Every little thing you do matters!
In the everyday practice of personal finance management, there is an urgent need to both teach technical skills and raise awareness of the ethical dimension of financial decisions.
No one can remain neutral. There is always an intention behind everything we do. The concept of neutrality does not fit what we know of the nature of things and the structure of our world, and how the human mind works. Every activity we undertake will have a very serious consequences. Quantum physics on the one hand, and the butterfly effect or experiments described in “The Intention Experiment” on the other, suggest that our choices always matter.
It is high time to transform financial markets in general and personal finance in particular, into transparent and reliable operations. Money doesn’t exist without trust. The bigger the trust, the bigger the value.
Doing something out of selfishness, without regard for public good, is the biggest issue of contemporary financial markets.
We would not have our Madoffs and Levines and, of course, our own smaller or bigger “personal financial scandals” if ethics was an integral part of finance. We would not have false political promises and rising public debt if a moral dimension was always part of finance.
It is not enough to simply change a political party or government. It is necessary to improve patterns of thinking, to fix and to transform a system.
In one of my next articles, I will describe “the 7 deadly financial sins” we make in our daily financial decisions and operations: licentiousness, inconsistency, emotional & cognitive biases, late payments (and a very special and destructive sub genre — missed payments/lack of payments!), intentionally opaque financial products, and lies.
We will be also discussing some of these issues at our meetup, entitled “The 7 Steps For Developing Your Financial IQ And Making Your Personal Finance Simply Brilliant!” which will be held on Saturday, 21 October 2017, at 15:00–17:00 next to Liverpool Street in London. We would be delighted if you could attend.