Forbes.com ran an article today on 7 Financial Planning Diseases, capitalizing on the New Years Resolutions atmosphere to capture reader attention. Personal Finance For Dummies author, Eric Tyson, explains that many people twist the fundamentals of personal money management and get themselves into trouble. Here’s a summary and my self-analysis. (Read the article for more details)

1. Excessive Spending
2. Workaholism
3. Herd Following & Information Junkies
4. Extreme Save-ism
5. Procrastination
6. Mismatched Style (between couples)
7. Adolescent-Onset Budgeting Woes

My self-analysis
This list is geared more towards adults with a family and kids. As a single guy, #6 and #7 do not apply to me, but will be something I have to be mindful in the future. Striking a balance between #1 and #4 is a struggle for most people. I believe I am doing well in that area. I don’t spend money often. But when something is worth spending, I won’t sacrifice quality for thriftiness. I still don’t understand how #2 works or fits in this list. #5 is an admitted failing of mine. Often I’d have many ideas to blog on Investorial, but my procrastination renders these ideas usely in the think-tank. Some times, I forget to pay bills with that attitude too!

I’m leaving #3, “Herd Following & Information Junkies”, for last because this is certainly one of the reasons why Investorial began as a hobby. I do not necessary think being an information junkie is a sin. Both herd followers and contrarians have a habit of gathering a lot of information. The difference is how they process that information! Herd followers get excited about the news that they want to hear, and are more apt to jump on the bandwagon without performing further analysis. Their preconceived conclusions and quick-to-judge attitude leaves them as vulnerable ripe pickings for contrarians and skeptics who often dig and uncover for facts that are more-than-meets-the-eye.

Are you a herd follower or a contrarian? Sound off please!