You will not even believe if I tell you that these are real life MISTAKES that I have seen people make. I then realized that many of us make these mistakes, but were just damned lucky! Here is a partial list:

  • Giving bank guarantees for friend’s business loans and home loans
  • Marrying without checking the background of the potential spouse (Guilty! got lucky, so looking smart)
  • Women staying on in an abusive marriage for far too long
  • Parents urging girls to stay on in a bad marriage
  • Parents giving house ownership papers to children for their ‘short term borrowing needs’ and finding house being takenover
  • Parents selling flat to combine resources with son / daughter to buy a ‘joint’ ownership house
  • People refusing to even calculate how their funds are performing
  • Doing investment themselves, doing equity investing themselves and not keeping records
  • Justifying lower returns saying ‘but my needs are few’ – then why not a simple debt fund growth plan?
  • Taking too much risk
  • Taking too much risk by thinking that they are not taking any risk – bank FD ONLY kinda portfolio
  • Thinking PPF, NPS, etc. are ZERO risk products
  • Being extremely trusting, and not even verifying.
  • Being too dependent on spouse, sibling, parent, children, agent or RM.
  • Buying unnecessary and complicated products to please the salesman
  • Thinking complicated products = better returns
  • Thinking Fund manager = financial planner
  • Thinking financial planner = fund manager
  • Incomplete documentation especially in life insurance and real estate
  • Getting into areas like film industry without understanding the downside -financially, physically, and emotionally
  • Using media as the financial planner

 

 

  • HAPPY IF YOU WISH TO ADD MORE – MUCH MORE – i am sure to have missed many….

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  1. 1. Lending money to friends and relatives
    2. Giving money to friends on emergeny with the hope that frined will return and family members are not aware of it.
    3. Failing to provide nomination in most of the investment
    4. Trusting Agent more than god,wife,childrens
    5. Buying land and property by just trusting the advocate

  2. Not writing a will
    Spending more than investing
    Investing in chit funds
    Assuming that only office based insurance policies are enough

  3. To buy things they don’t need, with money they don’t have, to impress people who don’t care and built a mountain of debt in the process.

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