Let us tell you about 10 such evils related to money and money.
Dussehra 2020: Today i.e. on 25 October, the festival of Dussehra is being celebrated with great enthusiasm across the country. Dussehra, the festival of Vijayadashami, is celebrated as the victory of good over evil. On this day Shriram killed Ravana. Today, all of us should also take a pledge to leave the bad habits inside us. Some habits are also related to our money, savings and investment, which we should give up in time. Its positive effect will be seen on our investment and returns. Let’s know about 10 such habits related to money and money, which we should eliminate from within ourselves. .
1. Do not start your investment early
Many people start many years after getting an investment job. They do investment and financial planning for their future in 40-45 years. If they start this investment immediately at the age of 24-25, as soon as they start their job, then they get more benefit in future. They are able to accumulate more corpus.
2. Not taking inflation into account
Inflation is constantly increasing with time. In such a situation, it is important to keep in mind the rising inflation rate. By not keeping this in mind, financial planning can spoil your investment.
3. Not taking an adequate health cover
During the time of Corona epidemic, the importance of health cover has increased. People have understood that it is very important to get health insurance coverage. Many people do not take adequate cover and they come to know about their importance in case of diseases like Corona.
4. Get more debt
It is important to keep your expenses in check so that your borrowing or debt does not increase. In such a situation, it is important to pay attention to it. Banks also see this when applying for a home loan or car loan etc. in future.
5. Fearing the equity investment
When the stock market falls, people stop investing in panic. Investors should exercise restraint while investing in the stock market and take decisions wisely. Stock market fluctuations are common.
6. Investing in an asset class
While investing money, it should be divided into different asset classes. Some people put it only in one place like gold or property. But your amount should be divided into different portfolios.
7. Recognizing insurance and investment
Many people do not differentiate between insurance and investment and consider insurance as an investment. Most people in India buy an only insurance policy as an investment, which is not right. Insurance and investment should be looked at independently.
8. Investing in More Complex Products
Many people invest in such products, about which they have enough or very little information. It should be avoided. While investing, keep in mind that before investing, you should get complete information about that product.
9. Investing only for tax savings
One should never invest in compulsion. Many people invest only in their income tax to save. Investment should not be considered only as a medium of tax saving.
10. Not reviewing investment
It is also important to keep reviewing your portfolio after a certain interval. With this, you do not face any problem in future and the investment is safe.
(Based on a conversation with AK Nigam, Director of BPN Fincap)