Important Thread🧵on common #Financial Mistakes which people normally commit.
Credits: CA Govind M Chandak.
#WAFwd #InvestmentPlanning #Investing
Avoid these mistakes for better financial future.
@dmuthuk @Vivek_Investor @VidyaG88 @caniravkaria
🙏 RT to maximize reach🙏
Credits: CA Govind M Chandak.
#WAFwd #InvestmentPlanning #Investing
Avoid these mistakes for better financial future.
@dmuthuk @Vivek_Investor @VidyaG88 @caniravkaria
🙏 RT to maximize reach🙏
❌ Not able to wisely use Credit Card ...
As always pointed out by @dmuthuk sir & @FI_InvestIndia avoid #CreditCard for purchasing unnecessary stuff on credit.
As always pointed out by @dmuthuk sir & @FI_InvestIndia avoid #CreditCard for purchasing unnecessary stuff on credit.
❌ No idea about Power of Compounding.
The earlier you understand concept of compounding, better it is for you financially.
The earlier you understand concept of compounding, better it is for you financially.
❌ Buying stocks on #tips without any knowledge or research.
People should try to learn #FundamentalAnalysis & #TechnicalAnalysis.
People should try to learn #FundamentalAnalysis & #TechnicalAnalysis.
❌ Becoming a victim of lifestyle inflation.
People should learn about #frugalliving from legendary investor #WarrenBuffett & many others.
People should learn about #frugalliving from legendary investor #WarrenBuffett & many others.
❌ Buying things just because they are on discount ...
Remember @WarrenBuffett's quote - "If you buy things you don't need, you will soon sell things you need."
#Investing
Remember @WarrenBuffett's quote - "If you buy things you don't need, you will soon sell things you need."
#Investing
❌ Tempted for exotic vacation looking at someone else post on #Facebook & #Instagam
Read it carefully 👇
Read it carefully 👇
❌ Spending a lot on weekend parties.
I am not against partying .... Just saying to always remember 👉 "Don't save what is left after spending; spend what is left after saving.”
I am not against partying .... Just saying to always remember 👉 "Don't save what is left after spending; spend what is left after saving.”
❌ No track of #cashflow
It is very important to keep a regular check on your income, expenses and savings.
It is very important to keep a regular check on your income, expenses and savings.
❌ No Emergency budget
Always have an emergency fund.
Many people learned this simple lesson hard way during #covid pandemic #lockdown
Always have an emergency fund.
Many people learned this simple lesson hard way during #covid pandemic #lockdown
❌ No Medical Insurance
People can loose their lifetime savings in just a single medical emergency.
So always buy adequate medical insurance cover.
People can loose their lifetime savings in just a single medical emergency.
So always buy adequate medical insurance cover.
❌ No financial plan
Always remember - “If you fail to plan, you are planning to fail!”
#FinancialPlanning
Always remember - “If you fail to plan, you are planning to fail!”
#FinancialPlanning
❌ No diversification
Remember that too much diversification is also a bad thing.
Remember that too much diversification is also a bad thing.
❌ Spending entire life's savings in children's marriage
Such spending can easily be curtailed and funds can be utilized in a better manner.
Such spending can easily be curtailed and funds can be utilized in a better manner.
❌ Buying gold only in form of jewelry which often lies idle in locker
People should rather invest in #goldbonds or #GoldETF.
People should rather invest in #goldbonds or #GoldETF.
❌ Extremely conservative approach towards investing.
Not advising anyone to take too much of risk, but take risk depending on your capacity to handle it, both emotionally and financially.
Not advising anyone to take too much of risk, but take risk depending on your capacity to handle it, both emotionally and financially.
❌ Lack of clarity between #asset and #liability
Read the example below 👇 to understand this difference clearly.
#Investing #Finance
Read the example below 👇 to understand this difference clearly.
#Investing #Finance
❌ Considering #Frugal as Cheap
❌ Procrastinating Investment Decisions
Most deadly mistake.
Most deadly mistake.
❌ Spending a lot on fancy stuff.
To save money, one should learn to differentiate between #Needs and #Wants.
To save money, one should learn to differentiate between #Needs and #Wants.
❌ Lack of #Patience
Patience is required to grow wealth as in reality there exist no #quick #rich scheme anywhere in this world.
Lack of #patience is No.1 reason why over 95% people loose money in #StockMarket and only 2 or 3 % people (who have patience) create great wealth.
Patience is required to grow wealth as in reality there exist no #quick #rich scheme anywhere in this world.
Lack of #patience is No.1 reason why over 95% people loose money in #StockMarket and only 2 or 3 % people (who have patience) create great wealth.
❌ Depending upon others for investment decisions.
I would advice such people to at least learn basics of Investment and then listen to experts like Financial Advisors.
Beginners can read some basic books.
I would advice such people to at least learn basics of Investment and then listen to experts like Financial Advisors.
Beginners can read some basic books.
❌ Not discussing money matters in the family.
I would suggest discussing about savings, importance of money, etc with kids when they are young.
I do it with my 5 year old daughter.
#FingeeKid 👉@iam_balaji & Prakrit Ke Pappa @FI_InvestIndia can comment better on this for sure
I would suggest discussing about savings, importance of money, etc with kids when they are young.
I do it with my 5 year old daughter.
#FingeeKid 👉@iam_balaji & Prakrit Ke Pappa @FI_InvestIndia can comment better on this for sure
❌ Getting too Greedy with Investments
avoid being too greedy. avoid speculation, FNO, margin trading, leveraged positions, especially if you are newbie.
avoid being too greedy. avoid speculation, FNO, margin trading, leveraged positions, especially if you are newbie.
❌ Wasting Time on Unproductive Things ...
Rather than wasting time, one should utilize that time to learn something new...
Even today, @WarrenBuffett spends most of his time reading...learning new things.
Rather than wasting time, one should utilize that time to learn something new...
Even today, @WarrenBuffett spends most of his time reading...learning new things.
❌ Lack of disciplined investment.
Lack of discipline is an important reason why only few people create great wealth.
Invest in SIP for 10 - 15 years and see the magic of disciplined investing ....
@dmuthuk @FI_InvestIndia @RJGyanchandani @invest_mutual can comment better ...
Lack of discipline is an important reason why only few people create great wealth.
Invest in SIP for 10 - 15 years and see the magic of disciplined investing ....
@dmuthuk @FI_InvestIndia @RJGyanchandani @invest_mutual can comment better ...
❌ Root Case is most of the above mistakes in lack of #knowledge.
Read some good basic books on investing and financial literacy to start with.
#FinancialLiteracy #Investing #InvestmentPlanning
Read some good basic books on investing and financial literacy to start with.
#FinancialLiteracy #Investing #InvestmentPlanning
• • •
Missing some Tweet in this thread? You can try to
force a refresh
