π
If you are making these mistakes your financial health could be in trouble...
Make sure you note and implement these
15 secrets that nobody will tell you...
Let's get started..
(1/n)
If you are making these mistakes your financial health could be in trouble...
Make sure you note and implement these
15 secrets that nobody will tell you...
Let's get started..
(1/n)
1 >> NOT INVESTING
Warren Buffett - βIf you don't find a way to make money while you sleep, you will work until you die.β
To win the game, you need to be in the GAME..
So keep investing...
(2/n)
Warren Buffett - βIf you don't find a way to make money while you sleep, you will work until you die.β
To win the game, you need to be in the GAME..
So keep investing...
(2/n)
2 >> Ignorance of Financial Goals
Ignorance is Bliss but not in financial matters. You need to set SMART goals
S β Specific
M β Measurable
A β Achievable
R β Realistic
T - Timely
Make sure you have your goals in place
(3/n)
Ignorance is Bliss but not in financial matters. You need to set SMART goals
S β Specific
M β Measurable
A β Achievable
R β Realistic
T - Timely
Make sure you have your goals in place
(3/n)
3>> Thinking MF SAHI HAI
You can manage your investing by your own but with the help of the mentor. Without the mentor or without proper information you cannot DIY. You should have someone who has your back.
Do investing under guidance
(4/n)
You can manage your investing by your own but with the help of the mentor. Without the mentor or without proper information you cannot DIY. You should have someone who has your back.
Do investing under guidance
(4/n)
4 >> Getting Behind on your payments
Getting behind on your payments will create a vicious circle. It is very difficult to come out from that circle. Lifestyle inflation, Credit Cards, etc. are some of the reasons behind it.
NEVER GO INTO THIS NEGATIVE SPIRAL
(5/n)
Getting behind on your payments will create a vicious circle. It is very difficult to come out from that circle. Lifestyle inflation, Credit Cards, etc. are some of the reasons behind it.
NEVER GO INTO THIS NEGATIVE SPIRAL
(5/n)
5 >> Investing in Stock Market with no research or suggestions
Many investors have lost fortunes by copying someone elseβs investments or by listening to suggestions of their friends and families.
These people easily fall for the traps or scams.
Build your own system.
(6/n)
Many investors have lost fortunes by copying someone elseβs investments or by listening to suggestions of their friends and families.
These people easily fall for the traps or scams.
Build your own system.
(6/n)
6 >> Buying things just because they are at a discount
People are obsessed with these terms β sale, discount, Buy 1 Get 1 Free, offers, pre-launch price, etc., People buy things when they see those terms even though that thing is not the priority.
Don't fall into this.
(7/n)
People are obsessed with these terms β sale, discount, Buy 1 Get 1 Free, offers, pre-launch price, etc., People buy things when they see those terms even though that thing is not the priority.
Don't fall into this.
(7/n)
7 >> Reducing Expenses instead of Increasing Income
We have always been taught β Jitni chadar ho utne pair failao par hum chadar b badha sakte hai.
We can also think about increasing our income sources. Majority of people are solely depended on 1 or income sources.
(8/n)
We have always been taught β Jitni chadar ho utne pair failao par hum chadar b badha sakte hai.
We can also think about increasing our income sources. Majority of people are solely depended on 1 or income sources.
(8/n)
8 >> Not Paying Yourself First
"Pay yourself first" means that you should pay your own savings and investment accounts first.
You are "paying" your future self by saving for your long-term needs.
(9/n)
"Pay yourself first" means that you should pay your own savings and investment accounts first.
You are "paying" your future self by saving for your long-term needs.
(9/n)
9 >> Not Saving for the Future
One problem: itβs easy to say, βIβll save when I get a substantial amount of money:β
But the truth is that money accumulates, most times, little by little.
Keep compounding - ALWAYS.
(10/n)
One problem: itβs easy to say, βIβll save when I get a substantial amount of money:β
But the truth is that money accumulates, most times, little by little.
Keep compounding - ALWAYS.
(10/n)
10 >> Seeking Financial Advice from Wrong People
Beware of bad financial advice from friends and family especially from people who are in superiority trap β they think they are better than the experts.
Having right mentors with skin in the game is very important.
(11/n)
Beware of bad financial advice from friends and family especially from people who are in superiority trap β they think they are better than the experts.
Having right mentors with skin in the game is very important.
(11/n)
11 >> Falling for HOT STOCK TIPS
Do your own research, do your own background check & then decide which stocks to buy rather than losing your hard earned money by falling for hot stock tips.
Learn process, don't be dependent on tips.
(12/n)
Do your own research, do your own background check & then decide which stocks to buy rather than losing your hard earned money by falling for hot stock tips.
Learn process, don't be dependent on tips.
(12/n)
12 >> NO EMERGENCY FUNDS
An emergency fund can be very useful in times of financial crisis. ... should be able to withdraw the money when you need it and with no delay.
But most people donβt even know that they have to such a fund exists.
Don't ignore this aspect.
(13/n)
An emergency fund can be very useful in times of financial crisis. ... should be able to withdraw the money when you need it and with no delay.
But most people donβt even know that they have to such a fund exists.
Don't ignore this aspect.
(13/n)
13 >> Not Filing IT Returns
This is the last thing one should do.
Be regular in filing returns to avoid penalty, interest and legal hassle.
Outsource it to your CA and enjoy peaceful life.
(14/n)
This is the last thing one should do.
Be regular in filing returns to avoid penalty, interest and legal hassle.
Outsource it to your CA and enjoy peaceful life.
(14/n)
14 >> Thinking Investing as Gambling
Investing increases the overall wealth of the economy while gambling merely transfers money from one person to another person.
So, there is a huge difference between investing and gambling.
Invest like owner of businesses.
(15/n)
Investing increases the overall wealth of the economy while gambling merely transfers money from one person to another person.
So, there is a huge difference between investing and gambling.
Invest like owner of businesses.
(15/n)
15 >> Depending solely on Salaries
People are more salary oriented as compare to profit oriented because Indian education system has taught us to work on monthly basis.
Focus on creating multiple avenues of income.
(16/n)
People are more salary oriented as compare to profit oriented because Indian education system has taught us to work on monthly basis.
Focus on creating multiple avenues of income.
(16/n)
Summary - keep building compounding machine through investing, avoid debt trap and generate multiple sources of income.
To learn more on compounding, you can join below:
technofunda.co/live
Wish you luck for fulfilling financial journey.
(n/n)
To learn more on compounding, you can join below:
technofunda.co/live
Wish you luck for fulfilling financial journey.
(n/n)
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