Due to these financial mistakes we generally face trouble

Oct 20 2017 11:36 AM
Due to these financial mistakes we generally face trouble

Often due to small mistakes, our financial planning remains and we fail in our own future. Either ignorance or fear of greed, greed, egotism, and greed to earn an instant profit are made in the way of success. Today we are telling 10 such mistakes and measures to avoid them so that you do not fail in your financial planning : 

1. Keeping a cash in the savings account is one of the biggest financial mistakes in the account. Money kept in a savings account always gives negative returns. That's because you do not understand the inflation, that is, inflation of mathematics. Investors should not have to pay more money to the savings account except for the amount required for the Emergency Fund.

2. There is not enough money for the Emergency in Savings Account. Emergency funds are needed in a job or in case of illness. Yes, the amount kept in the savings account should not be more than 3 to 6 months' expenditure. 

3. Do not take life and medical insurance. Both of these are like assets for today. Yes, they should not be taken as an investment, as most people take.

4. Not the time, but the right asset allocation policy is very important for success, i.e. where and how much you should invest. 

5. In the absence of information, people choose Fixed or Floating Interest Rate instead of the Interest Rate available in the market. With no information, people do not understand the market conditions and changes. If there is more interest rate in the market then you should choose the floating rate. 

6. Lack of diversification. Not all money should be invested in one thing, rather it should invest in many instruments according to the ability to take the need and risk. 

7. Investing in financial products keeping in mind tax-saving. Keeping your focus in the center should be invested and not just for tax saving. 

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