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Tuesday 28 May 2013

Traits that eat into your Savings

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

1 Lust
"I want..." could be the most
dangerous words for your finances, mostly because we seem to want everything--a world tour, a swanky car, a plush abode. However, extravagance can lead to financial hell. Always remember the first budgeting lesson: separate your expenses into discretionary, necessary and luxury. Indulge in the last one only when you've taken care of the first two.

 

2 Wrath
"I picked a good stock, but ran into bad luck." "I work so hard in the office, but the boss is partial and doesn't give me a raise." If you tend to blame everything and everyone for your dire financial straits rather than yourself, you're letting emotions cloud your judgement. Anger could also lead you to be impatient and make impulsive choices. Learn to evaluate your decisions rationally and, more importantly, figure out a way to remedy the situation. So, invest in your career by re-skilling, or work with a high performer to learn how to do the job right.

 

3 Pride Ok, it's always difficult to admit you're wrong, but doing so will be one of the biggest financial favours you could do. To yourself. So, if a stock you considered a great pick has tanked, swallow your pride and admit that you made a wrong decision. Holding on to your arrogance and an investment that is losing money will only mean that you're losing out on benefits you could have earned had you invested that money somewhere else. Here's one way to keep your ego out of your investment decisions. Set a stop-loss order for all your stocks. If the share price falls below a certain limit, sell it.

 

4 Envy The Jains and the Sharmas have it, which means you want it too. It doesn't matter whether you can afford it or not. Envy could lead you into the big black hole of debt, and escaping it can be rather difficult. It may be tough, but living within your means is the only way to financial independence. A loan is good only if it helps you build an asset that will grow in value. Otherwise, avoid taking one.

5 Greed
'Buy one, get two free!' 'Low interest rate of only 7%!'

Tempting offers, aren't they?

But have you checked the hooks attached to these baits? The greed to make a quick buck often blinds us to the high risks that come with attractive schemes, making us prey to various traps and scams. You should ascertain your financial capability and risk-taking ability before opting for any scheme. Fix a specific target for your investments, and when you achieve it, redeem the investment.

 

6 Sloth
Procrastination can cost you big money. If you're lazy about paying your bills, you could end up with hefty penalties, ranging from 75-100 for a delayed phone bill payment, to 2.5-3.5% a month on the overdue amount of a credit card bill. Worse, if you fail to pay an insurance premium on time, your policy could lapse. To avoid this, start ECS payments and make a financial calendar. Check it every month to ensure that you don't miss out on any goal. Of course, your work doesn't end here. Plan well in advance for your goals and rebalance your asset allocation regularly to achieve them.

 

7 Gluttony
Going obese on anything will just make it difficult for you to stand up again if you fall. So, concentrating on a particular industry, theme or stock is a bad idea. Remember the fate of most infrastructure funds and the fact that they've still not managed to recover? Ensure you have a balanced financial diet by diversifying your investments so that your portfolio remains healthy.

Happy Investing!!

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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