Playing against the tide
I vividly remember when we were kids we were seldom taken to waters for outing ,blame it on my Mom’s water phobia ( it’s till date with no cure) or our lack of swimming skills 😀 So whenever we could — thanks to our maternal uncle we were never allowed to cross even a meter into shallow water. This developed a water phobia in lot of my cousins including me 🙂 In a way elders were right as you go farther in water there is a chance of high tide swamping you away.
1. Prepare yourself mentally – This is the most important step, prepare yourself to kill your phobia start with something as small as telling yourself everyday – I love water or in your case I love investments, I understand them and I am going to make money out of them. This not only builds a positive net around your phobia but also helps you to kill the avaricious power of phobia – You act against it at least mentally.
2. Start small – Ocean is not your play if you want to tame water , Rome was not built in a day and so would be any expertise. Start by learning about investments there is so much quality content available freely on net. Start a SIP or two understand the dynamics of capital markets, Remember you might falter once or twice but keep the tempo going
2. Take professional help – Get a trainer before you get into water else you will be drowned. With Investments take professional help never rely on street talk there are too many freeloaders who will tell you this is the next Infosys or HDFC that will make windfall gains. Remember there are no windfall gains in capital markets only systematic disciplined approach to investments builds long term wealth. if you are not willing to invest time to do your own research (which I think you should do) take a flat fee taking professional who could help you initially to assess your risk and assess your financial goals and come up with optimal portfolio allocation for you.
3. Become a part of community or build support system – Play along become a part of thousand investments communities online or offline, My last blog post talked about Safal Niveshak , a forum for investors –like wise there are many online forums where you can participate and enhance your knowledge this will help you overcome your initial resistance and find folks who share same fears
4. Learn the tricks – Once you get hang of trade learn new tricks, Butterfly strokes, Back strokes, Under water swimming I have my plate plentiful once I get basics of swimming right in next few weeks. There are so many asset classes Equities, Bonds, Real Estate, Gold, Commodities. The idea is to understand different classes pick and choose the assets we are comfortable with and which align to our optimum portfolio allocation
5. Optional – Help others – There is no better feeling in world than alleviating fears of other people. Once you overcome your phobia you will find tremendous joy in helping others. You will be the living example for them. In a way when we help others we help our inner self remember we are built to give 🙂
Let me know how did this one go!!
Read of Fortnight : Fantastic book by Anupam Kher – The Best thing about you is you