Never Follow Rumors [Finance For Engineers]
"Believe only half of what you see and nothing that you hear" - Edgar Alan Poe
Whenever you step out to buy a financial product, you are exposed to a lot of hearsay's and rumors about the stock market, life insurance products, equities, mutual funds etc. There are friends, relatives advising you which product to buy, and how its has been beneficial for them. No matter who or what is the source of such information or how reliable it is, never take decisions based on rumors. The stocks that have done well in the past may go south. Remember, you and your friend are two distinct personalities, you have different needs and different risk appetites Past performance of a financial product or company cannot be construed as a measure of success or guarantee to reap benefits.
It is important to keep an eye on Government policies, market movements, etc. but never take a decision merely on speculation. It is best to take a decision once you are satisfied about benefits that will accrue out of the financial product and how much useful it will be in achieving the desired goals.
To read more from this series, check: "The Financial" - Finance for Engineers Series!.
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