Step 5: Don't get attached to investments
As an investor it helps if you are 'cool and calculated' about your investments; so don't get attached to them. If an investment you made is not working out like you thought it would and an evaluation (in consultation with your financial planner) suggests that it's best you get rid of it, then go ahead and do it.
Let it not become an 'ego' issue. We make mistakes with a lot of things and investments are no exceptions. So just like we rectify the other mistakes we make, we should resolve the wrong call we have made on an investment.
Remember the investment itself is not the objective; it's only a way to achieve your objective.
Image: The bronze bull, recently installed outside the Bombay Stock Exchange, is seen in its present position in Mumbai. | Photograph: Pal Pillai/AFP/Getty Images
Also read: Why you should buy gold now. 4 reasons
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