Common Financial Mistakes Made By Indians

This is a quick topic I needed to cover as I came across certain life situations that has brought to my attention, so i needed to articulate the various financial mistakes i have seen my fellow Indian brethren, whether they are living back in India or they are NRI's living in the city of Dubai, United Arab Emirates or in Durban, South Africa or pursuing their dreams in the United Kingdom or working for tech giants in Silicon Valley in the beautiful state of California, United States.

For the longest time, I have experienced and witnessed many occasion's especially with Indian's of different walks of life , keep committing a lot of financial mistakes that will have severe repercussions in the long term. I would love to lambast some of my people's financial decisions and the choices they have made, I should also address that i have made bad financial decisions, when i was residing in the United States as well as my current residency here in Dubai, U.A.E.

I have recently been going through some major life changes that has made me realize and evaluate my thought process when it comes to money finances. We also need to address some of the cultural narratives that has brainwashed us as well as sabotaged our financial futures. The Indian society is vivid and has various layers of history, identities , but you will see there are some similarities you will find, you might see we might be listening to the same frequencies that make Indians consciously and unconsciously commits several financial mistakes that can only destroy their financial destinies.

Anyways, Lets cut right to the chase, I'm just going to lay down some points and hope it resonates and inspires you to make the changes for yourself as well as your financial decisions. My heart's desire is that to any Indian out there who is reading this would be inspired to not be just like the unconscious majority and walk the narrow path of being part of the financially conscious minority.

Here we go,

1) Handling Credit Cards

2) Power Of Compound Interest

3) Buying Stocks, Stonks ;), Cryptos based of on tips etc.

4) Mixing Insurance as Investments

5) Lifestyle Inflation

6) Going on a Shopping Spree just to get DISCOUNTS

7) Keeping up the Jones or Keeping up with the Kumar's -

8) Living for the Weekend

9)Cash Flow Tracking

10) Have an Emergency Budget

11) Medical Insurance

12) NO Financial Plan

13) No Diversification

14) Expensive Marriages

15) Buying Excessive amounts of Gold Jewelry

16) Ultra Conservative Investment Strategy

17) Difference between Assets & Liabilities

18) Wrong assumption that being frugal is cheap

19) Procrastinating investment decisions

20) Depending on others for investment decisions

21) Having a family discussion on money - It really matters

22) Rookie investment mistake of buying high and selling low

23) Wasting time on unproductive activities

24) Lack of disciplined investment

25) Difference between Money & Currency

26) Life long learning concept

27) Getting REAL Financial Education from mentors,financial coaches & strategists

These were the above financial mistakes I have come across particularly found among Indian's. To some of you, you might see similar negatives trends or commonalities among other ethnic groups or you might be quite surprised to learn about these financial mistakes , as many of my American friends,families and counterparts would have stereotyped Indians as quite financially savvy as the top high income earners in the United States are Indians, followed by Chinese, Taiwanese,Filipinos etc.

Anyways, I'm going to elaborate more in detail in my podcast- " The FINfluential by Marcus Monero" . I want to dwell deep into the above points and throw in some golden nuggets when it comes to financial mistakes and how we can learn from our mistakes with the purpose to -

Increase Our Financial Confidence

Raise Your Human Capital

& One day , I hope i can see more economic and financial freedom in India and the rest of the world.

We all got to dream big and do our best to work towards it.

IF you have reached the end of this quick article, thank you for taking the time , please do share your experience and wisdom for the young Indians who are pursuing their financial excellence.

Have a Listen and check the FINfluential on Apple Podcast & Spotify .