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Five money lessons to learn from the Sacred Games
A different POV
Practice and patience pays off
Many of his ventures failed, he bore financial losses and also dropped team members who harmed his business. Nevertheless, he remained patient and dedicated to his cause and eventually triumphed.
Financial Takeaway: Do not expect your investments to zoom overnight. Be patient with them. A disciplined approach to investing with a longer time horizon will make your money to gain from the power of compounding and minimise the risk of losses.
Have a plan
Financial Takeaway: There is no easy and quick way to build wealth. Different life stages require different tactics and savings vehicles. Get rich slowly by making smart financial moves—saving early, investing based on goals, insuring yourself against disaster, among other things.
Team can make or break your venture
Financial Takeaway: When you run a business, you don’t put money in your idea but in your team. Apart from having adequate capital and resources, building the right team is very important for the success of your venture. Like mindedness amongst team members is as important as getting along with the head of the team.
Take professional advice for managing money
Financial Takeaway: It pays to seek professional help for your money. Even if you invest yourself, a financial adviser can assist you in balancing your investments over time, diversify your portfolio, plan taxes and with estate planning. Professional advice will be useful especially for those who lack knowledge and time to invest in the market.
Keep emotions at bay
Financial Takeaway: Do not let emotions influence your buying and selling decisions. It can leave you with potentially lower returns. If you are investing through SIPs, do not stop or pause when the markets fall. If you pause out of fear of losing money, you won’t benefit from the subsequent market rebound. Keeping emotions out of investments will give you a better chance of success with your investments.