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5 Personal Finance Lessons From Biopic Sanju

IndianMoney.com Research Team | Updated On Wednesday, August 01,2018, 05:46 PM

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5 Personal Finance Lessons From Biopic Sanju

 

 

 

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5 Personal Finance Lessons From Biopic Sanju

 

‘Sanju’ the much spoken about biopic on Sanjay Dutt is breaking Box Office Collection Records. Whether the move has portrayed Sanjay Dutt’s life story and personality in all reality or has masked truths and promoted half-truths, is not our concern. It is always wise to pick up the good in others. In this article, you will read on 5 personal financial lessons from ‘Sanju’, the biopic. Read on:

 

1. Do not blindly follow your friends/relatives advice:

 

Throughout the movie, Sanju was being deceived by his friend. While Sanju’s friend consumed glucose, he persuaded Sanju to consume drugs. It was only after Sanju returned from the U.S. rehabilitation centre, that he realized his folly. So much destruction due to a single act of deception! What if he had found out before things got worse?

You too are surrounded by people who are not worthy of trust. These ‘friends’ are just around, because they love your money. People try to present themselves as well-wishers and give you advice. Suppose you have a relative/friend who is an insurance agent, he/she might persuade you to buy an insurance policy which fetches them good commissions. Some agents advice you to invest in stocks which might not give good returns, while they invest in avenues/stocks giving great returns. Stay away from such people.

 

SEE ALSO: 3 Reasons Why You Need A Financial Advisor

 

2. It’s never late to correct past mistakes:

 

Soon Sanju got addicted to drugs and matters went beyond control. Though he was able to discontinue the consumption of drugs for a while, he soon escaped from the rehabilitation centre and had a relapse. With sound motivation, he was able to get back on track.

If Sanju can, why not you? So make up your mind, and start on a journey to overcome the past mistakes made while investing hard earned money. If any of your investments like equities, mutual funds and so on are non-performers, find out the cause and initiate corrective action. You may have invested in high-risk derivatives or penny stocks to earn quick bucks, and instead suffered heavy losses. It’s still not too late. Liquidate the bad investments and find other investment options, which give you good post-tax and inflation-beating returns.

 

3. Be fearless:

 

Sanju feared that if he didn’t attend the Ganapathi Visarjan of the underworld Don, the situation would turn sour and would bring him great harm. But again, with the right guidance, he was able to deny the Don after meeting him in person. Didn’t things turn out great?

The same applies to finance. Take calculated risks without fear. Try investing in balanced funds, even if you are a risk-averse investor. You will soon learn on the ways to invest in equities and invest in them once you are comfortable.

 

4. Don’t dabble in unknown stocks:

 

Sanju had consumed different types of drugs. Did he know anything about them? In much the same way, once you start earning, do not invest in the stock market with the only motive being quick profits. Learn about the Companies before investing in their shares.

 

5. Don't blindly trust media advice:

 

For once, think on how the media can twist good things to bad and vice versa, all without doing proper research. In much the same way, newbie investors in stocks and shares, or any other investment avenue for that matter, rely a lot on the investment advice provided in the media. You may also feel tempted to follow a celebrity investor’s investment patterns.

Do not blindly follow advice, whether from financial experts or celebrity investors. You may end up missing out on good investment opportunities, just because you didn’t keep an open mind. Be aware of your financial goals and risk appetite before making an investment.

See Also: Famous Quotes By Warren Buffett

Lessons learnt are to be treasured and deployed in day-to-day life. Apply such lessons in finance too.

Be Wise, Get Rich.

 

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