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The odds are stacked against you. You are at a disadvantage because you are not a born finance whiz. You may not possess the right knowledge to see through financial jugglery. You do not have the tools to evaluate your financial decisions. Finally, you are not rational. Your emotions tend to come in the way.
The worst sign of this is that you are prone to get carried away by the lure of best returns, just like a mirage draws the desert traveler.
Unfortunately, you get only one result – disappointment.
Save yourself this pain
It goes without saying that you value your money and you want the best results for it.
Now think about this – you start investing around the age of 25. The entire investing journey lasts for 5o to 75 years, that is, till the age of 75 to 100.
During this 50 year investing journey, you plan your goals, work through various investment products and take several decisions which impact your financial life.
You deal with banks, brokers, advisors, distributors, government agencies for different parts of your investments and money.
You come across several products and services, simple and complex, with all kinds of fancy names.
Your end goal, of course, is to get the most bang for your buck and to make sure that your money is working for you and your goals.
As you go along, you have to evaluate various information, opinions, expert speak and make decisions. You will have to say YES to some and NO to many.
Some decisions will turn out to be right while some others will leave you disappointed.
You see, no journey is perfectly smooth. Making mistakes is human. What you have to strive for is to minimise the mistakes and protect yourself from financial ruin.
The gentle trick to avoid mistakes
The reason most mistakes happen is because we do not prepare ourselves to deal with money and investing matters.
Take, for example, buying an investment cum insurance on the basis of absolute growth numbers presented to you. Invest Rs. 1 lakh per year for 10 years and after another 10 years you will get 20 lakhs.
The numbers look large by themselves but put under the scanner, they are very disappointing. Once you do the evaluation, you will realise what a sham it is. In fact, in most such products, even though there is absolute growth of money, you actually end up losing the real value of money. Why?
If the last few sentences have left you confused then it is a signal that you need to prepare, to learn and develop your own understanding.
This can be done in 2 steps.
Step 1: Work on your basics.
The basics are your foundation. Once you get the basics in place, building up on it to reach the next level will be much easier. It is true for any life skill. Investing is no different.
Just empower yourself with knowledge of the basics and you can save yourself from a lot of future pain.
To repeat, an education in the basics is your best bet against any financial loss in your long investing journey.
Step 2: Work on the mastery.
Yes, beyond the basics there is now actual application with case studies and action oriented exercises. You can read the details here.
Where do you learn the investing basics?
Now, there are several resources out there. The internet is a powerful resource by itself. However, it is always a pain to search through and make sense of multiple views on offer.
We also know that learning about investing is not a pleasant task. Sometimes, it is this whole hate for numbers that keeps making you put the subject aside.
But if you are serious about your money and your financial well being, you will do it. Who was the famous person who said “all real medicine taste sour”?
Well, here is a relatively easier way for you.
Unovest’s free email series – Investing 101.
In this email series, you get 10 simple but key lessons on the most important basics of investing. Once you have a solid foundation of basics in place, you can step ahead in your investing journey with great confidence.
Let’s accept that this is not an exhaustive list of all the basics but we believe it is a good beginning. You can always go on to learn more and even better, ask more questions.
Finished reading your Investing 101 e-book in one go. It’s an amazing book and a must have for gaining financial literacy. I liked the content of the book especially the chapter on PV, FV and XIRR. That chapter is an eye opener and certainly equip the reader with the reason for saying no to any pitch made for the so-called investment. – Alok Singh, Investing 101 subscriber
Investing 101 – What is covered?
There are several key learnings that you will derive from this course. Each of the 10 parts will get you ready for a future tryst with money and investments. Briefly, they are:
- 10 money basics you should never forget
- The ultimate formula to create wealth
- 7 laws of investment diversification
- How to save taxes smartly?
- The real purpose of insurance + 2 ways to calculate your insurance cover requirement
- Equity Investing – Let’s get this straight
- The no secret couple to get your net worth soaring
- How to detect and avoid financial porn?
- Your ultimate money and investing checklist
- Who should be your investment adviser?
Not just that, you will also get bonus lessons to help you understand investments better.
How will you benefit?
Each of these emails will benefit you in several ways. Here are a few:
- Understand the key basics of investing
- Learn the tools to evaluate investing decisions
- Build a mental framework to think money
- Get a checklist of the most important things to do with your money
- Know how to ask important questions about money and investing
- Realise the role of insurance in personal finance and how is it different from investing
- Learn to focus on the right sources of information for decision making
- Save your taxes without the last minute rush and with a focus on your financial plan
So, get started now and save yourself from financial embarrassment in the future.
Prepare yourself for a lifetime.
Sign up for the Investing 101 – Free Email Series. (Join 1500+ investors)
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The Investing 101 free course was amongst one of the very best courses that I’ve undertaken on understanding and streamlining finances.
At the end of the course I was smarter in understanding the time value of money, enemies of money (inflation), friends of money (compounding), benefits of long term investing, portfolio management, consequences of avoiding equities in my portfolio, asset allocation, goal based investing and various other aspects on managing my money.
All the lessons were extremely useful especially the one where in you get to calculate the right amount of insurance. It probably is the most avoided yet most important discussion in the family. You cannot have a growth oriented portfolio without proper safeguard. Correct insurance helps in providing a safe and solid platform for our portfolio to grow.
I appreciate and salute the effort that would have gone into the making of this entire course and would like to personally thank each and every individual associated with this course in enlightening the common man.
In short, this probably is ‘Mission Financial Literacy’.
Thanks for all the information and help and I look forward to such informative articles / courses in future as well.
Vipin Negi, New Delhi
How to subscribe to Investing 101?
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