WAYS TO IMPROVE YOUR INVESTOR PERSONALITY

WAYS TO IMPROVE YOUR INVESTOR PERSONALITY

1. Aggressive (Tiger)
·         At the beginning of the month, keep aside a certain sum for saving.
·         Limit your credit cards to one, go shopping with a list and stick to it.
·         Consider your long-term need for any item before you buy it.
·         Consider your long-term goals and returns before you invest.

2. Conservative (Squirrel)
·         Keep 6 months’ expenses for emergencies and invest the remaining amount.
·         Start by opening a recurring deposit in a bank or post office.
·         Pick balanced equity mutual funds, which hedge the risk, but let your money grow.

3. Fickle (Cat)
·         Make a list of your financial goals.
·         If you are tempted to try a new investment, think if it will get you the money you need.
·         Calculate the money you lose in a year to your skittishness, which can be a big deterrent.

4. Sluggish (Bear)
·         Keep separate files for all your transactions – bank accounts, insurance plans, mutual funds.
·         Spare one day at the start of a month to update these.
·         Link your premium payments with ECS so that they are deducted automatically.
·         Pay bills, etc. through net banking.