As you move on in life you would be able to sit back and look at how your life went. To some people you owe a lot – they gave you good advice – but some people gave you awful advice. Here is summarising some of the awful advice that I received. Please feel free to add your list too!
- Buy a house as soon as you can – RE prices are increasing, will keep increasing at a good pace and will NEVER ever come down. I have no clue why, but the average age of the home buyer keeps going down. Not long ago Hdfc did not have “Miss” in their form, did you know this? No, not very long ago – 1983 is when I noticed it when a friend was trying to buy a house!
- Buy a house as BIG as you can – the broker, the builder, your parents…all of them will push you to commit to a house as big as possible. Seriously, you may need a 1 bhk but you will be pushed into buying the second or third bedroom!
- Take more loans: Encouraging people to take more home loans – to buy a car, to go on a vacation – because it is tax deductible.
- Buying a home is always better than renting. No comments done many times.
- Co-signing a home loan is fine, there is no liability. Absolute nonsense.
- You should always lend money to family and friends.
- Take more loans to improve your credit rating. Yuck.
- Equities will always do well in the long run.
- Do not invest in equities – it is too risky.
- Fixed deposits are safer AND therefore better than bond funds EVEN in the long run.
- You need an emergency fund ONLY if you have a bad employer. In case of an emergency actually you can borrow from your employer!
- Take Unit linked insurance – it will give you at least 15% return over next 30 years.
- If you are holding mutual funds in joint names you do not need a nomination (told by a bank rm with 12 years experience!
- Don’t leave a job in a big good secured company.
- Don’t Join a start up.
- Don’t worry about savings when you are young, there’s always tomorrow.
I can go on and on…here challenging it to reach 100 with your support…
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