Was talking to one of my new colleague about personal finance, SIP , blog and specifically about the 'one small step' post....
This guy got damn excited and decided to start of with an SIP in equity fund to use his age to advantage and to leverage the power of compounding. At last I was happy about it ( Please note: - I don't earn any commission by selling mutual funds. it's just a sense of happiness that some one is going to start investing in the right direction at the right age.)
He got the forms downloaded from the web site and started filling them up. He was about to write a cheque and then courier it to the AMC.
I got busy with my work and forgot to ask him about it. When I finally caught up with him a couple of days back , he said he hadn't completed his application.
I asked, why?
He : hmm..I think the market would come down and I would wait ( he is pretty new to equity , but had already started timing the market)
Me: What? whys the market going to go down
He : There is a possibility of war in Korea ( I am not exaggerating anything here), So I expect the market to fall.. and ... you know about the financial crisis in west too!!
Me: The very purpose of SIP in equity fund is to avoid timing, anyhow, it's your call ( I 'm no salesman you see and I loose nothing because of this)
He : yeahh..hrrrrrrr
When I met him later
He: Your post "one small step" is real. it's really difficult to get started
Me : Thanks . Hope you get started soon.
I was really happy for the complement on the post , but would have been much more happier , if he had actually kick started his SIP.