People don’t become wealthy by accident. One must be determined to do the right things sincerely to become rich. It’s all in the mind hence we must also look at following habits which cost you dearly in your journey towards wealth creation:
1. Procrastination: “I will save from next year”, “I don’t have much savings now”, “I will start my SIP next month when I get promotion.” These statements sound so familiar, right?
However, do you know the delay of 5 years results in 50% less corpus after 30 years. This is how compounding works. Start as early as you can, today is the best day if you have not yet started. Do not postpone. I repeat, do not postpone your investment decision.
2. Investing on TIPS: Well, just avoid. I have nothing more to say on this.
3. Avoiding Equities: People are so scared of stock markets. They fear Volatility, however the risk is permanent loss of capital and loss of purchasing power. Invest through mutual funds to gain from equities. You just cannot avoid this asset class.
Happy Investing !!