney LLC. Member SIPC. CRC 5595596 4/23



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