Know what went wrong to prevent money leakage

The problem that most people face today is that of money leakage and the larger problem is that most people do not know anything about this problem of money leakage.

One keeps wondering why one does not have enough and then seeks ways and means to look for the best opportunity, ask for the best tips, read reports from brokers etc. and this then culminates into buying trends, fads, hot tips. This further culminates sometimes into small gains and many a times into huge losses. By doing this instead of moving forward 2 steps, many times we fall back 4 steps. This is the obvious fallout because trends and fads have a very short life span.

Money leakage can be broadly defined as a situation where we just do not know where our money went. Say in about 20 days from the time we get our salary credited to our account or when we had some business profit accrued into our bank account we see that we barely have 1/4th or lesser than what we actually received. When you just do not understand how your bank balance is dwindling rapidly be sure you face a money leakage problem. Here is another way to understand leakage.

Say a broker/ agent approached you and say you actually liked the product he was offering but you had to turn him down because you looked at your bank balance and said - "I do not have money now." Now you have lost this opportunity and the ensuing gains in future on such opportunities. Remember if you have planned well, you will always have money. I am looking forward to see someone who has planned well and has no money and I am sure I will never find anyone like that.

... contd.

ALSO READ

Six tips for a smooth claim settlement

Understanding the true value of gold

RBI may cut rates as gold falls, oil slips

Safe options for small investors in bear market