Friendship is an invaluable bond without which it is impossible to picture our life. All of us must have made friends in different stages of our lives and we would still go on to make many more friends in the future. The various qualities that make friends and friendship special, invaluable and indispensable can be applied to the Mutual Fund investment space too that can help you to become smart investors as well.
Read 5 Key investment lessons to learn from the friends and friendship here;
For a lifetime bond, choose your friends wisely
In your lifetime, you must’ve made all kinds of friends. More often, you would have heard that you must choose your friends wisely so you don’t regret later on. Also, it becomes a very unpleasant and unfortunate situation when your friends become selfish and don’t support you in your troubled times. In such cases, it is best to stay away from them. In the same way, right selection of Mutual Fund schemes is extremely important since every scheme has its distinct scheme objective and is meant for investors who want to achieve a certain financial goal. Hence, it is suggestive to thoroughly understand your financial goals, requirements and then carefully understand the various available Mutual Fund schemes
Nurture the bond with patience
To achieve all your goals and aspirations, to build new bonds or strengthen existing bonds with existing friends; the virtue of patience plays a crucial role. Your patterns of thoughts and actions, as well as the time you devote help in strengthening friendship. Similarly, patience is a highly required quality in your wealth creation journey and for sustaining the growth of your investments too. When you begin your investment journey in Mutual Funds, you should not expect an overnight growth or achievement, instead give time and watch your expectations turn to reality slowly and steadily just like your friendship becoming stronger with time
Loyal friends stay true to you behind your back
What makes friendship important to us is the quality of loyalty. Faithful friends are confidantes who never stray away when the other person is in need of help, offering constant support to each other at all times; further strengthening the bond. Learning from this quality of loyalty; you can apply the same on your Mutual Fund investments too by staying invested in them at all times, irrespective of the market conditions where you could be tempted to redeem or book profits during market correction. This quality of staying loyal to your investments can help us reach our financial goals faster
True friends know each other inside out
Right from knowing the deepest fears to darkest secrets, to knowing what cheers them up and what puts them off; your true and close friend knows it all. That’s how the friendship grows stronger and the relation stays intact. Similarly, it is in the best of our fiscal interest when we make friends with your Mutual Fund investments keeping all the above points in mind and by periodically reviewing your investment portfolio, understanding which stock is performing well and which isn’t and other minute details that can help us in achieving your financial goals faster
Allow space for your relationship to grow
A bond like friendship can always remain close to the heart provided we maintain a level of space and respect. No one would like to have a nagging friend or befriend someone who constantly pokes their nose in any and every matter resulting in a cold, unpleasant and distant behaviour further weakening the bond. In the same way, if you, as investors incessantly shuffle/review your portfolio or panic during a market correction; chances are high that the portfolio may underperform or you may be far from achieving your financial goals. It is always advised to review the performance of the portfolio periodically and not incessantly to be able to reach your financial goals faster and have a pleasant investing experience
