LEARN FROM MY MISTAKES.


LEARN FROM MY MISTAKES.

Friends 20's are that time in our life when we are bubbling with life and energy ,when we don't have much responsibilities, when we are the most stubborn to listen to anyone's advice ,it's that period when we think that world is in our hands and hence we get carried away when it comes to matters of money.

It's that time in our lives , when most of us get our degrees and start earning , so if you have learned money lessons thoroughly at this point ,then there are less chances that you will be having roadblocks financially for rest of the life .

Friends they say MAN LEARNS FROM HIS MISTAKES, but I believe you should learn from others mistakes also coz you can't afford to commit it all.

So here I'm listing some of my blunders money wise and how I recovered from it.

1. NOT INVESTING IN EQUITIES.

For a person who has been earning from age 17 , it was not at all wise,to not have equities in his investment basket in his initial years.

But I have to admit that buying a mutual fund was not as easy as it is today.

At 22 I started my first sip plan in a large cap fund , from then there was no looking backwards.

Today there are multiple platforms to buy direct mutual funds , so don't wait , start a sip today itself and i bet you will thank me later.

2. NOT KEEPING TRACK OF YOUR EXPENSES AND INCOME.

friends money will only grow and multiply , when it thinks it is in safe hands . YOU RESPECT MONEY, MONEY RESPECTS YOU BACK.

I was very bad in budgeting , but then slowly started taking charge of money , started making excel sheets to track inflows and outflows.

So keep track of your expenses and income, I know its boring, but its important.

3. NOT UNDERSTANDING THE DIFFERENCE BETWEEN SAVING AND INVESTING.

Friends as told earlier i started off at a young age , but did not know the difference between savings and investments.

At that time for me savings and investments meant same.

So when you are ignorant, you are bound to be taken advantage of. And I ended up having many endowment policies and ULIPS ( thank God I have gotten rid of them long back ).

So friends the take away is keep your savings and investments separate.

4. NOT GETTING FINANCIAL LITERACY

I told you i learnt the money lessons the hard way , only when I had burnt my fingers In stock markets , I started educating myself.

I started reading articles , books , magazines all that came in my way . Even today I'm learning, see friends investing is an art you have to learn it.

RICH DAD POOR DAD ,THINK AND GROW RICH, THE INTELLIGENT INVESTOR. are some of the best books that you can lay your hands on.

So please have a basic financial LITERACY when you start off with your investments.

5. NOT HAVING A GOOD MENTOR.

friends we need good mentors to groom us , to show us the correct path in investing at least when you are starting off.

I didn't have much contacts, and didn't bother much to make any at that time .

But my life changed as I started interacting with people who were far more experienced than me.

Alexander sir, vyas Sharma sir , subramaniam sir ( had met them on moneycontrol.com forum ), owe you all a lot , thanks for helping me in my initial days.

So friends always ask questions , occasionally hangout with people who are more experienced than you in matters of finance.

These were some of the mistakes I did money wise when I had started off .

 Hope reading this will be help you ,when you will start with investing .

Happy investing 😊



















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