{"id":11640,"date":"2017-07-11T16:28:55","date_gmt":"2017-07-11T10:58:55","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=11640"},"modified":"2018-03-22T14:34:04","modified_gmt":"2018-03-22T09:04:04","slug":"are-these-mistakes-coming-in-the-way-of-your-first-million","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/personal-finance\/are-these-mistakes-coming-in-the-way-of-your-first-million\/11640","title":{"rendered":"Are these mistakes coming in the way of your first million?"},"content":{"rendered":"\"Million<\/a>\n

Ka-ching! Ka-ching! Ka-ching! You are \u00a0now the proud owner a million rupees!<\/em><\/p>\n

Do you want a seven figure financial balance? It\u2019s not as hard as you think. All you\u2019ve got to be is smart about your money. There\u2019s only one rule – Do NOT save.<\/strong><\/p>\n

Open<\/span> a FREE Account Now! <\/span><\/a><\/div>\n

Does that sound ridiculous? Saving helps you build wealth, right? Why shouldn\u2019t you save?<\/p>\n

Because saving alone<\/strong> does little for you. If building wealth is your priority, there are smarter ways you can go about it. Of the plethora of financial products at your disposal today, you earn higher returns on your money when you invest, rather than save<\/strong>, either in the bank or as cash under your pillow.<\/p>\n

There are several avenues you can invest in, but if you\u2019re a beginner or would rather someone else managed your funds for you, mutual funds are a great investment tool. Start a Systematic Investment Plan (SIP) in mutual funds to build wealth for your dreams. Not only will you benefit from professional management and potentially higher returns, you also enjoy the benefits<\/a> of diversification, rupee-cost averaging and compounding.<\/p>\n

Just make sure you avoid these mistakes when you invest:<\/strong><\/h4>\n
    \n
  1. \n

    Don\u2019t delay investing<\/strong>
    \n    Time is your friend<\/a>. The sooner your money is invested, the longer it benefits from compounding at potentially higher rates of return. This is because compounding helps you earn, not just on your investment, but on the earnings of your investment too. The sooner you start, the sooner you\u2019ll be a millionaire.<\/p>\n<\/li>\n

  2. \n

    Don\u2019t follow the herd<\/strong>
    \nThere are thousands of mutual funds in the market and that gives you way too many options. The easiest thing to do is to invest where your friend is investing, or in the fund that has given the highest returns. But that\u2019s not the wisest thing to do.<\/p>\n

    Open<\/span> a FREE Account Now! <\/span><\/a><\/div>\n

    Why? Not all people are the same and neither are all mutual funds. What fund suits your friend\u2019s risk profile may not suit yours, nor could the best performing fund be ideal for the risk you\u2019re willing to take. It\u2019s best to consult a financial advisor who will assess your financial picture, your goal, investment time-frame, and risk profile and suggest funds best suited for you.<\/li>\n

  3. \n

    Don\u2019t give into fear or greed<\/strong>
    \nEmotions are your biggest enemy when it comes to building wealth. Irrationality, triggered by fear and greed in particular, may lead you to take decisions that could hamper your progress on your way to your first million. Markets are a volatile place and while fear may tempt you to sell your investments or greed entice you to buy more, don\u2019t pay heed to these. Base your decisions on sound research or advice from your financial advisor. This way, you\u2019ll do what\u2019s best for your money.<\/p>\n<\/li>\n

  4. \n

    Don\u2019t have unrealistic expectations<\/strong>
    \nAs a general rule, higher the risk, higher the expected return. This doesn\u2019t mean you can expect returns that have never been seen before. Unrealistic expectations could cause you to misjudge how long you would need to invest to reach your goal, and this could not just be disappointing, but be the reason you miss out on something great. Your financial advisor can help you determine how long you need to reach your goal at realistic returns and make sure you\u2019re on the right track.<\/p>\n<\/li>\n<\/ol>\n

    Make that million sooner. Talk to your financial advisor and invest in mutual funds today.<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Ka-ching! Ka-ching! Ka-ching! You are \u00a0now the proud owner a million rupees! Do you want a seven figure financial balance? It\u2019s not as hard as you think. All you\u2019ve got to be is smart about your money. There\u2019s only one rule – Do NOT save. Open a FREE Account Now! Does that sound ridiculous? Saving […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66],"tags":[23,148,36,516,518,218],"yoast_head":"\nAre these mistakes coming in the way of your first million?<\/title>\n<meta name=\"description\" content=\"Do you want a million rupees? It\u2019s not as hard as you think. All you\u2019ve got to be is smart about your money. 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