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If you are wondering what reskilling and upskilling has got to do with personal finance, think again. The best investment you can make is on yourself. Today it does not matter where you are – you could have achieved a fair bit of success in your career, you could be just starting out or you might be qualified, yet a housewife by choice.
We are a part of times which are changing rapidly, driven by technology, life-styles and generational leaps. While you could be secure currently, given this pace of change enveloping us, it is important to stop every once in a while, to gauge how you measure up to the changed circumstances.
While some of what I say is gender-agnostic, it is particularly pertinent to women, whose work-lives are characterized by self or externally imposed breaks, societal pressures and who don’t necessarily play as significant a role in family financial decisions, thereby being more “not-in-control” and vulnerable to these forces of change.
Our latest article (link given below), published in Moneycontrol, highlights the risks that women run by not upgrading their skillsets periodically, thereby not being adequately prepared to face life’s challenges.
Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.
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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.
The last 18 months have not been kind to investors in the stock markets. Depending on which period you are looking at, there have been severe corrections, across all market-caps. When mid and small-cap indices fell severely from their Jan 2018 highs, large-cap indices still held on and posted marginal gains. But post the budget presented in July 2019, they too have thrown in the towel.
So, how badly has equities done, and how much has it actually impacted investors? To put things in perspective, a diversified multi-cap index portfolio has fallen approximately 12%, both from the market peak in January 2018 (approx. 18 months back) as well as from the recovery peak in August 2018 (approx. 12 months back). The below table gives the details.
Of course, this varies across market capitalizations, with large-caps still managing to hold on, losing only between 4-9%, mid-caps dropping 18-22% and small-caps plummeting as much as 28-40%.
So, in such a situation, what should one do? Is the market likely to drop further, and if yes, should one exit one’s portfolios? Are equities not the right asset class to invest now?
In the short-term Equity is volatile. In the long-term, Equity builds wealth!
There are enough and more market news and views answering the above questions, with necessarily no improvement in clarity post reading them. I do not intend to add more to this confusion by also pitching in. Rather, in my view, the best thing to do in such situations is to go back to the “wise men” and learn from them on how to handle such situations. So, let’s see what five such wise men have to say.
You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you are not ready, you won’t do well in the markets – Peter Lynch
The first lesson is about having the right attitude to invest in equity. Be prepared to travel the roller-coaster ride that it will take in the short term and to be unpleasantly surprised despite precautions. Building the temperament needed to invest in the stock markets takes time, so invest only what you can bear and slowly increase it over time as you get comfortable.
The stock market is filled with individuals who know the price of everything but the value of nothing – Benjamin Graham
Markets gyrate excessively, basis the laws of demand and supply, which in turn are driven by sentiment, fueled by a continuous dose of “news”. If you have the temperament and the knowledge, volatility can be an opportunity. That said, timing the market is tough and not advised and for the average retail investor, these are the times when your SIPs and STPs MUST continue, and if possible, topped-up, to take advantage of rupee-cost averaging.
Only when the tide goes out do you discover who has been swimming naked – Warren Buffett
When markets take a dive, the natural response from a retail investor, even some of the experienced ones, is to sell the stocks (or funds) that are holding on while retaining the stocks that have crashed, since they want to “wait for it come back up”.
It is pertinent though to remember that in good markets, even the mediocre performers get “swept up by the tide”. It is when markets go down that these average performers get called out. Also remember, every growth cycle has a different set of dominant contributors. So, use downturns to get rid of your not-so-good stocks while retaining the ones that are still good, thereby building a future-ready portfolio. While the urge to wait for markets to come back up is high, remember, that the good stocks by then would have run up even more.
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent – Charlie Munger
Building a good, long-term, high-quality portfolio takes time and requires pain-staking effort. Make sure you are taking advice from a qualified investment advisor, whose interests are aligned to yours. But once done, sit back and enjoy the view. The key to benefiting from good equity investments is allowing them time to grow and compound. So, stay the course, and don’t take recourse to stupidity, such as exiting perfectly good portfolios just because the prices are down.
If you don’t know who you are, the stock market is an expensive place to find out – George J W Goodman
Lastly, investing in equity without having sight of what you are hoping to achieve, and over what time-frame, is fraught with risk. The danger is that since you do not know either, you will tend to over-track and get impacted by short-term volatility and performance. Anchor your investments to a goal, and you will suddenly see the big picture, and will not get swayed by what happens during the journey. A good financial planner will help you identify the right investments for your goals and will also help you course-correct over time, and ensure that your portfolio is always future-prepared, thereby allowing you to have peace-of-mind and enjoy the present.
In summary, use the below 5 inferences as guard-rails to both smoothen as well as make safe your equity investing ride.
1.Build the temperament to invest in equity, by gradually increasing your investments
2.Volatility is good. Ride it out, and if anything, use it in your favour through your SIPs
3.Use downturns to clean up your portfolio and make it future-prepared
4.Once you have a future-ready portfolio, stay the course, and avoid short-term decisions
5.Finally, know why you are investing. Anchor your investments to your goals
Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.
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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.
For people in their middle-years, what would have been their biggest or deepest aspiration during their early working years? If I were to hazard a guess, I would think that for most people it would be “being wealthy”. The reasons for wanting to become wealthy may vary, since every person’s needs and wants are different, but it would be fair to say that for most people, their significant aspirations in life would be around money and what they could do with it.
A lot of young people think that wealth creation is something that requires tremendous smarts. That it requires access to knowledge not easily available to most, as well as huge skills that help apply the knowledge and convert it successfully into wealth. And that it requires some “big ideas” that will help one break out of the rat-pack. It may gladden you to know that not having access to all of the above can still make you wealthy.
Actually, the fail-safe way to having enough wealth to take care of all your (including your family’s) aspirations for your entire lifetime is in not doing a few basic things in life wrong, and in case you already have, correcting them as soon as you can. So, let me put down 7 mistakes that you should not make in order to build adequate wealth in your lifetime.
Not having a check on your discretionary spending
For most young people, the first few years earnings are spent fulfilling their pent-up aspirations, without necessarily caring about keeping something aside. While some of it is understandable, the danger is if it continues without a check. The first principle of building wealth is to save first and then spend. So, keep aside something as soon as you start earning, and then spend on your material needs.
Over-leveraging yourself early in life to buy “assets”
Another thing many people do early in life is take “big decisions”, the most common of which is buying a house. The power of money compounding over long periods of time is magical and early savings can multiply manifold if invested effectively. Unfortunately, these savings instead get locked into EMIs for repaying loans that leave a young earner barely any space to save or invest for most of his early years. In an “uberized” world, having a home as a personal asset is no longer a necessity. And even if it is, you should consider it much later, when it is a smaller part of a diversified portfolio.
Upgrading ever so often to “keep up with the Joneses”
Nearly every device that comes into the house (or driveway) turns old, if not obsolete, in a couple of years. And getting into a constant upgrade cycle, whether it is your mobile phone, cars, smart TV or household appliance, can be quite draining on your finances. It is important to have aspirations and fulfil them, but just make sure that you aren’t doing to it to “keep up” and importantly, that your finances can afford it.
Investing based on “tips from friends” or even worse, your “private banking RM”
This is the easiest way to lose money, and at an early stage in life, can form experiences which impact decisions throughout your life. A basic principle behind taking investment advice is making sure that the person who gives the advice has incentives that are aligned to your needs. If you lack the discipline (most fall in this category), find an adviser who you can trust, and who represents you, not the products on offer.
Confusing investments with tax-planning
For many young people, investing equals tax planning. And hence their quest for investments begins in tax season. And in the hurry, wrong decisions are taken basis faulty advice. Remember, the tax you pay is a miniscule part of the overall wealth you have today and in the future, and hence basing your investment decisions on your tax needs is plain wrong. A good adviser will also help you take care of your tax-related investments.
Not having goals and time horizons for your investments
An investment by itself is incomplete, if it doesn’t have a goal. And depending on the nature or priority of the goal and it’s time horizon, the savings need to be channelized into the right investment. Not having goals in place means that your investments don’t have direction and hence decisions regarding them will get made ad-hoc, basis the vagaries of the market. So, while you deploy your savings into investments, make sure you have a goal in mind, and the investment is appropriate to the goal, basis its time-horizon and your risk appetite.
Not planning adequately for the unexpected
Lastly, while the going is good, not making the above mistakes can put you on the right path to financial security. But over a lifetime of a few decades, there will be a few mishaps. Making sure that you have the resilience (both financial and otherwise) to overcome them will mean the difference between being wealthy and not, at the end of it. Hence, make sure that the unexpected is not unplanned. Take care of not only your insurances (life, health, assets) and contingencies, make sure you are nurturing your biggest source of wealth – your skills, by upskilling yourself periodically, and in time.
So, as I said before, building wealth over a lifetime, is more about not making big mistakes, rather than about getting everything right. For those who are already on the path, use the above rules to review your financial health and for those who are just setting out, make these your cornerstones for your wealth creation journey. As Charlie Munger said, “It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
Finwise is a personal finance solutions firm that helps individuals and families plan for their financial goals, follow their passions and achieve financial independence.
To receive our articles through email, pl subscribe here.
For consultations, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.
Having a will is a must for easy and fair distribution of your wealth as per your desires. After all, it would be a shame that a lifetime of effort towards wealth creation for your loved ones, to meet their aspirations and goals, gets derailed in case of an unfortunate death intestate.
Read more in the below link about how a will can help you protect your wealth, in our latest article, published in our monthly column on Moneycontrol.com.
“If the highest aim of a captain were to preserve his ship, he would keep it in port forever” – Thomas Aquinas
With the market indices at all-time highs (the Sensex touched 40000 and the Nifty touched 12000 on 23rd May 2019, post the election results), it will be pertinent to congratulate those retail investors who have benefited from it. They have benefited because they have stayed invested through the bad year that 2018 was, and therefore benefited from this run up in 2019.
Such investors are in a minority today. Most investors either have never considered equity due to fear and lack of awareness or keep their investment to the minimum because they do not want to take the “risk”. By staying away from equities, they avoid a “risky” investment and invest their hard-earned money into other “safe” investments – bank fixed deposits, corporate bonds, gold, real estate.
But, is this really less risky? What investors fear in equity is the volatility that is associated with it. By investing in less-risky avenues, one is avoiding this volatility. When one looks at risk in this way, defined as “volatility”, then yes, equities are riskier.
But, as an investor, the actual risk that you should be worried about is not achieving your financial goals. After all, of what use is the avoidance of volatility risk in the short term, if one is unable to meet one’s financial requirements in the long term?
If you are investing a sum of money without a particular goal and time-frame in mind, then you are making 2 mistakes with your money.
One, you are not setting any expectation from your investment and therefore cannot review its performance over the right periodicity, and take appropriate course corrections.
Two, you will unnecessarily track the movement of your investment frequently and get impacted by the volatility, and since you don’t have a goal or a target in mind, you will move to take hasty short-term decisions with that investment, maybe at a loss.
To understand this better, let us look at two commonly occurring scenarios
A invested Rs 500000 in shares on the advice of his good friend at work, who traded frequently and hence was “knowledgeable”. His friend said that markets are doing very well and if he invests now, he can get a good return in a short time. Instead, 4 months after he invested, the market saw a steep correction and A saw his capital come down to Rs 400000. Not wanting to lose further, A sold the shares at a loss, in 6 months.
B bought a second house in an upcoming suburb and took a home loan of Rs 80 lakh for this purpose. He bought this house because the suburb was slated to be close to the new airport and as per everybody he talked to, the area was slated to explode in a few years. Unfortunately, the house took 3 more years than planned to get possession, and the location still hasn’t developed to that extent, and hence isn’t yielding a decent rental. B still has nearly another 10 years to repay of the loan, and the outstanding loan is more than Rs 60 lakhs.
Do these sound familiar? So, what went wrong? In both these cases, the investment was neither planned, nor reviewed, with an underlying purpose. And hence, while the vehicles (shares, house in suburbs) themselves may not have been poor investments, wrong actions were taken (sell shares early, hold on to the property too long).
The first step in investing is to identify what is the goal one is investing for, and what is the time horizon that one is investing for this financial goal.
Once one has identified the goal and the time horizon, then the logical next step is to identify the correct asset class (or mix of asset classes) that one should invest in, in order to achieve the financial goal in the most efficient manner.
This should, of course, be done while keeping in mind one’s risk appetite, but years of investing as well as observing investors, leads me to say that risk appetite is not something that is static – this evolves over time, through one’s experiences as well as knowledge.
Once one looks at the investing process in this fashion, volatility as a risk is something that gets taken accounted for while taking the investing decisions. And hence is not something that as an investor should worry you, since you have planned for it.
In order to achieve one’s financial goals, it is important that your investments not only grow at the right pace, to create adequate wealth to meet your goals, they should also be in the right asset classes so that you have the money when you need it.
By investing in so-called “less-risky” avenues, one is putting a sort of ceiling on the returns one can earn, by sacrificing them at the altar of short-term volatility. In addition, one is actually exposed to both liquidity as well as inflation risks.
By not taking “risks”, one ends up encountering the biggest risk of them all – not having enough money when one needs it, and in the right form so that one can access it easily without any trouble.
So, do yourself a favor and look in the mirror and ask yourself this – do you know what goals your investments are helping build wealth towards? And how many of your investments are actually helping you create wealth that is both, beating inflation and helping you meet your goals?
Finwise is a personal finance solutions firm that helps individuals and families plan for their financial goals, follow their passions and achieve financial independence.
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Over the last few weeks, Std X and Std XII results across various boards have been announced. As usual students all over have done very well, with many students scoring a full 100% as well, and 95-96% almost seeming like an underperformance!
At the risk of sounding a bit geriatric, it seems to me that while our times were reasonably high-scoring too (if am not wrong, my school topper in Std X got around 88-89%, and I was very happy to be in the same decile), in this generation, this scoring business has gone a bit too far. I would like to think that, beyond a certain point, how much you score doesn’t actually determine success in later life, and vice-versa. Also, this extreme focus on scoring in academics in the early years takes away from valuable life-skills and competencies that should be learnt or built, that, I can say, from experience, are likely to hold our children in greater stead in the later years.
But as is said, life is a race, and you have to run it, like it or not. It’s just that no one tells you what kind of race it is! And hence, despite our best efforts both during education and work, we aren’t adequately prepared for it!
Life in school and junior college seems like a 100-meters sprint, with everyone (well, it seems like nearly everyone nowadays!) scoring in the top few percentages (just like in a 100 mts race, where every finisher is within a few milli-seconds of each other).
And hence when we reach “real life”, ie. higher and post-education years, we are still prepared for a sprint and we get a rude shock when it starts resembling something completely different!
My take on this is that Life is actually a special kind of long-distance race because of the following two reasons.
One, like a steeple-chase, there are some reasonably-heighted thresholds that one needs to get past. Beyond a point, how high you jump doesn’t matter, as long as you cross the thresholds.
These thresholds are personal performance as well as personal skills related, ie. making sure that you do reasonably well in your education and initial corporate life, including learning the necessary life-skills. Eg. good performance in your major exams, landing a good job, getting the right breaks at work, building the right professional skill-sets, etc.
Like in a race, success is about making sure that one doesn’t trip on these thresholds. Else, the race in future can have various handicaps.
Two, like in a long-distance race, while all are running, each is running at a different pace, and after a time not running together at all. The race also has a bit of trail thrown in, where one can get lost for a while, in search of directions! Importantly, after a point, each one is running his or her own race, trying to do as best as possible.
Like all races, this one too is a success only if you finish it. The unique thing about this race is that one can determine where is the “finish line” and plan for it. In a way, everyone has his or her own finish line, which they have the freedom of deciding, and which then, they have to reach.
Reaching your finish line successfully means that you have gained financial independence and have the freedom to retire, to do what you love with your time, to follow your passions.
The key to winning your own race is to identify your finish line well in time, having a plan to run this race well, including for any unplanned detours on the trail, and reaching your finish line in good shape, feeling happy that you could actually run a couple of miles more!
So, do you know your finish line? What and where is it? If you do, then do you have a plan to reach it in good shape? And if you still have a good bit of the race to go, are you prepared for the thresholds that will come your way?
Photo by Jenny Hill on Unsplash.com
Finwise is a personal finance solutions firm that helps individuals and families plan for their financial goals, follow their passions and achieve financial independence. For consultations, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.
As a woman, you may be in charge of your present. But are you in control of your future?
Taking control of your financial future is important. Take out the necessary time for it.
It is important not to confuse your current financial independence with financial freedom. By being financially independent you are able to take care of your personal expenses at present. When you are financially free you are able to maintain your desired lifestyle throughout your life-time, including your retirement. This is not going to happen automatically just because you earn an income. It requires thought and planning and is more challenging for women than it is for men. Pl read my latest article published on Moneycontrol.com.
This prudence has held us in good stead and manifests itself in our lives in many ways. Not only do we usually have Plan Bs (ie. jugaads) ready for most important situations (ab kya karein is not something we get stuck at usually), it has also taught us to have a savings habit and spend carefully. Our ability to survive and manage short-term household cash crises is also quite good, purely because there is some savings lying somewhere that turns up to be used in that emergency.
At the same time, this caution has led us to being not-so-good investors. For most of us, our investing experiences are formed by what people around us have done. Hence the moment one has a secure job, “ghar kareedna hai” becomes the goal. For our earlier generation, investing a large part of their savings in gold was common since “bachchon ki shaadi mein dena hai”.
The values of caution have also been built into us because of past experiences that we may have had or seen. Someone in the family losing all their money because “usne share-market mein gawah diya” can be a very tough experience for a young adult and can form the basis for his or her life-long investing thinking process.
As financial planners, we commonly see large parts of client savings parked in illiquid assets such as gold or real estate. Most clients we get usually have significant holdings in these asset classes, to the extent of being too dependent on the performance of these asset classes to secure their financial futures. What such strategies also end up risking is that while we spend our lives building “assets”, we don’t necessarily have enough wealth when the time comes, and corrective actions in such situations, unless taken in time, also can prove costly.
It is only recently that people are getting more comfortable with financial assets such as mutual funds, and stocks. Even today, personal finance and investing isn’t taught to kids right from school to graduate programs. It is ironical sometimes to see senior professionals, directors and vice-presidents in large companies, managing company balance-sheets and P&Ls, but struggling at home to have a clear plan that will help them secure their long-term goals.
The fundamental issue with not knowing the basics of investing means 2 things. One, you are dependent on the mercies of whichever “salesperson” you meet (whether from a bank/NBFC, a newspaper ad or a well-wisher friend/relative) to take your investing decisions. Two, even more importantly, you are dependent on the vagaries of luck and time to determine whether you have made the right choice or not.
So, what can we do about it? While Saving is about controlling your expenses to keep aside something for the future, Investing is about making sure it is enough when the time comes. This requires the layman to have some rudimentary knowledge about various financial assets, the return they can generate as well as the risks they entail over various time horizons. Importantly, it also requires us to recognize the corrosive power of inflation on our savings and the ability to assess which investments can build wealth over the long term and which erode it.
Investing is primarily about understanding risk and putting your money to work when and where it favours you. It is not something alien to us since we generally take risks in other domains all the time. In today’s times, we cannot remain ignorant about the basics of investing especially when it does seem that the future of wealth creation lies more in financial assets like equity, mutual funds and bonds, rather than conventional old-time favourites such as real estate and gold. Start your learning and investing journey today. If required, reach out to a good financial planner, just make sure that their interests are aligned to yours.
Finwise is a personal finance solutions firm that helps individuals and families plan for their financial goals, follow their passions and achieve financial independence. For consultations, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.
To know a person fully, it is important to know their attitudes towards money. This is a critical step towards being truly ready for your happily-ever-after story.
Read this article written by me in my monthly column on Moneycontrol.com by clicking the below link.
“If you don’t know where
you are going, you will probably end up somewhere else” – Laurence J. Peter
There
are two reasons why people don’t achieve financial
independence, despite being able to. I have earlier written about one
reason, which is the importance of “understanding (as against
underestimating) the long-term”. Today, let us talk about another, which I have
termed (a bit simplistically) as “lack of direction”. Lack of direction here
pertains to 2 important aspects of our personal financial “kundli”, which is
unique to each one of us.
While it is good to enjoy the journey, its important to know where you are going!
The first is about knowing how good (or bad) is our financial situation with respect to the quality of life that we are leading currently. As a people, we are savers, and most people we meet usually show fair diligence in terms of managing their personal “fiscal” situation. A few times though, we do come across clients who need help in managing their “personal budgets”. Where this goes awry usually is in terms of either having excessive debt, especially of the wrong kind (to fuel a lifestyle which threatens to become unsustainable) or being prone to impulse big-ticket purchases – either for unplanned holidays or gifts or expensive goods to add to their home.
Such
situations are relatively simpler to address, since all it requires is enabling
people to “allocate” their incomes to different “wallets” and to have the
discipline to do this consistently, month after month. There are easy tools
that do this such as maintaining separate accounts for incomes and expenses,
using pre-set sweep-outs to ensure regularity, maintaining the savings in a
not-so-accessible demat account, and having a monthly income-vs-expenses check.
The
second aspect is about how well are we preparing to face our future financial
needs. While most people have a handle on their present financial situation,
when it comes to knowing how prepared they are for their future, most are fairly
unprepared. Here, what’s interesting to note is that while we are good savers,
we aren’t necessarily good investors. This could be because our investing
decisions are usually ad-hoc, driven by what friends and acquaintances tell us
or to meet our aspirations.
Quite
a few clients we meet don’t necessarily know what they are investing for (except
that it seems to be a “good” avenue for “returns”) and what is the “outcome”
that they desire from this investment. A key “minimum qualification” to become
a good investor is to know what one’s financial goals are, which part of one’s
investment portfolio addresses which goal, and with what compatibility.
An
easy tool for this is what is simply called a “personal financial plan” which maps
your savings and future investments to your goals, and also recommends the best
investments to achieve the goals in the most effective and optimum-risk manner.
A good financial plan ensures the right mix of asset classes to provide both
liquidity as well as stability, the right priorities in terms of goal-funding
and the right amount of risk taken to generate the best return, depending on
the time-frame of the investment and the risk-profile of the investor.
Achieving
financial freedom (or even getting on the road to it with an even chance of getting
there) requires you to know what your future financial goals are, and put in
place a good plan to fund them from your savings today, thereby giving you the
peace of mind that you are not compromising your tomorrow. A good financial
planner, whose interests are aligned to yours, can help you put this together
for a reasonable fee, while taking the load off you entirely in terms of
monitoring and course-correcting, allowing you to live your life fully in the
present.
Finwise is a personal finance solutions firm that helps individuals and families plan for their financial goals, follow their passions and achieve financial independence. For consultations, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.
Finwise Personal Finance Services LLP is an AMFI-registered mutual fund distributor. This website finwise.in (and the contact details given on this website) are of Finwise Personal Finance Services LLP. We do not, directly or indirectly, provide any form of financial assistance, lending services, or loan facilitation. We are not affiliated with, nor do we endorse, any digital platforms or applications—specifically including but not limited to “FinWise: Financial Assistant” or the website <fin-wise.co>—that purport to offer such services. Any unauthorized use of our trademark ‘FINWISE’ by third parties is expressly disclaimed and is currently subject to legal action. Users are advised to exercise due caution and verify authenticity before engaging with any financial service provider.
While some of what I say is gender-agnostic, it is particularly pertinent to women, whose work-lives are characterized by self or externally imposed breaks, societal pressures and who don’t necessarily play as significant a role in family financial decisions, thereby being more “not-in-control” and vulnerable to these forces of change.
