Ever heard of the saying "Time is Money"? Well, when it comes to investing, this couldn't be more accurate. The earlier we start investing, the more time our money gets to grow.

The impact of delay in investment is unfortunately one aspect often overlooked, leading to lost financial opportunities. Even a delay of a few years, can significantly reduce the potential returns on your investment. But if you avoid the following 7 common mistakes, I guarantee you’ll notice the difference.

Mistake No. 1 - Neglecting the Time. Time is an investor's best friend. The longer you hold your investments, the more they grow due to compounding. Here's an example, if you start investing Rs 1000 per month at 25, by 65 you'd have around Rs. 20,00,000 assuming a 6% return. But if you start at 35, you'd only have Rs 10,00,000. Now you see why time is important. Don't delay, start today.

Mistake No. 2 - Preparing Inadequately. Financial planning is pivotal to any investment journey. It’s dangerous to walk on a hilly road with a blindfold, right? Likewise, investing without proper planning can lead to a huge loss of money. Make a budget, understand your financial goals. Prioritize and then invest.

Mistake No. 3 - Ignoring Diversification. Diversification helps in offsetting losses because the chances are very rare that all your assets would perform badly at the same time. Simply put, don’t put all your eggs in one basket. Diversify across asset classes and sectors.

Mistake No. 4 - Forgetting Inflation. Assuming inflation is 3%, your Rs 1000 today would be worth Rs 737.5 in 10 years. Inflation eats up your purchasing power. Always consider inflation while deciding your investment amount.

Mistake No. 5 - Risk Assessment Negligence: Many people start investing without assessing the amount of risk they are comfortable with or can bear, leading them to make hasty moves, inviting loss. Always assess your risk profile before investing.

Mistake No. 6 - Chasing Unrealistic Returns: Remember, if it's too good to be true, it probably is. Be cautious of schemes guaranteeing abnormally high returns.

Mistake No. 7 - Lack of Patience. Investing is like planting a tree. It takes time to grow and bear fruits. Have patience, hold your investments, and let compounding weave its magic.

Just remember, your delay costs you. Start investing, no matter how small the amount, but do start.

In financial planning, time is your ultimate ally – use it wisely!