Hey friends,
Here is your March Newsletter!!!
I know Srilankan Economy is facing its hard time now. It’s not a chill time to read the newsletter and discuss this month’s statistics, but it’s important to develop and get in progress to make something change.
Here are some of the things I wanted to include in this newsletter which may helpful to you,
đź’ąInflation
Look now at 18%, it’s not going away anytime soon, so the option to ignore it is frankly a very bad idea.
It’s the highest it’s been in all years. It’s important because if you are passive, it will cause you to pay more for things and you’ll get further behind.
However, if you handle it correctly you can build incredible wealth.
🧏A Story
Few days ago, I met one of my old friend working in the IT field. While we were having a nice conversation he said that he wants to buy a house in 10 years and he started to save money.
Do you think he is doing the right thing?
If he said he was saving money to buy a house within 2 years I would stand by his side. But his long term planning towards saving is not a satisfying approach.
đź“ŠUnit trusts
At the end I convinced him to get into the Fixed Income unit funds scheme to maxout his efforts on financial goals. I tried to explain to him about stocks but his conventional mindset didn’t agree with that. (Even though i showed my personal portfolio)
I told him about mutual funds too, but I got the same response “I can’t take risks and I can’t resist the market fluctuations.
I was thinking of giving up on that topic,But i used my last weapon ” Fixed Income Unit Trusts” and finally he got me there. He agreed to set up a Fixed income unit fund which has a low risk return scheme.
🎮Safe game
I strongly believe the main reason most educated people still use fixed deposits for long time frames like 10 years is because of its safety assurance.
If you want to play the safe game without taking a little risk then investments and financial controls are not a good option for you. You have to be stuck with fixed deposits and lose your money over time by inflation.
🙂So what next?
So for this month I give you three immediate steps for getting into investing and developing your Financial knowledge.
- Learn about the investment types , pros and cons.
- Investments are not for short terms, so develop Patience, Consistency and Long term mindset.
- Just try to commit to any investing scheme. [If you have 3000LKR you can buy one share of each promising companies Listed under S&P SL20 today (Index Fund)]
It’s that much easier.
Top important Video!!!
✍️Quote of the Month
I think there are probably too many smart people pursuing Internet stuff, finance, and law… that is part of the reason why we haven’t seen as much innovation. – Elon Musk