Financial traps you should avoid
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Dipankar Jakharia
Contd from previous issue
They are not products meant to be bought and sold every few years. Ideally, they should outlive you and become part of the financial foundation you leave behind.
The second mistake I frequently encounter is what I call inherited investing. Many people in their thirties and forties are still holding financial products that were originally purchased by their parents. In most cases, these investments were started when the individual was still a student or just beginning a career.
The intentions were admirable. Parents wanted to cultivate a habit of saving and investing, often guided by an insurance agent who provided convenient doorstep service and promised financial security. The care was genuine, but times have changed.
(To be contd)
Contd from previous issue
They are not products meant to be bought and sold every few years. Ideally, they should outlive you and become part of the financial foundation you leave behind.
The second mistake I frequently encounter is what I call inherited investing. Many people in their thirties and forties are still holding financial products that were originally purchased by their parents. In most cases, these investments were started when the individual was still a student or just beginning a career.
The intentions were admirable. Parents wanted to cultivate a habit of saving and investing, often guided by an insurance agent who provided convenient doorstep service and promised financial security. The care was genuine, but times have changed.
(To be contd)