First of all, I would like to say that I am strongly opposed to spending my life in debt. Especially at the beginning of the career. In some cases, there may be no way to borrow. For example, in the case of Sumit, it is probably an education loan. He must have raised that money to study, otherwise it would not have worked. But personal debt? What was needed? Assuming. In this case also money was needed to get married. But borrow again before the end of these two installments? No, I see no need for it. He has just set foot on the path of saving where there is no wealth yet. Let's talk about Sumit's goals first. After that, it seems to me that the issues that should be emphasized outside his goal are barely there.
1. Dream of two wheels
I am not against dreaming. But I don't think it's wise to complicate life by borrowing light rice just to fulfill a wish. Sumit's first loan was due in 2022. But before that he wants to buy a bike. Not a very prudent thought. There will be hills frozen on the edge. As a result, it is better not to indulge in it. Rather at least all the installments of the first loan have been hacked before. This is because debt hacking or unnecessary expenses, in the form of raising funds for the child's education or retirement, block the way to meet long-term savings goals.
2. Stay well
When a child has a plan, it is best to start thinking about his future now. Because, from small to big, the child needs to be provided with enough light and air to match the stalks. That means the goal here is long term. Therefore, to meet it, you have to save for a long time. So that there is no shortage of capital even if we have to spend more in the field of inflation. So from now on Sumit has to pay attention to many things. E.g.
PPF: You have to keep some of the extra money in hand in this sector.
Mutual Funds: All Expenses (After the song, it may be difficult for Sumit to take the risk of investing in shares directly. But the fund can travel through the stock market through the fund. The chance of a little more return will slip out of hand.
SIP: This is a very important strategy for investing in shares through mutual funds. You have to choose a fund that is for different types of industries.
2. Money 💰
Rituparna ate my head towards him to do SIP. It's better not to get into what I don't understand, as much as I'm saying, he's getting so angry - the day before yesterday Dorpak said, tomorrow he understands. If you listen to Psima, you will not be safe anymore, ”Shishir sighed. His wife remained outside Bengal until her marriage; Especially when Shishir was threatened, his words got into Hindi. He wrote the word and put the paper on the table and said, "Nabel should be given, I understand."
"Nabel to solve the crossword?" Tapesh asks.
"It's not a bad thing to give a nabel to everything that is being said nowadays." Shibuda smiled. "Of course, I'm talking about giving Nanabel to him, the SIP object that first came out of his head."
“You were listening? Head to word search, and ear to ear? ” Surprise in Surya's voice. Shibuda smiled and smiled, "Think about it, when you hear about the stock market, the picture of Gonderiram Batpariya floats in front of the eyes of Bengalis. Not only Bengalis, but all those who once had brother-in-law relationship with stock market all over the world are doing SIP. Now. ”Shibuda took a cigarette with a sip of tea. Shishir asks a question, "Is it good or bad?"
The question is not good or bad, although there is probably no movement without a stock market where interest rates at bank-paste offices are declining," Shibuda replied with a smirk. "The question is, in what mantra did people make the thing that they were terribly afraid of? In particular, the character of the stock market has not changed. Understandably, this question cannot be answered without behavioral economics. ” Shibuda finished the rest of the cup with a kiss.
The other three pulled up chairs and sat down. Shibuda began, “Maeda talk is to overcome the fear. The first fear is to invest money in one go. The arrangement is that you can start investing in some schemes with only five hundred rupees. I can say, to invest sixty thousand rupees at a time, and to keep five thousand rupees a month - where is the difference?
More than that, the fear of feeling sad or lonely in a month was paid off a lot. Once you turn on SIP, you get your hands dirty. You will automatically withdraw money from the account every month. Think about it, if everyone had to invest this money every month, how many people could raise money in the end? He is afraid of investing in the stock market. Alisi on him - "I will do today, I will do tomorrow". More than that, Lake would spend this month's money on something else, saying 'I'll do it next month'. We did not do any of this as the money was automatically deducted from the account and the money was invested in the market. To understand how big a revolution this is in the world of behavioral economics, one has to take refuge in Richard Thaler. ”
"Are you talking about Naz?" You mean, like, saltines and their ilk, eh? Shibuda asked Surya to stop. "Surya is the only one who pays attention to my words," Shibuda was happy. "In the United States, there is a system called IRA 401K, according to our provident fund. This scheme can be kept by deducting money from the salary - the company pays as much as the employee pays, in many cases pays a little less. The difference is that our PF is introduced here automatically, the workers in the country have to fill a form and inform that this time they are willing to spend the money. Just think, if you put money in 401k, you can get a lot of extra money from the company on the mine - yet about 30% of the workers would not have started this plan. Richard Thaler has been saying for a long time that the system could benefit from a small number of people, or that Addin wouldn't work --- but the fund doesn't do business for its own benefit, but for its own benefit. I gave Thaler's example to illustrate that if the burden of decision-making can be removed from people - not by force of arms, in such a way that one can make one's own decision if one wants to, but there is no difficulty in taking it --- the game can be completely changed. That's what SIP did.
Mutual funds can get more money to invest, here are two ideas, Shane." Shibuda got up on the chair and sat down as a babu. At the end of the term, the withdrawal of money from the bank is also stopped. If a fund house comes up with a scheme where the SIP is deducted for as long as the customer does not stop, it can be a game changer. Do you know why? Because, just as people can't start something by taking initiative, they can't stop something in the same way. These are the three foreign magazines that have been coming to my house for the last seven years. Money is also being deducted from credit cards every month. On the contrary, I don't see any of them, but going to their website and taking initiative is costing them a lot of money. SIP is much better than that, I know, if the luck is not very unhappy today or tomorrow, he will return to my house in full bloom. The urge to stop will be less. ” I didn't.
“Ma’am! And what is the other idea? ” Tapesh wants to know. Gaepal gave tea, Shibuda said with a sip. "The Thalers have come up with a plan called Save My Tumrae, which promises to increase the amount of investment proportionately if investors increase their wages. If you google it, you will see that it is a huge incident. This time, if a fundraiser runs a scheme that will increase the amount of investment, even if only a small amount every year - you don't have to take the customer's permission at the time of increase, you just have to sign the scheme at the time of purchase - you know what?
"No matter what, Psima will become a millionaire in a few days," replied Tapesh.