Mint Millions

I started my relationship with the stock market as a day trader. I dumbly presumed that I know everything about companies, shares and finance and therefore I am the most suited to play the stock market. I set a goal to earn Rs.2500 a day. This is some somewhat about 20 years back. Most of the days I used to loose small sums - a couple hundreds a day. Some days I used to end up with small profits - again a couple of hundreds normally but occasionally Rs.500 or a thousand a day. The constant need to watch the market, anxiety, fear of loss and greed had their impact on my health. I developed high blood pressure. One day, suddenly the BSE Sensex fell about 400 points within a fraction of a second. My bets backfired. I lost almost all my life’s savings. I vowed never to think about the stock market again in my life. A few years passed. One day while my family was shopping in a busy local market, I was occupying myself browsing through books being sold on the pavement, ...

Six of the most common financial mistakes that often lead people to major economic hardship. Even if you're already facing financial difficulties, steering clear of these mistakes could be the key to survival. Excessive Spending Great fortunes are often lost one dollar at time. It may not seem like a big deal when you pick up that double-mocha cappuccino, stop for a pack of cigarettes, have dinner out or order that pay-per-view movie, but every little item adds up. Never-Ending Payments Ask yourself if you really need items that keep you paying for every month, year after year. Things like cable television, subscription radio and video games, cell phones and pagers can force you to pay unceasingly but leave you owning nothing. Living on Borrowed Money Using credit cards to buy essentials has become somewhat normal. But even if an ever-increasing number of consumers are willing to pay double-digit interest rates on gasoline, groceries and a host of other items that are...

1. First get a job that gives you a paycheck. This is one thing that many people overlook. Getting a job teaches you so much about finances, discipline, and consistency. You will not get rich from a job with a steady paycheck, but it’ll teach you what you don’t want. 2. Do not let your expenses expand to your income. Save at least 50% from each paycheck. Most people call BS on this. They complain that it is impossible to save 50%. Well, how were you living before you got your job? 3. Read as much as you can about financial education. Reading about financial information is boring. Most people don’t do it. Most people aren’t very good with their money. Figure out if personal finance is important to you; if it is, you will not be bored. 4. Invest your saved money learned from your reading. Once you understand certain areas of the market, you may know more than even professional investors. Most people don’t understand that they are an expert at something. Whether it’s fashi...