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The way most fortunes are lost is not through excessive expenditure, but through bad investments. (Paul Graham)
Common sense, you’ll say. But it’s common to see stories on how supposedly rich guys end up broke. The latest Viveka Babajee’s suicide story also mentioned that she had some financial issues too.
Take Rs 100 and invest it in a safe FD which gives you a 8% return. So after 1 year your Rs 100 becomes Rs 108. Take away 10% as inflation and the present value would be Rs 97.20. So you have actually lost money!
And when you have money, scamsters hover around you selling glamorous derivatives and complex products that promise good money. Yes, it’s good money for scamsters. With these derivatives, you can make or lose millions in a blink!
So personal finance is not about going from poor to rich. It’s also about not going from rich to poor.
I edit Personal Finance Online Resources, nurture Financial Literacy Foundation, deliver Financial Awareness Workshops and have built a desktop RupeeManager.
Invite me for a talk. Email me on ranjan@ranjanvarma.com or Call me on +919867755615
About Ranjan
He edits Personal Finance Online Resources, delivers Financial Awareness Workshops and has built a desktop RupeeManager.
Email: ranjan@ranjanvarma.com or Call on +919867755615
