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POSTED BY ON July 27, 2011 8:51 pm COMMENTS (6)
I would like to thank the person who sold me the ULIP policy(i misbought it will be right thing). Without him i would have never known about Financial Planning ,Mutual Fund,Stock Market,Term Insurance,Health Insurance.
I wouldnt have given a damn about investing for long term and power of compounding. May be when i will be in mid 30s i would have realised the need and at same time would have lost about 10-12 years of investing and the compunding effect.
Now i have made all(or almost all) correction to my knowledge and sticking to simple SIP in MF .No Term Insurance as there is no dependents yet.
All these happend because of that one ULIP that i bought and incurred a loss of about 30K.
How many people are there in the forum who are like me ?
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Count me also!!!
I have incurred already a loss of 15 K from HDFC life Unit linked young star and 3K from ICICI prudential lifetime super pention. HDFC still continuing and its already running the course of 4th year.
Manish has advised me to be strong and discontinue the policies, which deep inside feels the best advice. I am thinking about that. Is there any other suggestions?
I have made a similar mistake in my late 20’s in 2009.
I had bought not one but two ULIPs. One of which I have stopped after the first premium( after Manish’s advice) and other one plan to stop after 5 years of its life to avoid the surrendering charges.
Got hooked in to this website and understanding a whole new concept of investing with out being taken for a ride again hopefully.
I am there too.
I agree with @bemoneyaware. None guided me in late 20’s. Or I might have refused to listen to someone at that time. This is quiet possible because when I teach the current 20’s they are saying its too early.
I would say Yes and No.
Yes there are many people like you not only in world but also in this forum who misbought some policy or the other. After all we are not born with money sense . We complete our academic and professional qualifications and are expected to somehow know about money-saving, investment, stocks , mutual funds, taxes… And talk about money is a big NO NO. Quoting Warren Buffett “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”
No there are very few people like you who realise they have made the mistake and learn from it. It is said (and I firmly believe) we learn more from our failures than our successes, for failure makes us think. Congratulations for being among the few.
Me too.
With a Traditional policy (a very “safe” product).
I am sure there would be thousands of people like you who are on the blog, if not this forum exactly . Lets see how many are there