#76 - The Vow of Poverty

The Vow of Poverty is a hurtful financial behavior wrapped in a cloak of looking good. Almost no one vows to exist in a state of poverty, which is not have enough money to meet basic needs of food, clothing and shelter.  The Vow of Poverty I am talking about is an intentional, conscious decision to minimize, even villainize, the importance of working for or accumulating money.  This behavior usually comes from two flavors: a righteous, holier-than-thou attitude that money corrupts, is bad, is evil, and that the morally superior askew it or that by doing the right thing the Universe or one’s Higher Power will provide all of one’s basic needs for life.  

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Rick Kahler, CFP®, CFT-I™, has helped people make better money decisions by integrating financial planning. He blends the nuts and bolts of financial advice with the emotions that drive making them and shares them on his financial therapy podcast.