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22/12/2023
Champions do not become champions when they win the event, but in the hours, weeks, months and years they spend preparing for it. The victorious performance itself is merely the demonstration of their championship character.
The message is a simple, it is as rigorous training and preparation is the key to being successful as the world-class players. Preparation is what brings self-confidence and a champion attitude. They have to have the skill, and the will. But the will must be stronger than the skill, they have an inner picture of success, they’re determined to see that picture realized.
Anything you want to achieve or become requires practice, patience, time and expression. Similarly if you want to set your financial goals for various stages of life adapt to the situation and follow the plan with dedication to achieve them. Discuss your future financial goals and the directions that you want to take your life with your mentor (Certified Financial Planner), a coach. Make a list of critical questions and write them on a paper. Like for investment, Start, by 1). Where are we? 2). Where are we going? 3). How will we get there? 4). Are we on track?
Patience is a key to successful investing, there are periods where the market will cover up quickly and reward investors eventually. There will be some periods and there will be volatility. This is not a one-way bull market for sure for some time. Nonetheless, it is a market that clearly offers returns. Therefore, if you patiently stick to it and stay focused on your goals. Don’t wait till Tomorrow, or till you have more time, money or opportunities - follow your passion now!
Happy Investing!
IFUNDZ
Chiranjeevi Nalamothu
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13/04/2019
CONFIRMATORY BIAS
Most investment blunders occur due to confirmatory bias.
Confirmatory bias is the single most important reason why a person should have an advisor.
To understand this bias, ask yourself the question,
“ What is it that we like?” The answer is, “we like the people who agree with us the most.”
Who do we like to have meetings with? The people with the ideas closest to our own. Why?
Because it makes us feel warm and fuzzy as human beings to have our own ideas repeated back to us and at the end of the meeting we can all leave agreeing that we are all very smart.
This is a lousy way of testing a view.
Instead, we should sit down with the people who disagree with us most. Not so that we will change our minds, because the odds of changing one’s mind through a simple conversation are about a million to one, but rather because we can hear the opposite side of the argument.
If we can ’t find the logical flaw in the argument, we have no business holding our view as strongly as we probably do.
In the area of ‘equity’ investing this bias rears its ugly head time and again. Most people love to curse the markets and agree with each other that markets are probably the most dangerous thing to associate with.
This gets further validated with Media screaming 'about risks" from the roof top. Hearing the media confirm with their inner feeling makes them believe they are scholarly and obviously right.
Another similar belief that can hurt investors is their fondness for LIC and Real Estate. Again hearing the financially uneducated people express the same thing turns people into self styled money managers.
This view when endorsed by parents, uncles, cousins, friends etc, all of whom equally uneducated leaves them with a sense of sublime satisfaction.
Thus confirmatory bias is without doubt the investor’s single biggest enemy having capacity to destroy the future wellbeing of a generation.
Instead, it would do good if only a person chose to listen to the opposite non confirmatory view and mull over it dispassionately.
But then human beings are emotional animals whose 'hearts’ from the ground floor rule their 'brains’ sitting on the 'top’ floor.
I therefore believe that a person needs a financial advisor mainly because the financial advisor looks at his wealth through a perfectly 'dispassionate’ lens having no traces of emotional bias clinging on to it.
As one friend, Mr Basu, put it very succinctly, “you need an advisor because he is not you”.
Happy Investing!
IFUNDZ
Chiranjeevi Nalamothu
Contact us : 8499918888
Email us : [email protected]
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Visit us : www.ifundz.in
06/04/2019
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It has been a wonderful 2018-19 because of your support. Looking forward to your support for the next year!
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30/03/2019
We often don't think twice while spending for trips and holidays since it's a much-needed break. However, if developed sensibly, you can easily plan a fun holiday within your budget and moreover end up saving too.
Given below are some financial planning tips for a vacation:
1. Plan in advance:
Last minute planning can prove to be a costly affair since travel fares and hotel tariffs largely increase during summers. You can save a lot of money if you plan beforehand. Once you have picked the location, go through the different travel options in addition to accommodation choices. Heavy discounts are often given to people who book in advance. If you wish to take a holiday abroad, keep the exchange rate in mind. Such detailed planning will ensure a smooth, fun trip without any last minute hassles.
2. Work out the various costs:
Once your destination is decided and the tickets are booked, the next important step is to understand the expenditure which will be incurred during the course of the journey such as sight-seeing expenses, meals, transport charges, souvenirs to be taken, shopping etc. Make sure you have adequate funds to take care of these outflows.
3. Begin saving beforehand for your journey:
After you have calculated the cost of the total trip, determine how much you need to save in order to pay the amount comfortably. For example, if the cost of your vacation is Rs. 50,000 and if you have 5 months before you leave, make sure you save Rs.10,000 every month. This could mean not going out for fancy dinners often or keeping some luxury purchases on hold but it'll be worth the effort.
4. Keep unforeseen expenses in mind:
When you create a budget for your vacation, place some cash aside to take care of emergencies that might occur during the journey. It could include losing your baggage and shopping for spare clothes, doctor expenses in case of any family member being injured, spending an extra night at the hotel due to train/flight delays etc.
5. Be aware of credit card/debit card charges:
At times, card firms might impose additional charges on credit/debit cards especially when they are used in a foreign country. Call up your card company and check the fees you might have to pay while performing any transactions. It's recommended to carry some cash instead of being completely dependent on cards.
Summer vacation trips are the best time to relax, bond with your family and create precious memories. Don't let shortage of funds ruin your outing. Make a proper financial plan so that you enjoy every moment instead of worrying about the expenditure.
Happy Investing!
IFUNDZ
Chiranjeevi Nalamothu
Contact us : 8499918888
Email us : [email protected]
Follow us : https://www.facebook.com/ifundz.in
Visit us : www.ifundz.in
29/03/2019
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