I was awake pretty late today and checking yahoo finance site for the global market cues for tomorrows (23 sep 2008) market in India.
Crude oil prices have taken biggest one day jump ever till date; when it spiked more than $25 today in US market.
However it has cooled down to $120.92 from the earlier $130 today. (which is still up by $16)
Yahoo finance says, it is because of an anxiety over the government’s $700 billion bailout plan battering the dollar and creating buying interest in safe investments including crude.
So how will it affect Indian market tomorrow, are we heading for another fall ?
I’ve failed to understand why Indian markets were going down when Indian economy is not doing so bad + Oil prices were going down (barring last 3-4 days) + nuclear power deal is signed off. (I mean lot of positive indications)
Probably thats how the Bearish market treats lot of positive signs just in the same manner Bullish market ignore the negative signs.
(nobody was asking why questions when sensex was rallying to +21000)
I know its bit late to follow any of the resolutions.Yeah i know its august 2008 and not yet the new year.
But i’m as usual lazy and late
Nevertheless i’ve read following resolutions in the month of Jan and put it down for my referrence.
(Seriously dont remember from which portal. Would love to provide link if anyone comes across these.)
Resolutions are as follows:
- I will not keep more than one month’s salary in my savings account.
I’ve managed to do that till now … thanks to my spending
- I will not invest in insurance to save tax
Insurance — savings ?? ….WTF is this ? …have TERM insurance … and thats it …. All other insurance products in my opinion are sheer waste …. nothing else …
- I will not invest in a new fund unless it offers something different and better
People who cannot track market should go with Mutual funds …. So far having very little budget allocated to Mutual Funds ….. But I always look at 5 or 10 years horizon ….. and always opt for full equity/growth ….
- I will buy health insurance for my family.
Company has provided some insurance … need to do this on my own …. very important
- I will not roll over my credit card bills.
huh …… havenot been able to do that …. thanks to the increased credit limits provided by ICICI and citibank …….. need to get organised here. ……. will clear everything in this week ..
- I will not get caught in the ‘Rush of March’
Seriously …. every year march is the most stressfull month …… i’m putting all the re-imbursement claims every quarter …… just need to get more organised and manage the bills properly.
- I will pay attention to allocation of my savings
Savings ??? ….. will do when i get it
- I will check all my bills for discrepancies and incorrect charges.
I’ve been doing this … since i dont know from when …… full on Kanjoos + Khadoos ….. Native places (Pune) has left these virtues(?) long back….
- I will put at least 10% of my income in retirement planning
Haven’t yet figured out …. the kind of returns promised by these retirement planning plans are so fucked up that it does not make any sense to go with it.
Better option is to invest in good quality scrips at every dip …. probably they will provide better returns post your retirements.
- I will write down my financial goals once a year.
Ha. atleast this makes it twice the year …… cool …
I’m assuming i’ll try to provide better attention to the above goals.
I’ve been associated with AIII (Association of Indian Individual Investors) for almost 3 years now.
This group has been started by Rajeev Mundra
(Too cool guy from IITK — GeoDesic — and now full time finance guru )
And the kind of financial input/training/gyan recieved from the group is amazing.
Received following gem from Padmanabhan:
Was discussing with my mentor these important concepts of money which are often not really understood.
He even analysed why many commonly held truths about managing money are obsolete.
“Investing,” he points out, “is not risky, but following bad investment advice is.
- Your future is created by what you do today, not tomorrow
- The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.
- The only difference between a rich person and poor person is how they use their time
- Academic qualifications are important and so is financial education. They’re both important and schools are forgetting one of them.
- The poor, the unsuccessful, the unhappy, the unhealthy are the ones who use the word tomorrow the most
- I have a problem with too much money. I can’t reinvest it fast enough, and because I reinvest it, more money comes in. Yes, the rich do get richer.
- Do today what you want for your tomorrows
- Tomorrows only exist in the minds of dreamers and losers
- The most life-destroying word of all is the word tomorrow
- A lot of people are afraid to tell the truth, to say no. That’s where toughness comes into play. Toughness is not being a bully. It’s having backbone.
- Money is kind of a base subject. Like water, food, air and housing, it affects everything, yet for some reason the world of academics thinks it’s a subject below their social standing
- We go to school to learn to work hard for money. After earning the money and spending it we rarely spend time to learn the skills to protect/grow it.
The concepts/thoughts are really simple. But putting them in one neat manner takes an effort.
Thanks paddy for this gem.