What are the most shocking financial behavior that I have seen in my 3 decades of watching people’s financial behavior?
Here is a list….
– Dying without a nominee or a will: recently a guy aged about 58 died without a nominee in his office Provident fund, housing society, bank account, locker, mutual funds…this dead joker takes the cake. Completely.
-Keeping Rs. 2 million in the savings bank account…- not by a rich man but by a person with a CTC of about 1.5 million!! Keeping money in the savings account, liquid account, etc. should be as a part of the strategy, not accident.
-Buying financial products from the bank: well this fulfills the requirement of the bank, and rarely your own financial needs
-Buying different types of unit linked plans for your insurance and pension needs
– thinking of insurance as an investment
-living a complicated life – wife, ex wife, children from 2 wives,….and still not bothering to write a will.
– holding properties with children when spouse is alive!
– not communicating financial needs and explaining value to children or spouse
– pretending as if you understand financial products just because the sales person is too attractive and you did not want to look like a fool
-using anecdotal examples and think you have become a consultant / adviser
– pretending to understand compounding but interrupting it while you invest
OMG I could write a book!! lemme stop!
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