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.

1. Lust

Previously, the first deadly sin was ‘luxuria’, Latin for extravagance. Although lust commonly has a sexual connotation, it is any uncontrollable longing that saturates your thoughts and tempts you to yield to the object of your desire. So you can lust at luxurious shoes, vehicles or jewellery.

While there’s nothing wrong with aspiring to the finer things of life, lust for worldly possessions may encourage you to get into debt or spend what you can’t afford in order to acquire them. You may also be enticed to do something that goes against your better judgement to fulfil your lustful wishes.

2. Gluttony

When you think of a glutton, you might conjure up an image of a person who continues to eat long after his hunger has been satisfied. Gluttony refers to over-indulgence to the point where waste becomes a factor. It also connotes that other needs may be deprived as a result of gluttonous activity.

Your spending choices can be seen as gluttony if they involve over-consumption and wastage. So, if you buy too many clothes that hang unworn in your closet or acquire dozens of trinkets that gather dust in your cabinet, you could be wasting money that could have been put to better use.

3. Greed

Greed, along with lust and gluttony, are called sins of excess, as they stem from an insatiable desire to gain more. Greed is perhaps the most harmful consequence of this lack of contentment, as it can lead people to commit evil acts and is often a harbinger of corruption and crime.

Greed must be differentiated from an aspiration to see your wealth grow from saving, investing or business activities. Greed develops when you worship money and will do almost anything to get more, or when people take second place to your rapacious quest to increase your possessions.

4. Sloth

At first, sloth as a religious sin signified a lack of gratitude to God for his blessings. Eventually, it became associated with laziness or an unwillingness to work to the best of your ability. While you may think that coasting your way through life is harmless, you may really be guilty of a deadly sin!

Sloth can also be described as a failure to utilise your God-given talents. If you’re struggling to pay your bills, you would be slothful if you don’t make an effort to learn more about income-earning opportunities, or make full use of your abilities and available resources to make money.

5. Wrath

Uncontrollable anger, rage or hatred can be described as wrath, and it is a sin that is usually associated with extreme forms of violence. Whether the situation that provoked angry feelings is justifiable or not, wrath can be self-destructive and should be avoided at all costs.

Wrath may be stimulated in circumstances in which you have been wronged with money. So, if someone swindled you or stole your possessions, you may be tempted to exact revenge. However, it is difficult to think coherently when you are angry, and it may lead you into actions you will regret.

6. Envy

Philosopher and priest Thomas Aquinas defined envy as “sorrow for another’s good,” and it causes a person to be resentful of the money, possessions, or lifestyle of other people. In addition, envy can spur someone to do wrongful actions to obtain the things that other people possess.

If you overspend in an attempt to ‘keep up with the Joneses’, envy may have an adverse effect on your finances in the form of debt or unpaid bills. Envy can lead you to feel bitter against people who have risen up in life, belittle your own achievements and even break down your self-esteem.

7. Pride

Pride is counted as the worst of the seven deadly sins, as it is the source of all the other transgressions. While taking pride in your work or your possessions is natural, the sinful version occurs when you excessively admire yourself and believe that you are superior to others.

Pride can also prevent you from seeking assistance with your money problems. As the saying goes, “Pride goes before a fall,” and many people have suffered financial ruin because they didn’t want to expose their weaknesses, and refused to admit their inability to help themselves.

Cherryl is an author, money coach, business mentor, and the founder of Financially S.M.A.R.T. Services. Her eBook, “The 3 Ms of Money: How to Manage, Multiply and Maintain Your Money” reveals all the secrets she learned about financial success. For more money tips go to FinanciallySmartAdvice.com or email cherryl@ financiallysmartonline.com.