5 money-management insights to adopt from Indian business tycoons like Mukesh Ambani, Ratan Tata, Falguni Nayar, and more
时间:2024-06-02 06:19:12 阅读(143)
Learning from the financial wisdom of billionaire Indian businessmen can be a valuable asset, and it doesn’t require a high-paying job to enhance your financial portfolio. While a substantial income is advantageous, smart money management is key to ensuring that your money works for you rather than the other way around.
Despite the potential challenges and perceived monotony of financial management, here are some insightful tips from some of India’s most prominent business figures—lessons to help you hone your money-management skills.
Embrace Risk, Especially in YouthFor young investors with a longer timeline for retirement, taking calculated risks is encouraged. Falguni Nayar, founder of Nykaa, advises embracing risks early in one’s career. Testing boundaries, exploring roles outside your comfort zone, and making bold bets on oneself can lead to valuable experiences. The rationale behind this approach is that young investors have more time to recover from market downturns, allowing them to capitalize on potentially higher returns.
Conscious InvestingConscious investing involves aligning financial goals with ethical considerations, considering the impact on the environment, society, and governance. Ratan Tata, industrialist and former chairman of Tata Sons, emphasizes the importance of ethical business practices and values beyond mere profit. Tata advocates for a business approach that adds value to customers and stakeholders while adhering to ethical standards.
Balance Between Risky and Mature InvestmentsWhile taking risks is encouraged, it’s essential to strike a balance between risky and mature investments. Rakesh Jhunjhunwala, an influential Indian businessman and investor, advises against impulsive gambling with stocks and emphasizes the significance of maturity in financial decisions. Finding the right mix between risk-heavy and stable investments is crucial for achieving long-term financial goals.
Understand Before You InvestA fundamental rule in financial management is to avoid investing in things you don’t understand. Whether it’s bitcoin, NFTs, or stocks, conducting thorough research and educating yourself is paramount. Uday Kotak, Indian banker and founder of Kotak Mahindra Bank, advocates for humility in admitting when you don’t comprehend an investment opportunity. Understanding your needs and wants and building a portfolio aligned with your understanding is a principle that leads to prudent financial decisions. As Kotak emphasizes, it’s better to admit lack of understanding now than regret later.
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