Are these silly excuses stopping you from getting rich?
AdvertisementLet’s face it!
“I do not make enough money”
It is a myth that you have to make tonnes of
“I do not understand investing”
It is true that lack of knowledge or little knowledge can be a dangerous thing when it comes to investing as you may lose money. But do not use this as an excuse for not investing at all because it is easy to educate yourself on the basics of investing these days. There is a surfeit of information on the dos and don’ts and do it yourself sites that have made it very easy for potential investors to take the plunge themselves. All you have to do is to read up diligently and you are bound to feel knowledgeable and confident about investing sooner than you think. If you still don’t think you can do it alone, take the help of a finance professional you can trust among your friends or relatives to help you get the hang of things initially.
“I have enough time to do it later”
When it comes to building wealth, through investing, time is your best friend. The earlier you begin, the more the chances are to see your wealth multiply and grow over the years. So if you are in your late 20s or early 30s and are procrastinating, stop right away! Its time you drew up a financial plan according to your risk profile and begin investing as per your risk appetite. So, do not be under the impression that investing is for the “oldies”. The sooner you begin, the better off you are!
“Stock markets are wayward”
So you have heard horrible stories about people losing their shirts off their backs because they were addicted to trading or “gambling” as you would like to belive investing is. But let us assure you here that is only one side of the story you have heard. The person who “lost his shirt” may not have done things right and invested in penny stock in a bid to become rich overnight. Well, that’s the number one rule of the capital markets. You cannot enter any investment plan with the hope of making “fast money” or “doubling your principal amount”. Investing requires a patient, disciplined and long term approach and there are not shortcuts here! Of course this is not to say that there will not be any volatility or the markets will be in bull run always, but the key is not to panic and make wise decisions about altering your
Advertisement“I will lose my hard earned money”
If you are choosing equities as an asset class to invest, there is no getting round the fact that you will suffer losses at some point of time, just like you will make hefty gains at times. The key is to remain invested through both these phases and not to make any erratic decisions, if the asset class you have chosen sees a sudden slump. Once again you have to re-evaluate your portfolio against the broader perspective of your
At the end of the day, what matters is a long-term approach with
(This article is written by Rajiv Raj, the Director and Co-Founder of www.creditvidya.com.)
- Glenmark to divest 75% stake in Glenmark Life Sciences to Nirma; stock slips
- Families concerned over 'escalating tension' between India and Canada
- India-Canada tension: Trudeau says not looking to provoke; MEA says no specific information shared
- HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%
- Cutting across party lines, Rajya Sabha MPs support women's reservation bill