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To counter this statement, Pawar says, "Financial instruments are in themselves not bad, but people do not know how to use them." Had Chakraborty invested the money in equity large-cap funds, such as ICICI Prudential Focused Bluechip Equity, ...
Chakraborty is addicted to stock trading and invests in a clutch of momentum stocks. There is no method or strategy?he just buys on the basis of tips from brokers and TV programmes. He does not invest through mutual funds because he doesn't want to give up control.
He should check how much he has earned through stocks trading. Chances are that he would not have outperformed the average mutual fund. Since he can't do this full time, it's best to invest through funds.
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What do driving and money have in common? Reckless and rash behaviour can cause accidents. You need discipline and moderation to enjoy a smooth, comfortable and rewarding ride. The only way to achieve this is to keep a tight rein over your impulsive financial habits, be it spending or investing.
If you're a spendthrift, you will always find yourself unable to invest because you are short of cash. The only way out is to turn this equation on its head. First, take out money for discretionary expenses, such as rent and grocery, next invest a fixed amount, and only then use the remainder to spend. It's best to do this the day you get your salary so that you don't get time to be tempted to blow it up. Opt for ECS and SIPs, where the money will be deducted from your account automatically. Prepare a fixed format for your net salary and stick to it. For instance, assign 50% to monthly expenses, 20% to long-term investments, 10% to short-term needs, such as auto repairs, and 10% as fun money that you can spend on dining out and entertainment. You can put these in fixed accounts or envelopes earmarked for these purposes. Of course, you also need to exercise your will power and not be tempted to sneak out money.
If you are careless about your credit card bills and often roll over the balance, cut up all your cards, and when you go shopping, carry only a limited amount of cash. This will curb the urge to splurge.
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