September 25, 2010 12:15 pm
My advice will KISS – Keep It Simple Stupid. What would you advice??
Read Extensively – Understand Thoroughly – Plan Accordingly & then Invest Appropriately => Happy Financial Life 🙂
Follow PDCA. Plan, Do, Check and Act.
Just in one sentence make a “PERSONAL FINANCE EMERGENCY KIT” Like we found “FIRST AID KIT” Mostly in every Home.
ehh, Now you seen my reply.
please send a payment of Rs 10,000/- for the advice.
Whatever the crap advice I dont give it out free.
So thats your advice, dont trust blindfolded the free advice.
its the first step –
start to “understand” your money & “financial needs”. unless you know what you have & what you need, you can’t take a right decision on your money!
May not be jut one thing:
Don’t expect that market will always rise and expecting amazing high returns in very short time is not good. Such expectations get beaten up very easily.
Don’t get tensed when market is on a slope. Take judicious decisions that time.
The big fish exits just before or during the fall. Being a retail investor you need to be cautious. Sometimes ‘booking some loss’ rather than staying on and burning further is a correct thing to do.
Start saving ….. then slowly slowly it wud become your habbit…
My advice: Start early, Start small, Review and Revise all along
My Simple advise will be “Know what you are doing,where are you investing and where it is taking you”.If you know these the investment decisions becomes very simple.
Last so many years the worst part of advisory was”customers never knew what they are buying”.
Whatever you do in life in financial matters, don’t just go by what others said. Take that as first step investigate and make yourself clear even if you are buying a MF. Don’t go with what others are saying like buying x or y or z.
Money is just another thing in life. Know this and enjoy life.
Never borrow money to invest in stocks*
* –> This is my opinion not personal experience
after all this, my contribution would be START EARLY because the POWER OF COMPOUNDING over a long period of time can give you UNHEARD-UNSEEN of amount…
Listen to the experts, (like Manish and Hemant).. .. 🙂
Plan …if you haven’t planned then you have failed…!!!
Well, many have already answered bulk of what I though but then not sure if it came out explicitely that ..” ..continue to live and enjoy your life and do not spend everytime today worrying about tomorrow…”
Have a financial plan, follow it and live well.
Always Associate Each of your Investment with One Individual Goal .
t will never take you wrong decision and not Utilize money anywhere.
One piece of financial advice that really helps in building wealth:
– Be disciplined and regular in making investments irrespective of whether it is a bull or bear cycles in the market. Redeem or withdraw your investments only for meeting some goals
Observe your inflow and outflow. Start tracking them, or else one day it will be too late to correct them.
Don’t buy what you don’t understand… 😉
My advice would be, live credit free life… dont’t leverage in stock investing… don’t take excess Loans.
Life insurance should be term insurance and not for investment tool.
Ya its important not to got stuck in debt trap.
I would say that make a will and keep your spouse informed about your investments. It would also help to have a small write-up on puropose / goal behind your various investments and strategy you adopted to achieve those goals in order to ensure that continuity of your investment strategy is maintained just in case something unfortunate happens.
Yup already someone else said this.
Never forget your job while focussing on investing of the money that your job gave.
Keep your primary source of income i.e. Job/Business intact. If you are in a job, position yourself in a such way that you should be the last one to go incase of bankruptcy. I believe complete focus on job automatically brings in rewards in terms of higher raises, promotions, incentives/bonuses. Unfortunately no one considers job rewards as ‘investment income’.
Ya your career is your biggest asset but you also need a passive income through investment assets.
Your job is not going to support you after certain age.
I would advice that one should keep things simple as Hemant suggested and also make sure you prepare a document which is kept at some accessible place and make sure you let your family members about it and tell them its something that will help them in knowing what all exists in portfolio and what to do with it once you are not there .
Its definately not very comfortable thing to tell , but its a good thing to do .
One advice from my side to anyone would be ” Dont trust anyone , literally no-one, make sure you understand what you are buying”
You need to learn but tat doesn’t mean you should not trust.
You trust your doctor 🙁
I would agree with Money Savings help and keep on briefing your spouse on the activities you carry out with respect to all investments etc. keep separate files for MF/Stocks/Insurance and have a consolidated print out of excel sheet which can be updated every month and kept at a safe place in the house which can be accessed by the important members in the house in case of any emergency.
Very Important for tracking things.
Buy term plans and invest via SIPs in Equity Mutual Fund for a long period of time.
You will definetely get good returns.
It has worked for me, it should work for you too.
This 2 things are must for every one.
Whatever you learn, share it with your spouse. After all, who is going to teach & help her, if you die before her.
I know it’s harsh truth.
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