Do you want to look smart or achieve success in Personal Finance? The statement ‘Appearances are deceptive’ is true many a time. Let me elaborate on this point. I have come across two kinds of people. The first category is a set of people who use many jargons, impress people but achieve mediocre results in Personal Finance. The second category is people with low profile, willing to learn from anyone but achieves spectacular results in life and in Personal Finance.
You may recall that in our blog on Multi-baggers, we discussed how Rs. 10,000 invested in WIPRO in 1980 has grown to Rs. 420 Crores. You can understand why most smart people cannot hold shares for 30 years. He / she will be reading a lot of news about Indian Stock Market, IT industry, WIPRO, their competitors and so on. When you get so much of information, at some stage, you will get confused and come out of your holdings. On the other hand, a person who believes that market (particularly the Indian Stock Market) will grow in the long term, will stand to gain.
Let us discuss a few simple aspects in Personal Finance. Drawing a Financial Plan and sticking to that, submitting oneself to Financial Mentor etc. may appear too boring for many and hence they look for adventures. You know what will happen in any venture without proper education and homework. Apart from such people achieving mediocrity, they will shift the blame on the market!
In summary, it is better to follow a consistent approach for a long period than to keep fiddling with the market on a continuous basis. Many people can impress others with many jargons and terminologies. Let us get straight; is our objective looking impressive or becoming successful in Personal Finance? You know the answer.
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