We all have heard what investing is right but have you ever heard sinvesting.
Sinvesting is the sins that you commit while investing. These are the evils related to investing.
Lust: Extravagant and irresistible returns are what one should resist. The schemes lure you by promising false and abnormally higher returns to which a lot of people fall prey to. That is the reason India is a land of highest ponzi scams. One must check track record of such companies and make an informed decision.
Sloth: Laziness has never helped people succeed. They say “A young man idle, an old man needy.” Same applies to money as well, if the money is lying idle it will not help you realize your dreams. We work all our lives for money, the money should be put to work harder for us to live comfortable life in zero salary days.
Envy and pride: You must have heard- “Neighbour’s envy, Owner’s pride.” In investing, envy and pride both are considered as Sins. Let us see how – Envying other’s portfolios/ Financial lives often persuade us to take wrong decisions which in turn will deviate us from our Goals. Jealousy will prove costly in the long run. Taking pride in our existing financial life will never let us grow from where we are. We should always consider consulting financial advisor or seeking professional guidance and focus on long term planning.
Gluttony: Resist the temptation to invest all in one asset class which is generating higher return, the portfolio should be well spread and diversified in different asset classes to hedge risk. It is habitual to invest all the money at one go, rather plan systematically and invest systematically.
Wrath: Blunder happens when impulse and impromptu decisions are taken. Proper time and systematic Planning is required for desired financial life. Keep faith in asset allocation and stay invested for goals.
Now that we know, what Sinvesting is , don’t indulge in these sins and take informed and wise decisions.
Wishing a Happy Financial life to you 🙂
About the author: Gurleen Kaur Tikku is a Financial Consultant and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad.. She can be Contacted at [email protected]
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