“Subra I am 38 years of age, and I wish I had come to your blog earlier – it would have changed my life”. Anon reader.
I am not sure what many of these readers mean when they say that they should have come here earlier!! However let me hazard a guess. I think most of them wish that they KNEW the following and that they REALLY used it:
1. Knowing the importance of savings: Really if your parents did not teach you this, I would be surprised. Assuming you are in you 20s or 30s, your parents are the 1950 or 60’s generation, and they have been brought up being taught about frugality. YOU were taught for sure, YOU did not bother to learn.
2. The Power of small numbers: ‘Only when we came to your blog did we realize that even Rs. 40 a day is a good start’ – yes many parents would have missed teaching this. This is a illusion problem. The human mind cannot comprehend the power of compounding. Not your fault, blame God. Hey, but you did learn compounding in class 7 did you not?
3. Learning the power of Equity: Sorry, this is a class issue. Only a few communities in India invested in equities. Do not blame your parents. Blame should go to the community to which you belong, your parents, your siblings, friends, education….choose!!
4. I wish I had known about why my take home pay was much lesser than my gross!! I did not learn about taxation. I wish my employer had told me.
5. I wish somebody had told me that “Fixed deposits” to save taxes is such a ‘not cool’ kind of an idea. It is plain, downright stupid especially for a 23 year old fresh engineer. I wish my college syllabus had some basic financial knowledge chapters.
6. I wish I had understood the power of equity. At least I would have started an ELSS SIP.
7. I wish I had not listened to my Dad’s friend. He has sold me a premium of Rs. 33,000 per annum for a 30 year endowment policy. Now I am being told this is unadulterated shit. I wish my parents had not made me ‘dependant‘ on such people for financail advise.
Well, that is all for now!
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