Deepavali – Defeat your Demons
Posted By: Admin
Deepavali is celebrated all over the country with traditional gaiety and festive spirit. In the south, it is celebrated to mark the defeat of the Demon Narakasura in the battle with Lord Krishna. So it marks the victory of good over evil and defeat of an Evil demon.
There are a few evil demons, that we need to destroy within us to achieve greater success in our investing journey ;
Here are my top three investing demons that we need to take care :
FOMO : Fear of Missing Out
The current generation is obsessed with what's happening in the world. They see this from the narrow lens of their social media and want to pursue it irrespective of whether it makes sense to them or otherwise. Fear of Missing Out ( FOMO) is making people buy Bitcoins, Stocks , and other exotic assets as if there is no tomorrow. Most of them without a clue as to how they are going to be benefitted.
Never invest without understanding the full implications, especially when things are already high.. It is a sure fire recipe for disaster. Take time to evaluate the investment for your needs before making the investment.
SPEED
Good returns rarely happen fast. Great investments are a boring process of waiting long term. Choose what you want, if you want the excitement of speed , take a hobby or race horses. When it comes to investing, great returns take time to manifest. So people who are trying to time the market or who are looking to exit at the slight hint of volatility will always end up losing in equity investing.
Have conviction in your equity picks, take a long term view and diversify your investments, you can rarely go wrong with this.
LACK OF PLAN :
Investments are like vehicles, they are best used to get you from one point to another. So if you would like to retire rich or would like to create a corpus for your children’s education, then invest accordingly so that your investments serve a purpose for you.
Investments made without a goal, rarely succeed as they tend to be speculative in nature as one tends to exit at the slightest hint of trouble.
While wishing you a happy Deepavali, let us be aware of the Demons within to overcome for a successful investment experience.
Babu Krishnamoorthy, Chief Sherpa
Category Finsherpa | Tags Financial Freedom
