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Episode 14 - 6 Nudges for Investing Better
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We all know the steps that need to be taken to move in the right direction. Yet, we often find ourselves making the wrong choices or simply not taking the initiative to become better investors. However, all we need are simple nudges that can act as encouragement and help us make optimal investment decisions. In this Edelweiss Money Konnect podcast episode, Radhika Gupta, CEO & MD at Edelweiss Mutual Fund shares with us 6 valuable tips to become a better investor. Listen to the podcast to know more!
Key takeaways:
Investment tip 1: Incentive – Small incentives or rewards by advisors or family members can act as nudges to either continue investing or make the right investment decisions.
Investment tip 2: Mapping – Investment concepts can often be abstract and thus, need to be mapped to your reality. This can help you translate money into real objectives and make them more achievable.
Investment tip 3: Default – It is natural to choose the default options. Thus, investing more judiciously and consistently should become a default option, something that you choose to do automatically.
Investment tip 4: Feedback – Regular and accurate feedback acts like a mirror. It shows you what you are doing and helps you course correct so that you are on the path to making correct investment decisions.
Investment tip 5: Stopping errors - Making mistakes in life and in investment decisions is only natural. However, identifying these errors can help you address them in a timely manner and improve your investment experience.
Investment tip 6: Structuring complexity – Investing can be challenging and complex. It is important to structure the complexities of investments into a few clear goals and then identify the investment options that can help you achieve those goals.
You can learn more of these interesting investment principles on the Money Konnect Podcasts available on the Edelweiss Mutual Fund website, Spotify, Google Podcasts, and Apple Podcast. We hope you enjoyed this podcast and will tune in to listen to more such podcasts on investing nuggets.
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