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Old 26th November 2008, 21:04   #16
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Always save a penny for a rainy day
Rainy days are here .
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Old 26th November 2008, 21:04   #17
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I have learnt a lot of lessons.. noting them below

* Right now, conserve cash.

* Real Estate:
Invest in real estate on a 360 degree valuation of the land + area + future potential + quality of the building etc. Dont invest because everyone is doing it. Invest in areas which is more residential rather than areas where people are buying only for investment point of view

* Bank:
1. FD may not give exciting returns but they will definitely be safer. But do keep your FD in a good bank else everything will vanish with the bank

* Stocks:
1. Buy and sell in small incremental numbers, reduces your risk, says 10s or 20s. Dont panic, try and stay long in market unless you are a market guru
2. Never invest in Equity-based Mutual funds. Its better to invest in equity directly yourself. When the market goes up the profits are not equal to the sensex gain but when the market goes down the loss is greater than sensex fall

* Mediclaim and Insurance
1. Take a comprehensive medical policy for yourself and family. Hospital expenses are rising rapidly and so is medical premium. Dont feel happy that your company provides mediclaim, cause company may not be there for long
2. Invest in LIC as per your and children money needs
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Old 26th November 2008, 21:04   #18
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Funny, but the lesson I learnt is that if you really want something, and if you can somehow manage to buy it, BUY IT, even if it is not really a completely "logically" justified purchase. You may not have the spendable cash later to buy it. Or that "it" may not be available for sale any more. Or worse, later you may not have the time or mental makeup to enjoy that thing (which you would have enjoyed immensely if you had bought it when you really wanted it).

This also holds true if "it" is something you want to buy for someone you love. Later you may not have the liquid cash to make that special person happy.

Save, but don't save all your money. Spend a bit of money on making your life a little bit happier -- Even if the expenditure may seem unnecessary then.

What I said may seem irresponsible, but believe me, money can buy happiness -- when spent wisely, responsibly and timely. I'm happy about all the "stupid" & "unnecessary" things I'd bought (and the money I spent on travel) when times were not as bad. Now I have nearly everything I need with me, so I can batten down the hatches, tighten the purse-strings, and still enjoy the things I like enjoying.
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Old 26th November 2008, 22:08   #19
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There are fools and there's rule that says "a fool and his money are easily parted".
And its upto us to do our duty! buwahahhahahh ahha haaw waahaahhaa!
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Old 27th November 2008, 13:03   #20
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My lesson was nothing / nobody is infallible. If CITIs and AIGs can suffer, anybody can.
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Old 27th November 2008, 13:12   #21
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My lesson : Investing is definitely not easy and requires a lot of time and effort
Bigger lesson: I was greedy!! Expecting same returns all the time.
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Old 27th November 2008, 13:34   #22
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It is really trying times for all of us. I plan to take the following steps

a) Avoid unncessary expenditure like eating/drinking out which takes away 10%-15% of my income
b) Increase the % of savings drastically
c) Avoid loans and usage of CC to be minimized to a large extent
d) Reduce socializing as you can't meet people for "Free"

Apart from above, i don't think there is anything much that i can think of to tide over this economic situation.
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Old 27th November 2008, 13:40   #23
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This is a real eye opener i'd say i learnt a few things

1. Conserve
2. Invest with patience.
3. Avoid CC/Personal LOANS
4. Bargain hard
5. Utilize this recession time to improve skill set, there are no jobs anyway.
6. SBI is not all that BAD
7. FD FD FD!
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Old 27th November 2008, 14:17   #24
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friends,

My view,

1) No to Stocks and Mutual Funds , Whether it is primary or On line trading
not advisable. Getting fooled is very easy, Never belive any body when
it comes to investments.

2) No to loans , Avoid credit card usage , use only in emergency

3) Put your hard earned money in FD's and be happy with the interest
and growth.

4) common truth is nobody can become meillionnaire in overnight,
gambeling is gambeling, Today you will win and tommrow you will lose.

5) I had advised many freinds to book the profit (they had invested in shares).
this was at the time sensex was 20 k. Now they are happy. When you get
above 20% you should think.

Thanks
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Old 27th November 2008, 16:10   #25
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Quote:
Originally Posted by theMAG View Post
Fortified my rather conservative attitude towards high-risk high-returns investments. I'm now keeping all my money underneath my bed.

Wow! Are you looking for room mates?
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Old 27th November 2008, 16:58   #26
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Watch morning show, 70rs only instead of 160rs ticket, is just one of the lessons in frugality.... The whole list is too much to put down here
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Old 27th November 2008, 17:08   #27
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Work over time, though i dont get anything extra by doing so, i can atleast go home straight instead of any watering hole.
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Old 27th November 2008, 17:13   #28
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Quote:
Originally Posted by tsk1979 View Post
Watch morning show, 70rs only instead of 160rs ticket, is just one of the lessons in frugality.... The whole list is too much to put down here
I am doing the same now. Infact the list will be long like reduced partying,expenditure on alcohol and food in so called parties are the most,travelling in a car pool of friends rather than taking out individual cars, almost all the exccessives have been stopped.
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Old 27th November 2008, 17:17   #29
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From past one year we note down every single rupee we spend, and guess what. A lot of money is wasted on restaurants and movies. By cutting down on that, you can actually spend time doing the interesting stuff like traveling, holidaying etc.,
I would say one positive effect of this downturn has been that people are more cautious now and don't "burn" money. for example this diwali was a such a relief and much cleaner than previous ones
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Old 27th November 2008, 17:22   #30
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^
Look out for offers and get the top credit card you can find.
Platinum cards etc come with very good offers on them

I just watched Dasvidania at 115 for two tickets.

Do simple stuff on your own.
Last week I applied cement primer on my new balconies.
This week I will paint them myself.

My only exposure to the Stock Markets is in the ELSS MF.

My wife makes it a point to write down every little expense.
Really comes as an eye opener. and then comes as a pleasant surprise as the learnings effects start coming in.

Is just that as I grow older I am becoming like my dad.
Getting averse to spending money without checking out all available options.

Last edited by bblost : 27th November 2008 at 17:23.
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