This is a quick topic I needed to cover as I came across certain life situations that has brought to my attention, so i needed to articulate the various financial mistakes i have seen my fellow Indian brethren, whether they are living back in India or they are NRI’s living in the city of Dubai, United Arab Emirates or in Durban, South Africa or pursuing their dreams in the United Kingdom or working for tech giants in Silicon Valley in the beautiful state of California, United States.
For the longest time, I have experienced and witnessed many occasion’s especially with Indian’s of different walks of life , keep committing a lot of financial mistakes that will have severe repercussions in the long term. I would love to lambast some of my people’s financial decisions and the choices they have made, I should also address that i have made bad financial decisions, when i was residing in the United States as well as my current residency here in Dubai, U.A.E.
I have recently been going through some major life changes that has made me realize and evaluate my thought process when it comes to money finances. We also need to address some of the cultural narratives that has brainwashed us as well as sabotaged our financial futures. The Indian society is vivid and has various layers of history, identities , but you will see there are some similarities you will find, you might see we might be listening to the same frequencies that make Indians consciously and unconsciously commits several financial mistakes that can only destroy their financial destinies.
Anyways, Lets cut right to the chase, I’m just going to lay down some points and hope it resonates and inspires you to make the changes for yourself as well as your financial decisions. My heart’s desire is that to any Indian out there who is reading this would be inspired to not be just like the unconscious majority and walk the narrow path of being part of the financially conscious minority.
Here we go,
1) Handling Credit Cards
2) Power Of Compound Interest
3) Buying Stocks, Stonks ;), Cryptos based of on tips etc.
4) Mixing Insurance as Investments
5) Lifestyle Inflation
6) Going on a Shopping Spree just to get DISCOUNTS
7) Keeping up the Jones or Keeping up with the Kumar’s –
8) Living for the Weekend
9)Cash Flow Tracking
10) Have an Emergency Budget
11) Medical Insurance
12) NO Financial Plan
13) No Diversification
14) Expensive Marriages
15) Buying Excessive amounts of Gold Jewelry
16) Ultra Conservative Investment Strategy
17) Difference between Assets & Liabilities
18) Wrong assumption that being frugal is cheap
19) Procrastinating investment decisions
20) Depending on others for investment decisions
21) Having a family discussion on money – It really matters
22) Rookie investment mistake of buying high and selling low
23) Wasting time on unproductive activities
24) Lack of disciplined investment
25) Difference between Money & Currency
26) Life long learning concept
27) Getting REAL Financial Education from mentors,financial coaches & strategists
These were the above financial mistakes I have come across particularly found among Indian’s. To some of you, you might see similar negatives trends or commonalities among other ethnic groups or you might be quite surprised to learn about these financial mistakes , as many of my American friends,families and counterparts would have stereotyped Indians as quite financially savvy as the top high income earners in the United States are Indians, followed by Chinese, Taiwanese,Filipinos etc.
Anyways, I’m going to elaborate more in detail in my podcast- ” The FINfluential by Marcus Monero” . I want to dwell deep into the above points and throw in some golden nuggets when it comes to financial mistakes and how we can learn from our mistakes with the purpose to –
Increase Our Financial Confidence
Raise Your Human Capital
& One day , I hope i can see more economic and financial freedom in India and the rest of the world.
We all got to dream big and do our best to work towards it.
IF you have reached the end of this quick article, thank you for taking the time , please do share your experience and wisdom for the young Indians who are pursuing their financial excellence.