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I write this series of letters about the art of investing, addressed to a young investor, with the aim of giving timeless wisdom and practical advice that helped me when I started. My goal is to help young investors by navigating the complexity of the financial world, preventing incorrect information and using the power of composition by starting early with the right principles and actions. This series is part of a joint investor education initiative between Safal NiveShak and DSP Mutual Fund.
Dear young investor,
I hope this letter likes you.
While I sat down to write this letter, I wondered: “After I had already shared some of the most important ideas to think about the start of someone’s investment trip, what still has to say?”
Then I noticed. There is one more lesson that I have not yet spoken to, even if it is one of the most valuable I have learned about money.
Fortunately for me this lesson did not come from my own mistakes, but by looking at people I know. People in my distant family and even a few good friends, who get into trouble, simply because they couldn’t say … “No!”
I remember my cousin a few years ago at a family meeting. He is a smart man and runs his own business. That evening, about tea and snacks, he started telling me about a “safe” schedule with a high return that a friend of him had introduced him. The way he described it, it sounded like the kind of things you would regret that you didn’t jump into. It was guaranteed to return, zero risk and was run by ‘familiar’ people. His eyes lifted as he spoke.
I remained silent. I knew my advice might not land well. Also because I could see that his thoughts had already been made up. He did not share the idea of looking for feedback, but shared it to justify his decision. A few months later the schedule collapsed. His money had disappeared and with that trust in people.
That was not the first time I saw it happen. Over the years I have seen many people in my extensive family and social circle, say yes to all kinds of financial offers. A relatively investing in an excessive real estate because “all others in the colony are buying there.” A friend who hurled in a stand from his gym buddy. An uncle changing his insurance policy because an agent (his brother -in -law’s friend) promised ‘Better Returns’. Every time the story started with excitement and ended with regret.
Working in the financial research industry has isolated me to make the same mistakes. I trained myself to ask and dig uncomfortable questions until I find the real risks.
But outside of this world I have seen how rare it is for people to just say no. In money matters, yes, the easier word. It feels polite and broad -minded. No feel closed, skeptical and often rude. And so people nod, agree to think about it, or even worse, bind themselves on the spot, without leading the idea through a real filter.
Since you are just starting, take this as a warning: the financial world thrives that you say yes. Brokers, agents and product vendors all benefit from your promotion. The more you buy, switch, exchange and “try out”, the more someone else earns a committee or compensation. That is why your “no” muscle is so important. It is your most important defense against being drawn of decisions that your goals do not serve.
Now building this muscle does not mean that you become cynical or negative for every idea. It means that you develop a clear filter for what your time, attention and capital are worth.
The most advice you hear, whether it is a neighbor, a business news anchor or a financial influencer, is not tailored to you. It is at best generic and in the worst case self -service. The person who gives it cannot even act in bad faith; They can really believe in what they say. But faith and suitability are two very different things.
I have discovered that the easiest way to strengthen your ‘no’ muscle, to delay the decision -making process. Start instead of responding with “that sounds good”, by asking: how will this work for me? What is the disadvantage if it fails? How does the person recommend making money? If you do not get clear and self -assured answers, the safest choice to walk away is.
The same principle applies when choosing a financial adviser. Many people say yes to the first adviser who sounds reassuring or uses the right jargon. But managing your money is like an operation. You would not choose a surgeon just because they have a nice smile or a smooth pitch. A reliable adviser should spend more time explaining what not To do what to do. They must be paid in a way that matches your interests, not in a way that rewards them to constantly keep your money going.
Over the years I have realized that each yes is an obligation of two scarce resources. One is your money and the other, your attention. If you spread them over every ‘opportunity’ that you come on your path, you will dilute the power of both. And ironically, most of the wealth I have seen people build, both in my own career and in the lives of disciplined investors, not from the yess they gave, but from the NOS they held on.
The world of investing will never be up without things to say yes. There will always be a hot new product, a thriving sector, a “limited time” offer or a story that makes you wonder if you are missing it. But if you can make peace with the idea that you can shall Miss some opportunities and that this is not the same as failure, you will keep yourself available for the rare, really valuable.
Ultimately, it will really be of service to you to remember that your financial success will not only be formed in the long term by the smart movements you make, but is protected by the bad decisions you avoid.
Understand that saying no is not a rejection of opportunities. It is a preservation of your future capacity to say yes if it really matters.
So, when the next “Hot Investment Idea” comes your way, pause. Perform it through your filter. And if your intestines say it’s not for you, don’t feel guilty to say, “No!”
It’s one of the most profitable Words you will ever learn to use.
Honestly,
– VISHALL
Two books. One goal. A better life.
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Safeguard: This article is published as part of a joint investor education initiative between Safal NiveShak and DSP Mutual Fund. All investment investors must go through a one-off KYC process (Know Your Customer). Investors may only deal with registered investment funds (‘RMF’). For more information about KYC, RMF & Procedure, visit/ repair complaints dspim.com/ieid. Investment investments are subject to market risks, read all schedule -related documents carefully.
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