In life we buy many things. Most of the products we do not understand the cost or the benefits, so we just go along and buy them.
List it down. Toothpaste. Vegetables. Fruits. Clothes. Electricity. Soap. Timeshare. White goods. House. Travel. Car. Doctor’s services. …..let us assume that the list runs to about 100 items. Or say 500. Does not matter.
However one thing WE THINK WE UNDERSTAND is the financial products that we buy. So a few of us (say about 1% of the investing population) – they over analyze the cost of mutual funds, life insurance policies, pension plans, …and come to some good, and many times dangerous conclusion. OBVIOUSLY WRONG.
Not all decisions (even in finance!!) can always be reduced to money terms. For me a good and competent fund manager is worth paying an extra price.
Then we hit a website that makes an attempt to teach us about mutual funds, insurance, banking, financial planning, et al. Great.
So we spend 2-3 hours a day for a week and promise ourselves that we will spend 2-3 hours a week on our personal finance. Great.
Let us now twist the tale. You meet my friend Siddarth and he tells you that the vegetables that you eat are loaded with pesticides. So please grow your own vegetables in YOUR own house. If you have a terrace, great, you can really get going.
So if you do spend about 3 hours a day for the next week, and then about 3 hours a week for the next 52 weeks the following will happen:
– you will grow spinach, coriander, ginger, lady’s finger, tomato, ….et al in your OWN HOUSE.
– you will decide to use ONLY need as a pesticide
– you will eat nice vegetables – and your children will not waste them (they are involved in the growing, no? )
– your health with improve
– you will surely fee more invigorated
– you will attend ‘Urban farmer’ seminars, read websites, etc. and IMPROVE AS A FARMER
– I can assure you you will SAVE MUCH MORE THAN WHAT you saved in trying to select the right financial plan for yourself.
Er…what about finances? do not break into a sweat, just put money in an index fund. Take a term insurance. Period.
THEN START SAYING NO.
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