Ever wondered where the word “EGO” came from? EGO is “I” in latin. Crudely translated it means, self or self-importance or “I above all else”. Why is EGO bad? George Clooney the famous American actor gives you the answer “You never really learn much from hearing yourself speak.” EGO closes the mind to timely advice from friends and relatives. EGO makes you, The I know it all guy. So what’s the big problem with listening, ONLY TO YOURSELF? Simple….you lose a lot of money. You ignore timely advice which can save or make you money. You are too proud to admit you’re wrong. You become poor and then EGO makes sure you stay there. Timely advice could mean a happy retirement. All you need to do is give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not mis-guided while buying any kind of financial products.
The stock market is rising. There is positive sentiment all around. Your cousin says, “I bought a stock of XYZ Company last year and sold it a week ago. Guess what….I got 40% returns. What are you doing keeping your money in fixed deposits? You’re getting just 7% a year.” Now EGO takes over….You know nothing of stocks, but so what….If your cousin can get 40% returns in stocks, so can you. All you have to do is close down that fixed deposit of a couple of lakhs and invest the money in the stock market.
Then your friend says “Investing in the stock market with no knowledge of stocks, is very dangerous. You could lose all your money.” This is when EGO says ….nonsense…If your cousin can make money in stocks, so can you. It’s not rocket science. EGO makes sure you don’t heed the timely advice of your friend. Then…the stock market crashes. You panic and exit the stock market in a hurry. Your couple of lakhs has become just INR 50,000. EGO has cost you a lot of money.
You have worked in a number of hotels for close to two decades. Hospitality is in your blood. To top it all, you are a foodie. You’re 45 and your job in a reputed hotel is fetching you a lot of money. Now there is an urge….Why not quit your job and open a fast food joint, also known as quick service restaurant? For those who don’t know, a quick service restaurant (QSR), serves fast food cuisine with not much of table service. Hot food is packed and delivered for orders. This is when you get advice from unexpected quarters…Your colleague says, “Be careful. Starting a business is not as easy as you think. Several quick-service restaurants and food delivery services have shut down.” Do you listen to this timely advice….No….You have worked in the hotel industry for a couple of decades. EGO says, “Is there anything you don’t know about hotels, food and hospitality? Just go ahead and start the fast food joint. You’ll be rich soon.”
You withdraw several lakhs of your savings and investments, from FD’s, stocks and mutual funds. You sell the family gold and a plot of land. You use this money to open a fast food joint. Your fast food joint is launched with much fanfare. You hire good chefs and serve some posh localities in Bengaluru. You’re business does well. A few reputed investors put money into your business. Then bad times….There’s pressure to scale up and expand the business. Your fast food joint, can’t handle this kind of pressure and you shift to the restaurant aggregator model. You partner with restaurants and deliver their food, to the customer’s doorstep. The problem….Many of your restaurant partners deliver low-quality food and customers get really angry. Your business slides and you suffer a heavy loss. All your savings and investments are lost and you are now in severe debt. EGO has landed you in a money trap.
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There is a famous saying “Opportunity seldom knocks twice.” You better be there when opportunity knocks, with both hands open. But the opportunity has a big enemy…EGO makes you lose the opportunity. This is an incident still fresh in your mind. A few years ago your brother had said “Buy this plot of land on the outskirts of Bengaluru. It will rise in value in a few years.” What did you do with this excellent piece of advice? You seldom listen to your brother’s advice. EGO has always come in the way of your relationship. You say “I am better than my brother in all things. Why should I take advice from him? ”. A few years later the price of the land plot went really high. You missed an excellent opportunity to make a lot of money. EGO has come in the way of riches.
You have lost your job to the recent downturn in the economy. A number of companies are downsizing….Good employees are getting laid off….What’s the big deal if you have lost your job? You can always find another one. As you go round town searching for a new job, a piece of advice from a close friend, “Why don’t you work part-time, as you search for a new job? The money you get will help sustain you, till you get a new job.” You think….“I will get a new job soon. What does this friend of mine think of himself? Does he think, I will be lying around jobless for long? ”. Your EGO has come in the way of sound advice. Sadly, you did take a long time to get a new job and ran out of money.
So what have you learned from this article? If you want to make money, you have to keep EGO aside. No matter where sound advice comes from, TAKE IT. Do not care about the source….Care about the advice. You will soon be on the path to riches and can retire with pride.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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