10 evils you must defeat for a peaceful financial future
1. Procrastination: Many people get sucked up in analysis paralysis and never start investing. Understand, deliberate, and plan well but ACT FAST.
2. Shortsightedness: Investing like you are buying a lottery and expecting quick gains is a sure-shot way of burning your money. Be patient.
3. Herd mentality: Doing what everyone else is doing and relying on the wisdom of the crowd could be very dangerous for your personal finance (which is unique to your circumstances).
4. Investing on tips: You will get a tip to buy but who will tell you to sell? A time-tested way of accumulating junk in your investment portfolio.
5. Not saving enough: Too much & needless spending today will push your financial freedom further away.
6. No investment & financial plan: No/improper planning creates an unorganized financial life with many pitfalls. Failing to plan is planning to fail. Seriously!
7. No insurance: Insurance is the first step before starting an investment journey. It is a Suraksha kawach for a secure financial future for you and your family.
8. Mixing insurance with investments: It is like two good things which when added together create poison. For life insurance take a pure vanilla term plan and for investment consider pure investment products.
9. Living on loans and debt: When debt becomes a means for immediate gratification, the retirement age is pushed back to many years, or the retirement corpus is reduced by a significant amount. Focus on creating assets and not liabilities. (PS – The house you reside in is not an asset. You do not sell it to meet your financial goals)
10. Letting greed and fear take hold of your mind: Letting emotions drive your investment decisions is a certain way of buying high and selling low and regret. To succeed in your investment journey, a calm mind, unwavered by emotional pressures is very much needed.
Win over these 10 evils and nothing can stop you from achieving financial glory. May you win this war! 🙂
Originally posted on LinkedIn: www.linkedin.com/sumitduseja
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