00:00you
00:04think your salary is in your account
00:08first week Zomato, Amazon, Swiggy, weekend parties
00:13you do everything
00:15second week you have to borrow money
00:19and by the end of the month you start blaming the system
00:23sounds familiar?
00:25you have to borrow money but you cannot save it
00:30so if you are like these people
00:33this video is for you
00:35here we will discuss 5 personal finance mistakes
00:39which most Indians do every day
00:42and we will know which way we can avoid these mistakes
00:48let's start
00:49mistake number 1
00:50no emergency fund
00:53emergency fund means
00:55when you can get your money
00:58when you talk about emergency fund
01:01people think that we don't have to do
01:04we don't have to do it
01:06we have to do it
01:08when you come to job risk
01:10hell emergency
01:12family issue
01:14or major financial requirement
01:17in these cases
01:19people take credit card
01:21which is a very wrong thing to do
01:23so it is a very wrong thing to do
01:25how to solve this
01:26how to solve this
01:27this solution is
01:28this solution is
01:29that you have
01:304-6 months
01:32your expenses
01:33and use that
01:35as an emergency fund
01:37what
01:38what
01:39what
01:40what
01:41what
01:42what
01:43what
01:44what
01:45what
01:46what
01:47what
01:48what
01:49what
01:50what
01:51what
01:57what
01:59what
02:01how to
02:02what
02:04the
02:05or
02:06what
02:07i
02:08so that you have a sufficient corpus available.
02:13Mistake number two, no insurance.
02:17When you talk about insurance, people say,
02:20I am only 20 years, 25 years or even 30 years.
02:25How do I need an insurance?
02:27So you will understand this.
02:29Insurance has a requirement for medical illness
02:33or health emergency.
02:35And in both situations, they don't come to an appointment.
02:39So you always have a health insurance on your own.
02:45Even if your company provides you,
02:48because it's not enough cover or job security,
02:52so you always have a personal health insurance.
02:55Second topic, on a term insurance level,
02:59people say, if I only don't survive,
03:02what will happen to that term insurance?
03:05I don't want to use that term insurance.
03:07So you understand,
03:08term insurance is the benefit of your dependents,
03:11and your family is financially secure.
03:15If the policy holder, God forbid something happens,
03:19then your family doesn't have any financial problem.
03:23So you always have a health insurance,
03:25or term insurance, as an investor, or not,
03:29you always need to have a home.
03:31Mistake number three,
03:33SIP should not start.
03:36Now, you will all listen.
03:38Mutual funds are right.
03:40But when people talk about SIP,
03:43generally, the response is that,
03:45you will always take care of,
03:47we will do this,
03:48you will always take care of next month.
03:50What does not happen to you?
03:51SIP, the value advantage of long term interest is
03:55long term, compound interest.
03:57Which means,
03:59that you may pay more amount every month.
04:03That could be 100 rupees,
04:04500 rupees,
04:061,000 rupees,
04:07or one year of any amount,
04:08which you will invest you can build.
04:10This advantage is long term,
04:13so you will see long-term in your membership so you are going to go
04:19but your advantage and benefits will not look for 2-4-6 months
04:24but long-term in your wealth will be compounded by your wealth
04:30and will be multiplied by a meaningful and substantial corpus
04:35you will see a few years later in your life
04:40mistake number 4 fixed deposits is everything
04:45in our generation, our parents have 3 most favorite words
04:50fixed deposits, safety and fixed deposits
04:54in their generation, fixed deposits have 10-12% to save returns
04:59so they are in their own place
05:02but in today's time, fixed deposits have 5%, 6%, sometimes 7% returns
05:08so if you are in your wealth, you will get 4-6%
05:11so if you are salaried, you will get tax
05:15so effectively, your wealth is not going to gain
05:19it is not going to protect you
05:21it is not going to protect you
05:22because you will get 100 rupees, you will get 105 rupees
05:25but the delta is the 5-5% is the $5%
05:29so you will get 100 rupees
05:30100 rupees, you will get 100 rupees
05:32you will get 100 rupees to help you
05:34in this case, you will get wealth
05:36you will get protected
05:38but the wealth is not going to grow
05:41which is the biggest drawback
05:42which is the biggest drawback
05:45but if you have a requirement to protect your wealth
05:46If you have a requirement to protect your wealth for some years,
05:52then fixed deposit is a decent investment opportunity to prove.
05:57Mistake number 5. Tip chasing in the stock market.
06:02If you have a tip that any stock will give 20% returns in the next 2 days,
06:09you will invest.
06:10And what happens next two days, the stock will be 20% down.
06:16So, if you have a tip, please make a financial and informed decision.
06:23You can understand their fundamentals, their business.
06:30Or if you don't have time, energy, effort,
06:35then you can invest in a financial advisor.
06:40So, the next time, when you have a tip,
06:42your friend or your brother or your brother or your brother or your brother,
06:47or your brother or your brother,
06:48saying that 20% returns, 50% returns,
06:51tips will get through.
06:52So, they will not understand a meme.
06:56In the stock market, overnight returns are not made.
06:59And it goes on to the retirement of your brother.
07:05So, you want to learn a bit from the stock market.
07:07And because of everything, you can be able to do that.
07:08So, you know, you need to learn about how to do work.
07:09It's important in the stock market.
07:10So, if you've purchased a bank account,
07:12you can keep in the stock market,
07:13your wallet, you can work in the stock market.
07:15And in the stock market.
07:16So, why don't you have to buy such a kind of stock market?
07:17and this video can be liked and like this video.
07:21And for financial advice, subscribe to this channel,
07:25because this is the story of the Dhan ki baat.
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