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(Precious) Words of Wisdom : "Wall Street makes its money on ACTIVITY, you make your money on INACTIVITY." ~ Warren Buffett

Personal Finance Mistakes (You Would Surely Like to Avoid)

Human behaviour is extremely perplexing and confusing. It is full of strange and baffling contradictions.

Therefore, when I observe the many varied day-to-day situations, I am forced to seriously wonder — Is the human being really as wise, intelligent and sensible as he thinks he is?

Listed below are some of the extremely common mistakes that people make, when it comes to managing their money.

One. Do you hand over the keys of your house or bank locker to a stranger?
Then why do you disclose the PIN, OTP etc. of your Debit Card / Bank Transaction to strangers?
Numerous people have lost money in this manner.
I am sure you wouldn't like to be the next victim of such theft.

Must Read: Protect Your Bank Accounts From Fake Callers

Two. Do you like to buy things at full price or wait for discount offers / seasonal sales?
Then why do you buy shares when the markets are booming, and not when they are in dumps?
Numerous people have suffered losses by investing at the peak of the stock markets.
I am sure you wouldn't like to fall prey to such irrational exuberance.

Must Read: Don't invest your money in T20 style

Don't be so careless with your personal finances.

Three. Do you think you are a better cricketer than Sachin Tendulkar or Virat Kolhi?
Then why do you think you are a better stock investor than the professionally qualified and experienced fund managers?
Numerous people believe they can make money by directly investing in stocks.
I hope you don't carry such false notions in your head.

Must Read: You think you can beat Roger Federer!

Four. Do you pay Rs.100 for a bottle of coke costing Rs.35?
Then why are you Ok with three times the interest cost on your credit cards vis-a-vis the much cheaper secured borrowings?
Numerous people look for convenience and pay a heavy price for it.
I am sure you wouldn't like to unnecessarily pay exorbitantly extra charges for the same benefits.

Must Read: Twist In Credit Card Interest Calculations You Must Know

Five. Do you trust someone whom you know has the habit of repeatedly tells lies?
Then why do you believe the builders who have failed 99% times to deliver the property on time.
Numerous people are facing the double trouble of rents and EMIs.
I am sure you wouldn't like to sail in the same boat.

Must Read: Real Estate. UnReal Promises.

Six. Do you look at SUVs when you want to purchase an environmental-friendly and a fuel-efficient car?
Then why do you buy an insurance policy when your objective is a sound and efficient investment?
Numerous people buy the utterly useless and absolutely fruitless endowment / moneyback plans.
I am sure you would like to be a better and smarter investor.

Must Read: My name is Insurance and I am not an Investment

As is obvious — if you desire to become rich and aspire to be a millionaire — earning "more money" or getting "more returns" is not everything.

Rather you have to become "more informed" and "more rational" in your approach towards your personal finance and everyday money matters. 

To make it REALLY... REALLY... SIMPLE for you, here's the Concise A to Z Personal Finance Guide for your quick and easy reference.

An Investment In Knowledge Pays The Best Interest ~ Benjamin Franklin

101 Classic Tips Money Gyaan

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