"HAPPY DEEPAWALI" TO ALL ON THIS BLOG. THE PURPOSE OF THIS BLOG IS TO GUIDE LAYMEN WHO ARE NOT AVERSE TO TECHNICAL JARGON'S OF FINANCIAL MEANINGS AND THEIR INTERPRETATIONS. AS A LAYMEN I FOUND THAT TECHNICAL ADVISERS USE A LANGUAGE UN SEEMING OF ORDINARY PEOPLE.
FINANCIAL CONSULTANTS ARE NOT HONEST WITH PEOPLE WHEN IT COMES TO INVESTMENTS. THEY PUSH THOSE PRODUCTS WHICH PAY THEM GOOD COMMISSION AND HENCE THE ORDINARY MAN FEELS CHEATED AND LET DOWN.
THIS BLOG IS MEANT TO BRIDGE THE GAP BETWEEN GENUINE PRODUCTS AND THE COMMON MAN WHO INVESTS IN BANK FDS , PPF , MUTUAL FUNDS , GOLD , REAL ESTATE , COOPERATIVE CREDIT SOCIETIES WITHOUT EVEN KNOWING WHAT IT IS ALL ABOUT.
REMEMBER MONEY EARNED BY YOU IS BY HARD WORK. WHY LET PEOPLE EXPLOIT YOU AND MAKE YOU INVEST IN THOSE PRODUCTS WHICH IN THE LONG TERM MAY EVEN ERODE YOUR EARNINGS.
AN EXAMPLE IS AS FOLLOWS :
A FRIEND OF MINE VISITED A LARGE COMMERCIAL BANK IN NOV 2007 WHERE HE HAD HIS ACCOUNT. THE CUSTOMER RELATION OFFICER GAVE HIM A BIG SMILE AND ASKED HIM IF HE WISHED TO INVEST IN MUTUAL FUNDS AS THEY GAVE RETURNS UP TO 15-25% PA. IN DUE COURSE OF TIME HE INVESTED MORE THAN 10 LAKH RUPEES WHEN THE SENSEX WAS ABOUT 18,000 . HE FELT ELEVATED AND THOUGHT SEE, WHAT A WISE DECISION I HAVE MADE. COME MAY 2008 HE WAS UNABLE TO UNDERSTAND THE GYRONOMICS OF THE MARKET AND BY SEP 2008 MORE THAN 50-60% OF HIS INVESTMENT ERODED. THE CUSTOMER CARE OFFICER VANISHED , NO PHONE CALLS AND COMMUNICATIONS FROM HER END.
MY FRIEND WAS LEFT STRANDED WITH MF'S FROM WHICH HE COULD NOT EXIT AS THEY WERE CLOSE ENDED FUNDS AND SOME OF WHOSE NAVS DROPPED TO 4RS FROM RS 10.
MORAL OF THE STORY :
FRIEND IN NEED IS ONLY AT THE TIME OF HIS NEEDS NOT OTHERWISE.
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