Now what would you give to know this one word that could radically transform your fortunes and could make you rich! And just saying this word could take you a really long way in achieving your financial goals! It isn't a magical word but nevertheless a word which we do not use sufficiently enough when it comes to investing. The word is – ‘NO’. I saw an article on Newsweek and Yahoo finance which spoke about the power of the word NO but in a different context, however it makes a lot of sense in the context of financial planning also!
In India, with so many financial planners, quasi financial planners, quacks, banks, life and general insurance companies, mutual funds, portfolio advisors, portfolio managers, Relationship managers, wealth advisers etc. obviously somebody would have got you! It is also so difficult NOT TO SEE THE ADVANTAGES when confronted by a good salesman who probably is dressed better than you and is showing you a laptop with an excel sheet with fancy graphs, charts and ‘potential return’ tables! They talk about the need for focus, asset allocation, pension plan, child plan, neighbour's wife plan, aunty in hospital plan, funeral plan, broken dentures plan, cancer plan, kidney failure plan, tiger eating you on the highway plan, - given the right name, selling it to the retail 'prospect' seems like selling toothpaste.