Live Rich Ethically
_As a young investor on the road to wealth, it is important to be certain your ethics are in the right place. The definition of ethics is “a system of moral principles” and society dictates the basics, but there are several gray areas to navigate.
Many young investors might be tempted to take these gray area shortcuts – things like going into debt to gamble money they don’t have in the stock market, taking a loan out from their family with no intention of ever paying it back (because your parents would never ask!) or even finding opportunities to get involved in petty lawsuits. All of these types of things are legal, but it’s important to decide whether or not you feel they’re morally correct.
Without establishing a code of personal financial ethics in the beginning, navigating the road to riches will only get trickier. When money is involved, people can be tempted to act in ways that they never intended to, based on greed or pride or any of the other negative emotions that come with having too much or too little.
Making a personal code of ethics to maintain high moral character regardless of your bank account is a positive investment in your financial future. That way, you will not be tempted to take part in anything that will tarnish your road to gold, like the following example.
Online, there was a controversial article that appeared on how to save money. This article was a laundry list of ideas on how to live cheaply. One of the cheap suggestions made by the author was something along the lines of, “Don’t order anything at dinner with friends. Bread is typically free and your friends will most likely offer you their leftover appetizers. Enjoy the camaraderie without spending a dime.”
Well, technically, this is fine but for anyone with any type of moral character, leeching off of your friends is never a great way to save a buck. Based on the comments this article received, the majority of people agree with that sentiment. In some of the comments made on the article, these types of people noted that mooch and cheap behavior is recognized and eventually, weeded out.
This is not to say that you should go out to lavish dinners you can’t afford. The example above was only to demonstrate a basic scenario where there was a shade of gray. With a strong code of ethics in place, being tempted to make money off your friends would not be an option and that’s the type of wealth we should all work to build.
Before moving forward with any type of financial plan, take a time out and consider where it is you want to go and who it is you want to see in the mirror when you get there. Write out a personal code on what morals and principles you feel are appropriate when dealing with money and make a written, personal commitment to stay true to these beliefs. This is a way of creating a road map for you to follow on your journey towards wealth.
Once you establish an ethical financial identity, you lose the option of being poor in spirit. Then, no matter what your bank account ends up at, you will always know you got there the right way.
Many young investors might be tempted to take these gray area shortcuts – things like going into debt to gamble money they don’t have in the stock market, taking a loan out from their family with no intention of ever paying it back (because your parents would never ask!) or even finding opportunities to get involved in petty lawsuits. All of these types of things are legal, but it’s important to decide whether or not you feel they’re morally correct.
Without establishing a code of personal financial ethics in the beginning, navigating the road to riches will only get trickier. When money is involved, people can be tempted to act in ways that they never intended to, based on greed or pride or any of the other negative emotions that come with having too much or too little.
Making a personal code of ethics to maintain high moral character regardless of your bank account is a positive investment in your financial future. That way, you will not be tempted to take part in anything that will tarnish your road to gold, like the following example.
Online, there was a controversial article that appeared on how to save money. This article was a laundry list of ideas on how to live cheaply. One of the cheap suggestions made by the author was something along the lines of, “Don’t order anything at dinner with friends. Bread is typically free and your friends will most likely offer you their leftover appetizers. Enjoy the camaraderie without spending a dime.”
Well, technically, this is fine but for anyone with any type of moral character, leeching off of your friends is never a great way to save a buck. Based on the comments this article received, the majority of people agree with that sentiment. In some of the comments made on the article, these types of people noted that mooch and cheap behavior is recognized and eventually, weeded out.
This is not to say that you should go out to lavish dinners you can’t afford. The example above was only to demonstrate a basic scenario where there was a shade of gray. With a strong code of ethics in place, being tempted to make money off your friends would not be an option and that’s the type of wealth we should all work to build.
Before moving forward with any type of financial plan, take a time out and consider where it is you want to go and who it is you want to see in the mirror when you get there. Write out a personal code on what morals and principles you feel are appropriate when dealing with money and make a written, personal commitment to stay true to these beliefs. This is a way of creating a road map for you to follow on your journey towards wealth.
Once you establish an ethical financial identity, you lose the option of being poor in spirit. Then, no matter what your bank account ends up at, you will always know you got there the right way.