Why do you not start Investing Rs…………… in a SIP?
Ask this question and the lies that you hear are amazing. Most of the lies are what people are telling themselves, and here are some of them:
1. I just cannot afford it!
Really? On a combined salary of Rs. 19,00,000 per annum, you cannot afford to put away Rs. 10,000 a month? How about that monthly eating out costing you Rs. 8000 or the bike you bought for 190,000, or that PS2? Give me a break.
2. Sir what is the hurry to save money for retirement?
I am just 34 – and I do not think I will retire before I am 55. That gives me 21 years to go! I will save later.
3. Once I am married my money problems will be solved. Sir both of us will earn, and I will save 5k of rent. That I will be able do a SIP.
4. Markets are down – what if I lose more money?
5. Markets are UP – I will save money when the markets are down.
4 and 5 are just buying time for postponing. Procrastination is the key. These people do not want to invest, they just want to tell their own selves (telling lies to oneself!!) that they will start saving/ investing when conditions improve. A simple thing they could do is a RD in a bank – it has nothing to do with equity markets, but they will do nothing.
6. I am expecting an inheritance, why should I save?
Brilliant. What happens if your parents live much much longer than you expect? Or the money is finished off in paying for an illness? Or unexpectedly long recession erodes the money?
7. My house will appreciate tons…I will sell it off and go and stay in my hometown, I will save a lot of money.
8. I have to pay for my children’s education and marriage…I will invest as soon as the education expenses are over.
…..can the readers add more excuses?
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