Yes, why not, if you can get rich quickly then why to waste time unnecessarily and delay your financial richness. We heard many a times that Mr. X put money in stock market and within no time, his money got tripled. Or Mr. X put money in chit-fund and within 1 year his money got doubled. Or Mr. X invested in real estate and his investment got doubled within no time. In 24×7 business news channels, on the financial sites or even the financial mobile applications; we can get hot tips for quick gains. Our friends, relatives, relationship managers of the bank, insurance brokers; everyone seems to know everything and frequently gives us sure shot tips for quick money.
Have you ever tried to find out who was that Mr. X? Did you talk to him? Those financial pundits who give hot tips, did you verify whether they put their own money on those tips? Is there any data available for you to verify those hot tips? I think most of the time, these questions did not come to your mind, or you believe these tips work. Even few follow these tips and lose their hard earned money and decide not to invest in anything, only keep money as FD or RD.
Do you know why we get attracted to those quick money tips? Do you know how our brain works when we take financial decisions? Do you know how we treat money differently in different situations? Let me put few questions/thoughts which might be familiar to you as below:
- You choose risky investment for quick money.
- You try to get all the information about hot/latest investment.
- You are not sure what your goals are.
- Even you know your goals; you do not make a plan for it.
- Even you have a plan; you do not execute or follow.
- You always postpone your financial plan/decisions for tomorrow/next week/next month.
- You think that you are too young and have enough time, hence you postpone.
- You always have an excuse why you are not investing for your goals.
- You see your current expenditures are most important and after fulfilling those, you are not left with any money for investment.
- You think for investment you need lots of money.
- Every time you check your present financial health, you feel guilty.
If any of the above thought came to your mind and you always want to overcome those thoughts, let me tell you, it is very easy to do so. For this, we have to understand how our brain works and how it takes financial decisions.
In the forth coming articles we will try to understand how our brain works from financial prospective and how to train our brain to make good financial decisions.
- Mental Accounting
- Everything is Relative
- FREE!! FREE!! FREE!! The Trick
- Why do you find excuses and postpone the most important financial decisions?
- Why we overvalue what we own?
- Psychological effect behind High Pricing Strategy
- Why there are too many options in the market?
- Cash or Cashless, which one helps us to take good financial decision?
- Financial health check-up; Why most of the people do not want to do?