| Personal Finance |
| Can you be a crorepati? Find out
here |
| Courtesy : Moneycontrol.com
|
| Answer each point in 'Yes' or 'No'. Count how many
answers are in 'Yes' and how many in 'No' |
1. You have a broad financial road map defining you
assets, liabilities and financial goals till say the age of 80-85?
YES
NO |
2. Your first priority is save at least 10-15% of
your income every month, without fail.
YES
NO |
3. Your second priority is pay off credit card bills on the due date
and not carry forward any outstanding balance.
YES
NO |
4. You believe that investing is not a 100m race, but
a marathon.
YES
NO |
5. As they say death and taxes are inevitable; so is
risk. Thus you learnt to proactively deal with risk rather than try
to run away from it.
YES
NO |
6. Term Policy and/or Mediclaim are the only
insurance policies you have ever bought and are extremely allergic
to Endowment, Money back, and ULIP kind of policies.
YES
NO |
7. You have never had to borrow money for any
emergency.
YES
NO |
8. Home Loan is the only loan you have ever availed.
YES
NO |
9. You are as comfortable with interest rate jargon such as flat
rate, monthly-reducing, zero-interest, advance EMIs etc., as you are
say with slip, gully, mid-wicket, cover and so on.
YES
NO |
10. You would rather give Rs.100 to a beggar, than to
go and buy a lottery ticket.
YES
NO |
11. You are a fair-weather friend of your investments
- you dump them if they fail to meet your expectations.
YES
NO |
12. You do not lose sleep when you lose money.
YES
NO |
13. You do not get carried away by media hype about
some investment opportunity; but first read the fine print - the
so-called 'Conditions Apply'.
YES
NO |
14. You would have your weekend dinner outing in a small and decent
joint rather than in a 5-star hotel; you don't splurge cash
and are always on lookout for a discount/bargain offer.
YES
NO |
15. You never invest in something you do not understand or are not
comfortable with.
YES
NO |
16. You buy your luxuries out of the returns from
your investments and never from your current income.
YES
NO |
17. You believe that hot tips, more often than not,
burn a hole in your investments.
YES
NO |
18. Budget for you is not just what our Finance
Minister presents every year.
YES
NO |
19. The allocation of your investments across various
assets such as equity, debt, savings a/c, etc. is a true reflection
of your financial profile.
YES
NO |
20. You are not planning to go to Europe this summer, just because
your neighbor Mrs. Showoff went for one last year.
YES
NO |
21. You have never paid any penalty for not maintaining the minimum
balance in your bank account
YES
NO |
22. Just as you don't like to sit idle, you don't let
your money also sit idle for long in your bank account.
YES
NO |
23. You feel sorry when you see thousands of
investors naively putting thousands in the New Fund Offers.
YES
NO |
24. You laugh every time you see a Mutual Fund
proudly announcing a huge dividend payout.
YES
NO |
25. Have you began your investing program when you were in your
teens/early twenties.
YES
NO |
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| Are you looking for your result? Scroll down little
you will find your results.. |
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If you have answered 'Yes' for 20 or more of
the above, congratulations. You have a very bright chance of
becoming a crorepati (millionaire).
But if the 'Yes' answers are less, then the road ahead is tough for
you. Study the points where you said 'No'. These are not just
statements. They carry a very important financial meaning. Try to
understand these and convert them into Yes - through financial
discipline.
So don't just dream - act - and you could also become a part of the
rich elite. After all, patience, persistence and commitment are what
it takes to get there.
The author sanjay matai is an investment advisor.
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