If you’re a fan of Bollywood movies, chances are you have a favourite villain who constantly gets the goat of those goody-goody heroes and heroines.
Bollywood villains, in general, tend to have a very strong on-screen persona. They usually have everything going for them. They are wealthy, powerful and have a good reputation (until the hero jumps in to expose their evil side). Pretty similar to what we aim for in life. No, not the evil side. We’re talking about the money, fame and the reputation part of it.
Even if they have everything going for them, what leads to their eventual financial downfall (apart from the fact that the hero is always supposed to win) is poor money management skills. After all, spending a fortune on thugs, guns and assassins is a lot more nerve-wracking from a financial standpoint than managing Credit Cards or investments.
Additional Reading: Money lessons from Bollywood movies!!
There’s absolutely no exception when it comes to managing money. Even the most badass villains need to put in time and effort to make the right financial decisions. One wrong move and their financial empires crumble, while the hero rides into the sunset on a white horse.
Unless you want that to happen to your hard-earned money, here are 5 crucial money management lessons you need to learn from the mistakes of your favourite villains.
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Greed Is Never Good
The most common characteristic all villains possess is their endless greed. Regardless of how well off they are, they always seem to want more. And more often than not, they resort to unscrupulous means to get what they desire. Unfortunately for them, their greed eventually leads to their demise, sometimes both financially and physically.
Similarly, when it comes to taking crucial financial decisions, never give in to greed. Instead of focusing merely on short-term goals, keep the bigger picture in mind as well. For instance, investing in a fancy sports car might seem like the right thing to do at the moment, but you may live to regret such an impulsive decision at a later stage in life.
Take baby steps towards a bigger goal instead of trying to take shortcuts. For example, you could open a Recurring Deposit to see your money grow instead of blowing all your money every time it hits your account.
Additional Reading: How To Open A Post Office Recurring Deposit
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Diversification? What’s That?
The chances of seeing a villainous don trying to be a successful businessperson, politician, actor and every other thing under the sun are quite slim. Instead, you’ll see them trying to be the absolute best in their respective fields. Diversification might not be a great idea for villains since the chances of the hero exposing their dastardly plans increase manifold. But, in the real world, diversification is essential if you want to secure your financial future. Investing all your money in one place doesn’t make sense. If you diversify, it significantly reduces the risk of facing a monetary loss.
For instance, if you’ve invested all your money in oil shares and the oil market suddenly hits a new low, you’re likely to lose all your money. But, if you diversify and invest in oil as well as real estate, even if one market goes through a rough patch, the other one is more likely to be stable. This approach can significantly reduce risk, especially when making investments, and can keep your head above water even during trying times.
Additional Reading: Tips For Ideal Portfolio Diversification
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Too Much Pride?
All villains have one trait in common—they’re full of pride. They always consider themselves to be the best and look down on everyone else. This might go well with their evil image, but it won’t really make sense when it comes to making those crucial financial decisions. After all, pride usually comes before a fall.
When it comes to handling your finances, it is always a good idea to get a second opinion or consult a financial advisor. Sure, you could do things yourself, but if things aren’t going according to plan, it may be time to swallow your pride and seek help.
This especially applies to people who have just started earning. During this stage in life, you’re less likely to know everything about the latest financial plans or insurance policies that could benefit you. A financial planner can help you make crucial decisions that could hold you in good stead in the future.
Additional Reading: Avoid These Do-It-Yourself Investing Mistakes
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Too Many Emotions?
Villains are known for their bad temper. They tend to let their emotions get the better of them, which affects their decision making. When investing or managing money, it is always advisable to keep your emotions in check and deal with the situation at hand with a clear mind. Base all your financial decisions on facts and thorough research, as opposed to going with your ‘gut feeling’.
Instead of being impulsive and taking hasty decisions, be patient and wait for the right time. For example, when it comes to taking on a Personal Loan or a Home Loan, make sure you shop around and get the best deal possible instead of jumping at the first offer you get. When it comes to taking crucial financial decisions, you have to think with your head and not your heart.
Additional Reading: How To Get The Best Interest Rate On Your Personal Loan
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Are You In A Good Company?
Villains are often seen hanging out with equally unsavoury people. Maintaining the right reputation, or in this case, the wrong reputation, is crucial for their survival. They can’t let people take them for granted. However, in real life, keeping company and taking advice from people who are clueless about money management and finance could be detrimental to your financial future.
Make sure you surround yourself with people who are in the know, at least from a financial perspective. Sure, your friends and family may not be novices at money management, but it is always advisable to make financial decisions after consulting people who are experienced and who have a firm grasp on how to manage their money. In fact, try being a good friend and help your close ones out if you happen to see some success with your investments and your money. If you have a friend who has trouble saving, teach them the importance of setting aside funds for a rainy day and introduce them to tools like Recurring Deposits and Fixed Deposits.
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Villains may not make for great role models, but we can definitely learn a lot from their mistakes. After all, at the end of the day, it’s about your hard-earned money. It’s up to you to ensure that it constantly grows and is protected against any possible risks.
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