*published in ideasmoney
When I was talking to a couple of my friends/colleagues , I got great surprises .
Person A was telling that he had never claimed his medical bills ( 15,000 Limit) in his entire career spanning more than a decade. Not that he wasn't aware of it, but he didn't care to take time to submit claims.
Another one said, he never bothered to withdraw/ transfer his PF from his previous employers. He is with the present employer for six years. He says he doesn't understand finance nitty gritties to do this!!!
In the same way, many succumb to buying money back policies or ULIPs as 'Investments" because they do not do enough research.
Another friend of mine doesn't stretch himself to transfer his funds from his savings account to an 80C instrument and ends up paying extra tax every year.
In none of the cases, this is happening because they can afford to do away with their money. It's because they fail to take that small initiative towards understanding an instrument or making an effort to being aware and acting in time.
Know your finances , if you plan to earn a crore in the long run.