A fool and his money are soon Parted? Not so fast!

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greenhorn

greenhorn

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A year ago, with freshly earned salary in hand, Everyone was asking me to do something with my money. Stock Market, mutual funds, what not. They said that I was being an idiot not doing so.Quite a lot went for Gold Quest, a pyramid scheme which had gotten a lot of suckers stuck in it. but the first few had gotten pretty rich by then. A friend who invested 1.5L in the stock markets was making a few k every month. Another had invested 1L in Mutual funds, got his tax reduced by 10k, and was expected to earn a good chunk of money. I was too lazy, and had a big shopping list , so didn't care to listen. These friends of mine looked at me like the ant would look at the grasshopper, while my money lay idly in the bank and was partially used to treat my upgraditis :D

A year down the line, The Gold quest idiots are all broke and bankrupt. The friend who invested 1.5L in the stock market has just 90k left. the crash was pretty hard on him. The mutual fund guys are all running their MF's in loss. the 1L invested in the MF is just 80k, and doesnt show any signs of increasing

ME on the other hand , My money's still there,All of it Managed to get some fabulous deals along the way too. and all these 'finance geeks' have suddenly fallen silent, Having lost all their money to the Adam Smith's Invisible hand:bleh:

Is it just me or are there others :D
 
hehe me too, blew all my award money on the plasma. Friends cussed me to no end while watching cricket on teh monster, and kept telling me how i was an idiot not to enter the market at such a "ripe" point.

Poor me ignored and kept enjoying every inch (pun intended) of my panel.

One of the smartys unfortunately works with satyam in hyderabad. And has already lost plenty in the market.

2 guys funded the noble questnet initiative ;) as well.
 
last year was the worst. i had to invest in mf's just to save some tax, even though i didnt feel like it. all of them are almost to the 40% mark from the nav's i bought them at. anyway - they are locked in for 3 yrs so hopefully in three years the nav will increase atleast double than what i bought them for.

i feel the indian govt is too resource hungry. its like a leech not wanting to give up even after having its belly filled.
 
I withdrew all my dough from the stock market in jan :P and then blew it on speakers and all electronic junk :rofl:.
 
Is it just me or most southies have are averse to the idea of stocks. I am in the same boat. Either my money is holedup in an insurance plan or is a part in my computer.

I am without any tesions and watch HD movies on nice big LCD tV. :P

Geeks ftw!
 
greenie well wat u have told is true. People who tired to earn money through the Gold Quest are bankrupt and are broke. Stock market people are now having trouble with their stock heart. But do remember one thing that just because you managed to get some fabulous deals along the way never means that its gonna come handy when u are in need of money.

Every person is full of wants and needs and as a salaried person he has the full right to blast it on getting his wants satisfied. But one should understand the point in the saying "A bird in the hand is worth two in the bush". So basically its better to have a balance in spending and saving.

One more thing Mutual Funds are not the only way to get tax reduced. There are a lotta of other options. Well lemme tell you one point frankly that I also got involved in one of the above mentioned options and lost my money too. Hell I was even in LOP for sometime and i think you know that case very well. The saving I had earlier, helped me a bit over there and upgradatis affected me too. So always have a balance in saving and spending. Except for a few things all the purchases we make don have resale value. One more quote "A stitch in time saves nine."

Moreover its your money, so if u save it might come useful in future, how nobody knows. If spent as u said you manage to get good deals and guess you live happily with that, but again will the deals come handy in future, nobody knows that too.
 
I'm investing just 1.5k/month in an SIP scheme. :ashamed:

Seems SIPs're better than MFs and cos of parents' compulsion had to do so.

And amen to this:

Mallus are so smart....Money is for spending...not saving :-)...
Click to expand...

I dont intend to save anymore until the next July 18th. :D

As Sharekhan's said, every part of my salary is invested in some part in my comp or some gadgetry. :lol:
 
Good for you greenie

i invested less compared to others. 20k in MF and 10k directly in stocks. lost most i guess. But i knew this was gonna happen after Reliance's IPO didnt go as planned.

Anyway dont LIC and other companies make money via stocks as well? so are LIC policies unsafe as well?
 
LIC have MF's as well, dad made me invest , (thankfully only 5k so far ), so not much lost there :P

about 10% of my salary goes to church

Another 10% is lost to a turbocharger :P
 
I have around 70k stuck up in stock market, invested when the sensex was touching the 14k level, maybe after some years i can recover it :lol:, just that am not able to upgrade my rig, apart from that i least bothered about that money now :P.
 
To the OP:

Its just the other side of the coin. You are feeling right now what exactly those guys who invested and were making money with those stocks/mfs were thinking..glad that they invested in stocks/mfs/whatnot instead of either pending or wasting it in a savings account.

I personally would gladly invest and take the chance of losing money than waste them in a savings account. Reasons:
1. When I have cash in hand (read savings account) I tend to spend a bit more and the savings account gives me interest that is less than the current rate of inflation (money actually degrades in a savings account)

2. When I am investing a good pert of the left over (after expenses) in SIPs, insurance etc, I don't have enough money to spend on fancy stuff.

Finally those who started investing atleast 3 years ago are mostly still in green (in MFs/Homes/Stocks) and probably are better off than a person only putting money in savings account. Considering the fact that we are looking at one of the worst economic conditions in a few decades its still not a bad position to be in :-)

PS: Having money in a savings account is a must, you need that for emergencies. But beyond a point its criminal IMO :-)
 
@all greenie bashers:

He is young just started to earn bigtime, and is living in best of time for spenders. I dont think he does not realize the importance of saving for the rainy day (You do need a decent waterproof cam, pmp, n earbuds in the rain :p).

Its just that right now he's relieved he dint lose much and still got some goodies to play with. I can understand as i've gone through the same.

So let the man enjoy his manhood till he's belittled by the opposite gender pestering him to save so that she could splurge :p.

Way to go greenie, the xonar dx awaits you.
 
I'm not spending big time either :P

I dont have a credit card, and the day I get my salary, I withdraw it all, and put it in one of dad's accounts , in an obscure(but otherwise reliable) bank. I know , having all that cash on hand with you is tempting.

PS: I am losing 8k a month on a car loan, but i dont see a car as an investment. I would have thought of some real estate , but they were peaking back then, and I'm waiting for the bust to come :bleh:

And the Xonar DX ? not gonna happen. Getting an SB live 24 bit for 300 bucks , thats card enough for me :P - all about marginal utility. This months upgrade is a 2KVA CVT for the home ( Costs 8k :( , but would you believe voltage levels are american after 6 at my place :S)
 
Damn the stock market .. have invested 2L so far in it but that was at 10k level, i hope to recover it by year end ( 2009) and spend it all on my COMP :D
 
on the lines of money & investments... i know i am not going put a single paisa @ the stock market

wat are the options on investment ? i meant something that gives a bigger return compared to savings bank but still safe :)

i know real estate(Land) is one,but they dont give loans for buying land :( :(
 
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