There is a lot of advice and information doing the rounds, informing people what they should with their money.
However, it is equally important to be aware of what you should not do with your money. Here are five things that you must be wary of while dealing with your money.
1. Don't stash your money in a savings bank account
The importance of liquidity notwithstanding, don't make the mistake of stashing away all your money in your bank account. Investing and doing so at a regular basis is of prime importance.
The earlier you start the better chance you have of meeting your goals. Maintain a reasonable cash balance which will help you to deal with your regular expenses and emergencies; any additional monies can be judiciously invested. Remember earning 3.75%-4.00% p.a. on your savings bank account is not a smart move.
2. Don't invest your money based on hearsay
Having stated the importance of not keeping money idle, don't start investing without understanding your risk profile and investment objectives. Your investments should be triggered by your needs and an accurate assessment of your risk appetite.
Brokers and investment advisors whose key selling point is 'brokerage or commission returned' or making investments based on 'tips' should be avoided. Look for credible and qualified investment advisors for managing your investments.
3. Don't manage your money without a proper plan
Ensure
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