Does this mean you should not invest and keep postponing your investment program?

No!

No doubt, being in debt, could make it tough for investors to make money; because if you have some high-cost debt it may not be possible to get returns higher than the rate of interest at which you have borrowed. Hence it is thought to be counter-productive to simultaneously invest as well as borrow.

Expert say

Many financial planners would suggest that you pay out or cut down your debt. In other words, if you have a credit card loan at an interest rate of 42% per annum (pa), the money you are investing will have to make more than 42% pa to make it more profitable than simply paying down the debt. There may be investments that deliver such high returns, but you have to be able to find them, knowing you are under the burden of debt. I surely cannot find them.

The debt trap

You may be paying off the following:

1. THE most expensive loan

This is your credit card debt. High interest is relative, but anything above 30% pa fits in this category. Carrying any kind of balance on your credit card or similar high-interest vehicle makes paying it down a priority before you start to invest.

Personal loans at 30% pa are also included in this category. Despite a bull market (which may last another five years?), getting a 30% pa return on a sustained basis is a pipe dream. Also did you know that SIPs started as back as a year back are now in the RED? (31 Mar, 08 – today’s comment). You should also be keeping track of your net-worth and for this you could go to www.myirisplus.com which has a software that helps you track your net-worth.

2. Low-interest debt

This can be a car loan, a line of credit, or a personal loan from a bank. The interest rates are usually described as prime plus a certain percentage, so there is still some performance pressure from investing with this type of debt. It is, however, much less daunting to make a portfolio that returns 12% pa than one that has the pressure to return 25% pa.

3. Tax-deductible debt

If there is such a thing as good debt, this is it. Tax-deductible debts include mortgages, student loans, business loans, investing loans and all the other loans in which interest paid is returned to you in the form of tax deductions. Because this debt is generally low interest as well, you can build a portfolio while paying it down.

Note: The types of debt we will cover in this article are long-term low-interest and tax-deductible debt (like personal loans or mortgage payments). If you don’t have high-interest debt or, better yet, all your debts are tax deductible, then read on. If you do have high-interest debt, you’ll need to pay it off before you begin your investing adventure.

The time to invest is NOW
Debt elimination, particularly of something like a loan that will take long-term capital, robs you of time and hard-earned money. In the long term, the time (in terms of compounding time of your investment) what you lose is worth more to you than the money you actually pay (in terms of the money and interest that you are paying to your lender).

You want to give your money as much time as possible to compound. This is one of the reasons to start a portfolio in spite of debt (but not the only one). Your investments may be small, but they will pay off more than investments you would make later in life because these small investments will have more time to mature.

The plan
Instead of making a traditional portfolio with high and low-risk investments that are adjusted according to your tolerance and age, the idea is to make your loan payments in place of low-risk and/or fixed-interest instruments. This means that you will be seeing ‘returns’ by the lessening of your debt load and interest payments rather than the 4-8% return on a bond or similar investment.

The rest of your portfolio should focus on the higher-volatility, high-return investments like equity shares and equity mutual funds. If your ability (or willingness) to take risk is very low, the bulk of your investing money will still be going towards loan payments, but there will be a percentage that does make it into the market to produce returns for you.

Even if you have a high-risk tolerance, you may not be able to put as much as you’d like into your investment portfolio because, unlike bonds, loans require a certain amount in monthly payments. Your debt load may force you to create a conservative portfolio in which most of your money is being ‘invested’ in your loans with only a little going into your high-risk and return investments. As the debt gets smaller, you can readjust your distributions accordingly.

The big picture
It’s a one-point conclusion: you can invest in spite of being in debt. The important question is whether or not you should. The answer is very personal and can be determined on a case-to-case basis. There is no denying that there can be benefits from getting your money into the market as soon as possible, but there is no guarantee that your portfolio will perform like it needs to. Such things depend on how adept you become at investing.

The biggest benefit of investing while in debt is psychological. Paying down long-term debts can be tedious and disheartening if you are not the type of person who puts your shoulder into a task and keeps pushing until it is done. For many people who are servicing debt, it seems like they are struggling to get to the point where their normal financial life — that of saving, investing, etc — can resume.

Being in debt is pretty much a state of limbo state, when things seem to be happening in slow motion. By having even a modest portfolio to distract you from the tedium, you can keep up your enthusiasm with regards to finances. Knowing that the sun will come up and being able to see the dawn are very different experiences.

For some people, building a portfolio while in debt provides a much-needed ray of light. It is like your first day at the gym. You keep regretting all the sweets, and fried stuff that you ate. What you can now do is get on the treadmill and start the work-out!

PS: Did you know that your weight is a much larger function of what you eat and a small function of how much you burn?

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Well what are the major ways a person breaks / destroys resolutions? Not sure about the other resolutions – but financial resolutions are destroyed by the following people behaviour:

1. Missing out on the SIP payment: Some people promise to start, but just do not start! Either they wait too long or miss out two or three payments. In some cases the mutual fund house terminates the SIP and then the person does not start it again!

solution: instead of doing one SIP of 3X do 3 SIPs of X each. In case of a cash crunch one or two SIPs will fail…but at least one will go on smoothly.

2. Underestimating their ability to invest: When a person says ‘I can invest Rs. 40,000 in a SIP’ I do not ever say..’Why not 50k?’ . After a few months when i see their Savings bank account and a big sum is accumulated, I tell them “If you had invested Rs. 50k you would not have missed the 10k …see the extra amount lying in your SB a/c!

solution: same as 1. Stretch – if you cannot meet the requirement for one or two months, you would still have stretched for the other 10 months, and created a bigger corpus. As soon as you arrive at a number, just up it by 20%. It works.

3.  Buying on Impulse: Buying things on impulse is normally a sign of not planning. If you cannot control this, go out of the house WITHOUT your credit / debit cards. Just carry some cash…this will prevent a Rs. 30k impulse…but will allow a 2k impulse!

4. Withdrawing on Impulse: Withdrawing cash from the ATM should always be on some particular days – say every Friday you withdraw 12k…this will ensure that all your CASH expenses are within Rs. 48 a month. Please put in your own numbers, but make it a pattern.

5. Having to much debt for all kinds of reasons: Having debt for a house, car, home improvement, European vacation…can hurt even if you are paying all the installments on time. Try to reduce the number of reasons to borrow for, if possible consolidate all the borrowings.

Now go ahead and fulfill all the resolutions – you know what are the pitfalls

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Financial planner: supposed to know everything about you PERSONALLY so actually called ‘personal financial planner’ who helps you with YOUR GOALS and the steps to achieve them. He tells you your asset allocation – say 70% equity and 30% Debt.

Portfolio Manager: He chooses in which shares and which mutual funds should your money be invested.

Broker: Executes transactions on the basis of the Portfolio Manager’s advise.

Demat provider: Keeps safe custody of shares, bonds, and now even mutual funds

Insurance BROKER: buys you the TERM life policy based on financial stability of the provider and the least cost basis.

Clerk: Enters all this in www.valueresearchonline.com, myiris.com or www.moneycontrol.com to keep track of all these transactions

CA: Files your tax return on the basis of the details provided by the clerk.

To add to all this you can have another financial planner who will whet the process and tell you things are fine (just joking? think again!)

Banker: Claims he can do all of the above.

Investor: Gets a 24% gross return..pays fees to all the above and then is left with a 7.9% return. May have actually been happier in a PPF

http://www.bookzone.in/newtopsellers10.asp?qs=30 feels good to be the bestseller of the month at a leading book store in Mumbai

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Investing and money management is a lot like eating. So is losing debt like dieting? maybe…maybe not. Is getting out of debt a little like going to a gym? Well maybe…maybe not.

However getting out of debt is also a slow process. You first need to analyse what got you there first. You were not born obese or born in debt. If you did get into debt, it was slowly. You bought yourself an item far beyond your monthly “can i afford it” . Instead of saying “I will save for it” you decided to buy it. Then it was a night out at a disco. You thought it will cost you (and your partner) Rs. 8k for the night out, but it just cost a lil more – 12k went to the card. Then you got a raise. So the car changed from a Santro to a Lancer. Never mind it gives only 4km to a litre – the fuel went to the card. Suddenly on a 6L ctc you were paying 20k rent, car emi, 2 nights out , the latest Nokia was too good to be missed. Hey bingo you now had a debt of 82k!

How to come out of it? Well many of the kids I meet these days just raid BANK PAPA and tell themselves they will never do this. NO that is not a solution. First stop the bad habits – buy what you can afford to pay cash. Carry cash rather than card – for many people it hurts to see cash go – signing is much easier. Then start leaving the credit card at home. If possible shift to a zero transfer charge, new card. Start repaying at least 2-3 times what the card company says is “MINIMUM AMT TO BE PAID”. In case you get a bonus, commission, gift, etc. do a lumpsum payment. If you are not so disciplined, cut up the card and throw it away.

Once you have controlled the spending habits, cut up the card, and made the payments make sure you stick to the new found habits.

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One female – nothing to do with equity markets in her professional life – was a sitting duck for many people selling financial products. To the credit of the salesmen she had all the schemes in her portfolio – belonging to 2-3 terribly performing fund houses. Even though she had some good fund choices too, they were not of very big amounts. She did not need any life insurance (rich husband, rich in-laws, no children) – but her portfolio was full of life insurance schemes, and a few pension plans. So here was a person who had not heard of asset allocation, SIP, etc. but had built a portfolio of Rs. 2-3 crores of ‘investments’ largely in debt products (what i call savings products).

Recently I ran into her at a ‘sathsang’ and she got chatting. She had started investing in direct equities – and had got out of the equity mutual funds. I was not worried because her husband’s portfolio was well managed (sorry ladies!). However, on probing she told me the following nice story.

In 2006 she had a lot of fixed deposits in banks and her bank was pushing her to put money in equities. So she traded heavily in MUTUAL FUNDS (hmmm…the entry loads you see!) but did not make much money in trading. She had churned her portfolio of Rs. 50 lakhs from Jan ’07 to June ’07. She had even held one or two schemes till Aug, 07. She then met somebody (could also be me, not sure) and based on that advice she decided to invest and hold for a few months (if not years). So she stopped trading, and invested in Dec, 07, Jan and Feb, 08. However she invested lumpsum – not minding too much about market timing or SIP. She had the money and needed to put the money to work, so she did it. However in Jan 09, Feb and March 09 she sold – because the markets fell (no she did not need the money).

However in June she picked up some courage and started buying some stocks. Given that the markets went up from there she did well. Well in the sense that her portfolio is up from June ’09. However she had no idea as to how much she lost in her mutual funds (she just knows she lost money) and how much her own equity portfolio is up.

Like if she bought BASF when the index was 9000 she could have bought it for Rs. 153 – now it is Rs. 445 (almost 3 times) when the index has gone up almost twice. That would have been great.

However she had bought Bharati (she was in the red in Bharati!), L&T, Hdfc, Icici etc. In most of these shares her money had not doubled – it had actually underperformed the index. However her conclusion now is

‘I CAN MANAGE BETTER THAN MY FUND MANAGER’ – SIMPLE i have already arrived at this conclusion, do not confuse me numbo jumbo like benchmark, comparative performance etc. In fact she told me ‘If you think this is just luck, pray I get lucky – but do not give me gyan on asset allocation, SIP, etc. it does not work for me. It may work for others.

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I have 2 friends – aged about 57 years. They were classmates and are now very close to retirement. Their investing philosophies are so different that I could not believe that the accumulated amounts could be so far away from each other. One of them did his MBA and joined ITC – and stayed there for 10 years before he went off on his own.He never married and so had no ‘house’ kind of expenses. Almost all his money (at least theoretically) could be saved.

The other person did not study beyond his graduation and held many jobs – currently he heads the sales function of a small company.

The person who did his MBA entered the equity market – and called himself an investor. However, he was just a incorrigible trader and traded every day. He was lucky to be a shareholder in ITC for a very long period of time and his portfolio other than ITC is a mess. He loses money every year in the markets and has no corpus to write home about. He would lapse into debt ocassionally (a.k.a trading losses) and then settle it from his professional income.

The other friend realised that he was no hare. He chose the traditional Indian way of saving (instead of investing) – ppf, lic, nsc, were his mainstay. Luckily I met him in the early 1990s and introduced him to some small equity portfolio. However he also was bitten by the equity bug and would put small amounts of money into some Fera dilution issue, picked up an odd L&T, Reliance, etc. – but the amounts invested could not have exceeded Rs. 500,000 over a period of 10-15 years. I introduced him to ELSS – and he has been at it for the past I guess about 10 years and with a vengance! He now has a portfolio of about Rs. 68 lakhs in equities.

I know another guy who was largely in debt for most of his life (say till 35, now he is 42) – but now seeks equity related ‘information’ from wherever he can get. In a train journey from Mulund to Mumbai VT if he overhears a share being discussed, he visits every site trying to do some research about it. However the buy or sell decision is mostly made on the group of people who travel with him. The research is some kind of ratification. As he is my neighbor’s friend ocassionally he calls me over telephone for a portfolio review. Of course his portfolio includes a lot of “i have no clue why I bought list” of shares – in fact it is dominated by such shares. Spoke to him last Sunday – he has shares in 44 companies totalling an investment of Rs. 13 lakhs – it is worth only Rs. 19 lakhs – over a period of 6-7 years. Do not know the IRR, but surely under performing ppf if I am not wrong. Quite a numbing experience.

Today the tortoise has a much larger portfolio. The hare and the tortoise story plays itself over in many ways, we close our eyes and refuse to learn. I do not know why.

Lessons:

Equity is a good asset class – but it needs far, far, far greater discipline and knowledge to build a portfolio than what a common man has. If in doubt Index or choose a decent fund manager. The gap between a debt product (with no fund management charges like Ppf) and an index fund (with low charges) is about 2-3% p.a. over a long period of time. However if you pick stocks keep measuring what you are doing. At some stage you need to accept that you cannot screw your own portfolio beyond a poing – of course there is no law against hurting yourself.

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If you belong to that class of employees who gets a bonus at Diwali time, lucky you! Today you would be sitting on that bonus in your hand and the whole family would have a claim on that.

Who are the claimants on this bonus? Lots in fact!

Thanks to the fact that companies want to look good, they may not cut all the income tax that is actually due on the bonus. Thus if you are in the 30% slab and the company has deducted only, say 10% tax, first set aside the balance tax payable in a money market mutual fund or a bank account – this amount actually never belonged to you, so cool it!

Many people anticipate the bonus and spend on the credit card- which means that payment will be due in 45 days. If you have spent on your credit card, pay it off in full, as soon as you get the bonus. Even non-Diwali purchases sitting on your credit card should now be settled in full. Makes sense to pay off the most expensive debt as soon as possible, correct? Even if the credit card amount is due only after 15 days pay it off TODAY!

What is true for a credit card debt is also applicable to a personal loan that you are paying off slowly. Use this money to accelerate the repayment of the loan. In case you are struggling with a floating rate home loan, use a part of the bonus to pay down a part of the loan so that you reduce the tenor of the loan.

If you have decided to make some purchases specifically with this bonus go ahead and do it. Hopefully you have gone on to the net and done your short-listing before you make your actual purchase.

Having said all that, in case you have no liabilities, rejoice! Then you have some better choices with the end use of your money.
When ever you get a lump-sum (I mean post of tax) and you have an urge to splurge – split the amount into 3 parts.

One part you should use for current consumption (Diwali gifts, clothes, sweets etc.) put one part for your deferred consumption (say your pension accumulation) and use the third portion to pay for some shorter term goal – say as a part of the down payment for your car purchase. Thus a portion goes into immediate gratification of needs, one to a slightly deferred gratification of needs and one to a more deferred gratification! Remember that your retirement money is there to feed you when your earning capacity is limited or zero.

It is always nice to work towards a goal – upgrading a car, upgrading a house, having an emergency fund, children’s education, retirement corpus building, repaying a home / credit card loan are all goals towards which most of us have to work. So use your balance money to do any or all of these and the excess money can be splurged at Diwali.  One important thing to remember is that many people in our country cannot afford Diwali expenses – and crackers make many elder people ill. So in case you have been feeling nice about your portfolio going through the roof and feel like giving some money for charity, now is the time.  My daughter’s school and friends have brainwashed her – she says no to all types of crackers – noise, smoke, scares birds, scares animals, etc. – but it is your call!

Yes, this is also the time when you actually have some money to give to charity. Donating some part of this money to a charitable trust would be good. Visit www.akshayapatra.com and make your contribution.

Also remember that when you have money many people would like to take it away from you promising returns that are in the stratosphere. Be careful of these “un holy” kinds of returns. In case you think these returns are too good to be true, you are correct. Be careful. Diwali is also Lakshmi Pooja day – be respectful. Use wealth wisely, protect yourself from cheats – financial education helps!

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Financial planner: Borrowing sensibly is a good way to build wealth. Do a disciplined borrowing and you will make money because the equity market moves faster than the interest rates that you pay on your borrowing. This logic can be made to look even more convincing with graphs and charts!

You should: Borrow cautiously, if at all. You have to worry about the total amount of debt too! The quarter-century leading up to 2007 wasn’t simply a golden age for stocks. It was also a bull market for leverage. (That’s Broker’s Bluff for debt.) Since 1999, mortgage rates have fallen, college loans have ensured that parents can hold on to assets while their kids borrowed. Cars, scooters, mutual funds were all available on loan! People responded to easy credit in a predictable way. Houses got bigger, shares were not for investment – they were for ‘call options’ and ‘futures’ – again naked debt! The personal savings rate fell, and household debt payments as a percentage of disposable income rose. Home up grades ensured that big houses were furnished big, EMI was bigger.

Looking back, retail investor (ok I should call them traders) borrowing binge was bizarre. But it didn’t feel that way at the time. There were retail traders who would have a leveraged position on the buy side on a single share and a leveraged position of a single share on the sell side. It was a brokers delight – surely the brokerage generated was far, far greater than the wealth created for all the investors put together. This was stunning, and RBI too should have been perplexed if the overall picture was available on one page! Forget the common man in India, Alan Greenspan thought everything was hunky dory.

If you watch Suzie Orman Show you cannot believe that nobody in USA was bothered about the leverage based on ‘ever-increasing’ housing price spiral. Indian bankers did not give Rs. 500,000 loan to a fruit seller with a Rs. 17000 annual income. In the US it was easy to get NINJA (No Income No Job Applicants) loans.

The obvious moral here is to be conservative. There are always good reasons to borrow, even today. You need to borrow to get a good education, you need a mortgage to buy a house, maybe a car loan – of an affordable size. However when buying a house you can always pay 50% down payment installment instead of 10% which the banker was asking for.

There’s a subtler lesson too. When leveraging keep an eye on the total borrowing. Lehman was so smart! They failed first. Bear Sterns did not get the bail out. The overall leverage hurts when EVERYBODY tries to give up the debt. Maybe your builder has gone under and he is pushing you for EARLY installments. Your employer may be laying people off to reduce leverage. Your equity portfolio may be doing badly – and your banker may be making margin calls on your mobile. Suddenly that PMS you could “easily” handle on your salary does not look like a great idea. You cannot depend on your equity or debt for help, because many of the companies you owned are revealing their true leverage and the market is furiously re-rating. And your extra bedroom which you bought cannot increase your cash on hand by selling ‘just that room’. Banks are no longer falling all over you to increase leverage – cards, cars or a foreign trip.

MUST DO: Be conservative about debt. Make that very conservative. Especially when your neighbors aren’t. Get a mortgage you can afford for the life of the loan, and put at least 35% down payment. Furnishing or home improvement loans make no sense – spend on consumables from your income. Just because a loan is available you do not have to take it. Taking a loan is easy – sometimes repaying becomes difficult.

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Of course the salesmen you employ need to be backed by fantastic ability to sell – it could be a great product, protection by the government, compelled by the government to buy, etc.

The greatest is of course selling to pride or fear. Both work well, fear works better. Almost every day I get the following unwanted mails in my Inbox:

You can get rich in 15 days with my $199 tape course! Buy now!
We can eliminate 70% of your debt immediately! Call 1-800-
Inflation will ruin your stocks and bonds! Invest in commodities, NOW! Call!
Gold is the only thing that will save you when the economy fails!

Get the drift? It is not as though there are no Indian examples, but perhaps they are not so persistent on email. On television you see them screaming how you can reduce the size of your waist (or whichever part you wish to!), remove all the pimples, or pass all exams by joining a great course. Of course in the morning there are subtle ads by God-men peddling health and happiness.
There are millions of thieves (I do not call them sharks – I have more respect for animals than I have for some human beings) that want your money. One powerful technique for selling you something you don’t need is to prey on your fears. Perhaps you fear the government’s long term future (please do not watch too much TV). Perhaps you fear immediate personal financial failure. Perhaps you fear your professional failure – especially if you have been selling mutual funds and life insurance!)

People will prey on those fears. They try to do it all the time. Commercials telling you that you can eliminate your debt. Three fund houses (obviously with Gold schemes) talking about how great an investment gold is. Three fund houses saying why all your money should be in Infrastructure Funds only!

Smooth talkers telling you about their “program” for quick income at home. One of them is now targeting Independent Financial Agents and telling them that they should attend a seminar NOW so that you can survive the ‘NO-Load’ mutual fund sales. Funnily one email from the same group was boasting how they were the brains behind the elimination of LOAD. I was impressed, and reminded me of the Charlie Chaplin movie, you know which.

Almost all of these plans are expected to do two things. They grab onto your fears and they combine it with some sort of widely-spread myth. The best thing to do is to use the delete button extensively. If possible mark all that s*&^t directly to thrash.

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Escape from Debt

If all the people who talk to me are sensible, well educated people, how is it that the Human Relations Managers of many companies call me for asking questions like “Can we do a 3 hour session on how to handle debt?” Obviously the debt has become so much that the company has been able to find out the employee’s flirtation with debt!

Readers have written in with questions related to “defaulting” on their loans. Unlike in case of investment questions, if a person talks about his “mistakes” it takes a lot of courage. Some people are clearly living far beyond their means, but some people have got into debt just because they did not have medical insurance! This article is just to see what does one do NOW?

Like always there are some people who have already defaulted, those who are about to default, and some who are worried that they will default 5-6 months from now.

Default is simply failure to meet your payment commitments. So if you have promised to pay an EMI on the 10th of the month, and you do not make a payment, you have defaulted.

The companies that lend monies normally put defaulters in “buckets” – people who have defaulted once, but quickly recover and pay. Then there is a second category which is in default for a much longer period – say 3 months. Then there is the third category of defaulters who do not show any sign of paying!

Initially as a defaulter you will get gentle reminders, then as the default continues, however, companies tend to get more aggressive, contacting you repeatedly with stronger language.

Thanks to CIBIL your default will start to affect your credit. CIBIL currently is off limits for us as retail users. However banks exchange default information – and this default of yours will affect your chances of getting a credit card, a home loan, a car loan AND even a job.

A loan default results in repossession or foreclosure – for loans backed with assets like a car or a house. Of course if it were a loan against shares, the asset would have been sold off the day the security value went below a particular level. The impact on your credit card worsens over time, as the lender is charging you interest and you are not paying – the impact is clearly because of the interest on interest (negative compounding, if you may!). For loans not backed by assets, the loan will be handed over to a collection agency – and you know how they collect!

Obviously, what should I do if I am in default? Is this question in your mind?

As soon as you recognize you are ABOUT TO BE in default or have just defaulted, contact your lender! Talk to them and consider various alternatives.

Most of the time, lenders would far rather work out a payment solution directly with the borrower than entering into a foreclosure situation. Quite often, foreclosures and repossessions and collection situations are the result of a lack of communication between the borrower and the lender. Your best bet is to be proactive.

What if I don’t have the money to pay? This is the reason that most people are afraid to be proactive about their debt situation. They simply don’t have the money to pay the debt, and they figure that contacting the lender won’t help, so instead they choose to stay put and hope things get better.

Here’s the problem with that approach: lenders will assume that you never have any intent to pay. They have no reason to believe otherwise, so they will lump you in with the rest of their debts and treat you in a standard fashion.

If you are making a genuine effort to repay your debts, communicating to them is the best option. You are far more likely to get an easier payment schedule or some other solution if you contact your lender and deal with the situation.

If your debt has already been turned over to a collection agency, your best bet is to negotiate with the collection agency. Do this entirely in written form via registered mail with receipt requested, not over the phone, and keep thorough records of this process. Even if they call you, ignore the call and follow up with mail.

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