A couple of days ago I did a post saying ‘Earning well but poor part 1’, now here is a sequel…
6. You rely on others to take care of your money: A classmate who is a relationship manager in a bank, or a friendly uncle, or …..hardly matters who. It is nice to say ‘I trust him or her’ . You have to, must, must, must understand the logic of the investment or the saving plan. You should know why a gilt fund, why a liquid fund, why equity, why ppf – just blindly doing / allowing somebody else to do is STUPID. I know of one girl whose husband’s ego did not allow her to ask. He has invested HER money in ULIPs.
7. You try to make a quick buck: You try to get into some ‘get me rich quick’ schemes regularly and lose money. You buy ‘z’ group share and that is your idea of a good investment. Nice to know that you think you are investing. However, in clear terms what you are doing is an unplanned ‘throwing’ of money, and ‘hoping’ it will do well. Sadly, hope is not strategy.
8. You are unprepared for anything: You do not have medical insurance, term insurance, an emergency fund, …so when bad things happen, well it hurts more. Just too many of you have no clue about what to do if you fall ill, lose your job, your landlord asks for a fresh deposit and an increased rent. Why you cannot even plan your honeymoon – so a last minute ticketing takes your total cost from Rs. 65,000 to Rs. 120,000. Now you know why Hdfc bank is so damn profitable, do you not? LOL.
9. You have dreams, NO GOALS: Yes a few of you have well articulated goals, but that is an exception. Saying ‘I want a house’ or …whatever…means ‘wishful thinking’ that is all. To repeat, wishing is hoping, that is NOT strategy. Goals have to be well articulated, written down, practical and WORKED upon. Otherwise it is a wish list, and soon a lament list – NOT a goal list.
10. You have NO patience: Saw it, must have it. List the last 5 things that you bought – costing at least Rs. 5000. Then see how much have you used them. Was not each of these things ‘life changing’, ‘must have’ awesome products? what happened AFTER you bought them? Stop competing with the shop keeper – he is selling, YOU are buying, dude.
11. You care about what your pressure group thinks: Most (if not all) your assets are to impress others. So the Apple phone, the KTM, the house, the shirt, the shoes, the places you plan a vacation, the hotel you stay – goddamit – 100 years ago you would have been called a slave.
12. You are slaves: to your cook, your maid, your play station, all your screens -mobile, laptop, ipod, kindle, ipad, ….God you cannot live for 20 waking minutes without all these screens, and upgrades.
13. Eating out: for your earlier generation it was once a month, for you it is about 3 days a week. When you eat a masala dosa for Rs. 75 – remember you are paying for the material, interest cost, rent, salaries of the cook, server, etc., infra costs, margin of the hotel, etc. Made at home masala dosa (remember you are paying Rs. 3000 for a cook?) it costs you Rs. 12. Here again you are earning too well to think of small change, right?
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