Are you a sucker for financial porn?
When i use the word financial porn (origin is much older than Subramoney, I did not coin this word)…people are amused. Then I spoke to a clinical psychologist and he said ‘see how many people are addicted to financial porn’ ..I really do not know the symptoms of any addiction, but here I am testing the waters. See if you have any of the following symptoms:
- Do you read many pink papers hoping to find which share to buy / which fund to buy? – if you think that the pink papers are running a financial education business or a free PMS you are on the way to porn addiction.
- Do you watch business channels hoping to build a portfolio? Or profit from trading tips?
- Do you have the phone number of your broker on your speed dial? As soon as a share is discussed do you make a trade?
- You love to read schemes which promise to double your money in 2 years? or in 6 months?
- You have at least clicked once on the Nigerian money scam. Be honest.
- You have toyed with the idea of attending a ‘Trading in Foreign Currency’ class hoping to earn $ 1500 every week “Free”.
- You track Rakesh Jhunjhunwala – and a plenty of other traders – hoping to get ‘sure winning’ tips.
- You have a good investment adviser, but you keep looking for secret ‘hair growing solutions’, ‘spot weight reductions’ and ‘get rich quick schemes’ – and very surreptitiously ask your adviser saying “a friend of mine was asking about..this scheme. Do not worry your adviser knows what shit you are up to.
- Your RM can engage with you for long hours on what product to buy.
- Your bank calls you a ‘Special Platinum Idiot” – ok they do not call you idiot, but the Relationship manager keeps selling you new, exotic, awesome products – AND YOU BUY THEM.
Ten is a good beginning is it no?
Babu
Yes, I was before reading your blog. But still read the Pink Papers and will watch the business channels but will not act solely based on their recommendations.
Kishore
I believe bigger issue is Financial Iliteracy, not financial porn.
MoneyKaDoctor
Reading one good book on personal finance/investing in 2-5 hours is a lot better that reading 4 newspapers and watching 4 business news channels for a month.
Niraj
I Pass ! No addiction (at least not yet!) 🙂
Niraj
IamNoSpecial
Nopes, not addicted to any of the above listed items.
Confession: Few years back, had tried desperately to watch business news to understand what investment is all about. However, after 3-4 days of continuous watching, could not make any sense out of it. I felt sad that I could not understand anything said over there.
In hindsight, I thank God that I could not understand what the people spoke about