My Gym trainer is also my client for advisory services and this is the dialogue that we have had:
My Gym trainer: I have been coming to you for the past 4 years and I do not feel rich
Me: Are you earning as much as you said you are?
GT: Yes of course – my salary and training fees is increasing. Last month it was Rs. 54,000
Me: Not bad.
GT: But my net-worth as you asked me to calculate is not increasing at all.
Me: Are you maintaining the excel sheet that I gave you to record your income and expenses?
GT: No…but I know where I am spending and I do not spend much, I KNOW that.
Me: Did you start the SIP plans in Hdfc top 200, Prudence, Franklin Prima plus and Icici Prudential Discovery funds?
GT: Not all. You asked me to do 5000 * 4 SIPs. I did 2. My father in law asked me to do a bank Recurring deposit.
Me: So you do not put your money in equities, do not maintain accounts of your income and expenditure, listen to a Mining Engineer who does not know his A from his E. Of course he will not cheat you but he does not know investments. And yesterday you had the audacity to call me dumb, because I did not maintain a food diary.
Subra’s Note: How come doctors do not maintain proper patient records? How come Gym trainers who keep meticulous records of their clients work outs cannot keep their own financial records? How come financial planners who can understand the importance of accounting cannot keep a food diary?
Answer: We do what our ‘jobs or careers’ demand. We cannot carry (will not carry) learning from one discipline to another.
Joke: I have a friend who reports to a guy with a huge net-worth. He is a brilliant stock picker, does disciplined leveraging, and can analyse a balance sheet bare. However he is 5’9″ weighs 110kgs, smokes, drinks, eats pan parag, keeps late nights. My friend says ‘Our friend takes a 10 year view on his portfolio and a 3 year view on life’. L O L.
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