7 behavioral patterns that help you from become Financially Successful

I am sure that even before you read what is written ahead, the first thing to strike your mind would be, What does a Medical Doctor and that too a Psychiatrist Know about Financial Health? How can he give me financial tip?
You are very right. I am no financial expert. There are millions of books written by some great authors out there for that. So what compels me to write this article is my experience with hundreds of people who have suffered severe emotional and behavioral problems due to a bad financial health.
Over the years I have helped hundreds of these men and women manage their emotions and utilize their behavior as a tool for achieving their dream lifestyle, job and personal health. In return, I have had the opportunity to closely analyse their psyche and learn what bad decisions, spending habits and personality traits lead them to such a dismal state.
1.      New age Spiritual Contentment – Every action we do in life is for happiness. We live in the age of micro-blogging and fast food – where the word “instant” is synonym with happiness. If you don’t have it today, than what is the use of it tomorrow.
EMI’s have made it easier to buy what you want. Eventually this has ignited a new age phenomenon called “compulsive spending”- whereby if you don’t buy something you desire and can very well afford, a sense of negativity and restlessness keeps haunting you till you get it.
2.      Track Record – I remember how the generation of my parents had a filing system in which every single expense was registered within a perfect time line. It wasn’t until I joined college that I understood the importance of this filling system. I remember how there were a couple of months when my monthly allowance would be over by the 20th. With no recollection of where the entire money was spent and with 10 days to go, calling home for more money was really embarrassing. 
Keeping a record of income earned and money spent is an excellent technique to keep a check on your financial health. A good documentation system not only helps to keep a control over spending but also stops you from emotional shocks when you visit your account.
3.      Respect your Debt – The older generation is against EMI’s and personal loans. The newer lot are all for it. Who is right, who is wrong? 
The answer – Not all Debt is bad. A home is a necessity at both emotional and social levels. A car is a necessity at both emotional and social levels. But is a 2lakh rupee gold set important. Is a 50 thousand cell phone vital.  It’s very easy to get into the debt trap. Every financial institution wants you to borrow money. Imagine you take 1 rupee from them and end up paying 2 at the end of 10years. That’s nearly 10% interest per annum. Which institution wouldn’t want it.  Be careful!!! Know what’s your priority. Keep a fixed percentage of your monthly income for debt payment. Don’t increase it. Keep it FIXED. 
4.      Price Rise – Many people love to live a 1st to 30th life. Every single penny of their salary is well spent by the 30th. The problem comes when prices suddenly rise. As much as you deny yourself prices will rise. And once northwards there is no looking back. The problem starts when price rise pushes your budget from 1st to 30th to 1st to 25th.  Have a foresight. Either learn to live 1st to 35th. Where you always have a 5day buffer or learn to let go those extra minor expenses. Simple curtails like a movie less a month, one dinner out less, one trip to the in-laws less can increase your over-all fund by miles. 

5.      Devil in Disguise – Taxes – Taxes are an evil that everyone caries with them. We give to the govt. to build a happy place for us to live in. No one likes 20% of your hard earned income to be taken away. Learn to invest in tax saving plans. Contact your bank, look into the options provided by your company, invest in these long term plans that decrease your tax burden. You might get the money after 10years, but it you will get the money.

6.      Invest – Not everyone is a born investor. Not everyone understand terms like asset allocation, diversification, money market, etc. But everyone understands what a 500 rupee note looks like and what a 1000 rupee note looks like. If you are not very learned about investment don’t worry. Make it a habit to save a certain percentage of your monthly income by depositing it into fixed deposit. Religiously every month you should deposit some money into this fixed deposit that will be redeemed only in dire times of need or after a fixed time. This keeps a check on spending, and always creates a fund of money for an emergency.

7.      Never put all your eggs in one basket- Everyone would love to become rich overnight. And that is something many fraudsters take advantage off. Never rely on what your friends say. Always do your research. Any scheme that promises huge gains within months is likely to be a very dangerous preposition. If you are convinced about the scheme than never commit the mistake of investing more than 30% of your entire assets into the same. You can still recover from a 30% loss, but a 50% loss will create huge sadness and anything above that can destroy your will to success.

 Dr.Hemant MittaL
Motivational Speaker - Mind-Body Healer
(MBBS, PG.DPM, M.D.(Mind Mantra Wellness Concepts - Mumbai))
(Specialize in Emotional, Behavioural, Sleep, Memory, Concentration and Sexual Health)
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