How to become rich in India fast: 5 bad money and investment habits to give up in 2018
If you are keen on making your future financially secure, then you need to make some financial resolutions too and should also try to give up some bad investment habits.
One noteworthy unfortunate propensity for speculators to surrender in 2018 would be voracity. ‘Dread’ and ‘insatiability’ are the two feelings which keep financial specialists from making enormous bonuses from the securities exchanges.
It is that time of the year when most of us make resolutions for the new year. While some of us, for instance, want to quit smoking, some others may want to lose weight or spend less time on their phone. However, most of these resolutions are related to leading a more organized and happier life, and won’t help improve your finances. If you are keen on making your future financially secure, then you need to make some financial resolutions too and should also try to give up some bad investment habits.
Here are 5 bad investment habits which you need to give up this year if you want to become a rich man going ahead:
1. Being guided by fear and greed
To give to investors in 2018, a great bad habit will be greedy. ‘Fear’ and ‘Lobh’ are two emotions which prevent investors from making tremendous shocks from the stock exchanges. After three years of this bull market, fear is slowly but surely abetting away. So, greed would be the biggest single factor to guard yourself against going forward.
2. Being swayed by media reports
The second error which financial specialists ought to forestall isn’t to be influenced by media reports and rush. Contributing is a genuine business and requires a patient, long haul approach. Media, then again, keeps running on here and now energies and rapture. Considering media reports and investigation important keeps financial specialists from taking a free, long haul approach as a rule.
Thus, “while money related daily papers and TV directs to help you in keeping refreshed on financial news and corporate outcomes, speculators ought not really settle on purchasing or offering choices in view of suggestions made by specialists going ahead different media channels. A successful investor makes his own judgments based on his own research as well as his unique risk profile. This is particularly relevant in bull markets because the level of noise goes up unutilized and it is very attractive to seduce bull market rhetoric. Ashish Kapoor, CEO of Invest Shop, AP India Limited, says, “It is a big mistake to get out of your financial plan due to the analysis of your financial planning and recommendations around you, which is a big mistake in 2018.”
3. Hoarding cash
During the note ban, everyone stood patiently in long queues to deposit and withdraw money that genuinely belonged to us. Many saw their financial plans and household budgets go topsy-turvy. Though cash offers great flexibility and liquidity, hoarding it is not a good idea. Therefore, “it is in your own interest not to keep the minimum cash in hand. Even the contingency fund that you’ve created to meet unforeseeable crisis should either be invested in instruments that offer higher liquidity or at the least be kept in an investment fund financial balance,” says Brijesh Parnami, Executive Director, and CEO, Essel Wealth Services.
4. Depending on cash transactions
Amid demonetization, versatile wallets and other advanced installment choices saw a colossal surge in volume and estimation of exchanges. The note boycott was less agonizing for the individuals who were open to utilizing versatile wallets or e-installment alternatives. What’s more, the individuals who had begun from the fundamentals found the going extreme.In this way, learning more methods for cash surveillance will not only make you dependent on money but will also enable you to deal with your cash more effectively.
5. Being a dishonest taxpayer
During filing an Income Tax Return (ITR) for assessment year (AY) 2017-18, during the monetization period Rs. It was necessary to disclose cash deposits of Rs 2 lakh. The amount of cash deposited is now under the IT lens and some have been served with IT notices to explain the high value deposited. it was there to avoid getting information from the tax department, do not try to honestly open your income and do not try to avoid tax. Instead, ELSS, NPS, tax-saving, fixed to save tax and earn good returns. Make tax-efficient investments in products such as deposits and PPF. “