0Day 1  Personal Finance Blueprint 5 635x300 - Laws and behaviour related to finance

Laws and behaviour related to finance

I always dreamt to make a hell lot of money. Like a normal person, money was always the point of attraction in my mind. Until I found the SECRET.

The secret to real success and happiness
And that is
doing what you love…

Money will always be a byproduct if you are in deep love with what you do.

You can manage money in a better way if you detach yourself from it.
But still, there is some predefined behavior that will impact the way you manage the money.

So, before starting this course, let me show you Laws and behavior that have a huge effect on your life.
1. Decision Paralysis
2. FOMO Effect
3. Law of cause and effect

Decision Paralysis

Did it happened to you that you are confused between which shirt to buy while shopping?

I need someone with me, else I can’t complete my shopping.
I was a huge victim of the decision paralysis.
You may also have faced this problem in your life. Be it be in shopping, choosing career, your relationships, business etc.
 Problem is only one Decision paralysis.

How to know whether you are victim of Decision Paralysis?

  • You are not able to make decision when more than one option is given to you
  •  You overthink a lot about the problem and do your best to find its solution. But, at the end  of the day you are back to square 1. 
  • Sometimes, you tend to avoid a problems or delay taking the decision

If you have the above symptoms, believe me you won’t be able to take the decision. And if you don’t have this symptom, well done, you cleared level 1.

Actually, decision paralysis very normal, in this modern world full of choices.

The solution to this can’t be standard for everyone. It is a very subjective matter. But based on my research and observation, I am able to conclude some solutions to this:

  • While attending a lecture, the speaker has given an excellent solution to this. If you want to take any decision, take 2 scenarios: The best case and the worst case. Check whether are you ready for the worst-case or not. If you are, go for that. But if not, you need to think again about it.
  • Don’t give an option to yourself, either select it or reject it. You can also try like, bind yourself with timeline, That will help you to take quick decision.
  • Having a ready plan will help you to take fast decision, because you will already have an idea about it.

Let’s connect this with your financial life:

  • Not able to start saving money for your future goals
  • Not able to make first investment
  • Not able to decide where to invest.

Such confusions are good. It means that somewhere you lack knowledge. That will help you take one step forward to learn it. Be conscious that you are confused. Then follow the steps mentioned above.

FOMO Effect (Fear Of Missing Out)

Marketers are smart. They know how to take out money out of your pocket. They use FOMO effect.

FOMO effect means some way or other they will create sense of urgency by giving you timeline or scarcity of product to make you buy their products.

Remember that, FOMO Effect will even pass your decision paralysis.

Some examples of how marketer cheat you:

  • Limited period offer, only 2 hours left for the discount to get over.
  • Prices will increase in 1 day, Hurry up
  • Only 2 products left. Get it now

Such tricks will let you buy all the shit that you don’t need.

Worse is when FOMO is used by banks, insurance agents, mutual funds etc. This will harm you more than anyone can.

I remember, telling my father everything about a specific mutual fund and why he should invest in it. But when he met the relationship manager, he ended up buying fund, that will make mutual fund company rich, not us.

Insurance agents will use the same principle, to sell you a policy where he’ll get a huge commission.

Jigar please stay away from such people.

FOMO Effect is superb if used by the right people.

So, don’t buy anything instantly. Take some time.
Else, later on, you will have everything that you don’t need. And you won’t be able to buy what you need

Law of cause and effect

For every effect in this universe, there is a cause. The universe in effect, Big bang was the cause.

If you find any problem again and again in your life that’s because you are not looking at the cause. You are focusing on the effect.

Let me tell you a bitter truth,

For every shit happening in your life, YOU are responsible for it. Causes may be different, but ultimately you are responsible.

Accept it.

I am not writing this to insult you.

I care about you. So, I just want to make sure that you understand this, This will be very beneficial in your life.

Now let’s connect it with our course,

If you are not able to save money, Effect is you are spending more money, cause is your spending habit.

If you are investing your money in the wrong product, the effect is delaying your financial goals.
The cause is your lack of knowledge and becoming a victim of FOMO used by banks and mutual funds.

Accept it. Acceptance will open a door to some possibility and you will be able to find solution to it.

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Jigar Chavda

Passionate young guy for personal finance, wealth creation and marketing. He is following his dream and passion to be writer, speaker, blogger and advisor.

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