Dussehra is the festival that symbolises the victory of Good over Evil. I believe that every festival, every story coming from Mythology has a lesson behind it which helps us bring wisdom and goodness in us to conduct our lives in a better way. 

Ravana, who was an extremely wealthy and knowledgeable man, let his demons control his life and mind which lead to the great war and his eventual demise.In the same way, we have our demons that could lead to our destruction if we don’t work on getting rid of them.

One such habit is our life of living in denial about our financial habits. Let's work on some of these habits which are stopping us from enjoying our wealth to the fullest.

1. Having no Savings

“I will start saving only from next month, I can hardly meet my expenses this month”- said every new earner ever. 

No matter your age or how much you earn - If you have a source of income, you should have a portion of it saved. Many say that they do not have enough earnings and hence cannot save. We agree it is difficult to do so but you have worked towards it. Otherwise, No savings will lead to No financial future. To avoid being dependent on anyone for money ever, you must SAVE TODAY.

Watch our YT video to understand how you can start saving even with minimal income.

2. Buying things on debt 

‘This is a zero-cost EMI, I can buy things today. It is easy to pay EMI’s over the next few months’ - said every person who loves to shop.  

Avoid buying things on debt especially when it is a depreciating asset. There are few things like your house. Avoid debt for everyday items and travel. Remember, these small loans today can put you in a huge debt tomorrow. Make sure you pay your credit cards on time and please do not convert it into EMI - Credit cards attract the most interest if not paid on time. Watch our YT video to understand how credit card interest rates are calculated.

3. Having no Insurance

‘I don't need insurance today because nothing will happen to me, I am too young’ - said many overconfident youngsters. 

Things change, responsibilities change and nothing can stop from an accident or dangerous thing happening. The only thing you can do is protect yourself and your loved ones from the damage that it can cause. Like eating healthy is important, buying insurance is important. You can run away from these for only so long. 

Check out our article to learn about 5 Insurances that you must have. We also have a YT video on it - where we discuss the importance of having insurance.

4. Following social media investor tips

‘The reel by ‘Finance with XYZ’ was so much fun and I even learnt about this complicated product, I am going to invest in it right away’ said every newcomer on social media. 

A concept that takes years to master, cannot be understood in 60 seconds. YES, IT CANNOT BE. Yes, you can know about it, you will be introduced to it but you cannot invest your money basis this. 

Investing is PERSONAL not SOCIAL. So please be careful of where you put it and do your research. It's just easier to listen to free advice from random people and invest. Do your reading and learn and if you can’t, subscribe to a course and go to an advisor for better advice.

5. Procrastinating

‘Aaj Nahi yaar, I will start from this weekend pakka’ and that weekend never came!  This is one of the deadliest demons that we need to kill ASAP. Yes, it is difficult to focus on things we do not like, especially when it is difficult. Baby steps will help you to get started. 

Watch this video to get STARTED NOW. Know that Money may not be very important to you, but everything important in your life needs money. 


6. Timing the market

‘I will invest when the market corrects !’ ‘Oh market is too expensive, I will start investing only tomorrow when it's cheaper. Said every investor ever who thought they could get the investing right!

There is no right day or time to invest, TODAY is the best day to start investing. 

7. Investing Randomly

‘I got some money today ill invest in Equity, REITS also look good, I saw this video, I'll invest in the, read about the company - should buy some stocks of that’ A very common approach to invest randomly. 

8. Letting ‘Fomo’ take over you when investing

‘Yaar my friend made so much money in this stock, let me also invest in it’ - said every investor fool who bought stocks/funds after it had already gone up. What works for someone else, need not work for you. It is like not 2 people can rock the same dress, 2 people cannot enjoy the same returns. You have to invest in what works for you. Instead of FOMO, start today and invest regularly.

9. Falling for easy high returns

‘The returns from this fund are so good, I should invest in it right away’ - said every investor who broke his short term needs to chase higher returns. 

Remember the rule - High Returns = High Risk.  If you come across content stating assured return or stating unrealistic profit - it is a red flag - KNOW YOUR PRODUCT FIRST and ITS RISK AND THEN INVEST IN IT!

10. Not asking for help.

‘I will invest based on what I know, who will consult someone, it's too expensive anyway’ - said every investor who just lost 15,000 or more in wrong investments. There are experts for everything, you are just being stubborn by trying to do it on your own (without knowing all about it that you should know). Ask for help, as you go to a doctor for health, go to a financial advisor for your wealth.


Wealth Cafe Advice: 

The way Lord Ram could not kill Ravana by just killing one or 2 heads, you cannot improve your financial life, by just improving one or 2 habits, you must kill it at the nib of things by putting a process to your finances. Trying to improve one thing over another, will soon put you back in one of the traps mentioned above. All of these habits are very emotional, and conditioning driven and can be cured by putting a process to your Investments. 

Learn about this through our course - Namaste Money, currently priced at 50% off - check the link here  

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