\u00dcstelik bu konu \u00f6yle bir evrene ait ki, asl\u0131nda onu olu\u015fturan dinamikler bireysel tasarruflar\u0131n hacminden sermaye piyasalar\u0131n\u0131n derinli\u011fine, bu evrende var olan \u00fclkemiz \u015firketlerinin i\u015f yap\u0131\u015f bi\u00e7imlerinden o \u015firketlerin gelecek planlamalar\u0131na kadar uzanan g\u00fc\u00e7l\u00fc bile\u015fenlerin bir sonucu.<\/p>\n\n\n\n
Temett\u00fcden bahsediyorum evet.<\/p>\n\n\n\n
Bir di\u011fer ismiyle k\u00e2r pay\u0131.<\/p>\n\n\n\n
Tasarruflar\u0131n azl\u0131\u011f\u0131 \u00fclkemiz bireyleri ve dolay\u0131s\u0131yla \u00fclkenin t\u00fcm toplumsal dinamiklerinin en k\u0131r\u0131lgan taraflar\u0131ndan biriyken, \u00fclkemizde bireysel tasarruflar\u0131n \u2018kurall\u0131 piyasalar sayesinde\u2019<\/strong> sistemin i\u00e7inde olabilmesi ve uzun d\u00f6nemde bu piyasan\u0131n i\u00e7inde kal\u0131c\u0131l\u0131k g\u00f6stererek b\u00fcy\u00fcmesi<\/strong> hedefine y\u00f6nelik ger\u00e7ekle\u015fme, geli\u015fmi\u015f \u00fclke \u00f6rneklerinin \u00e7ok gerisinde kal\u0131rken; asl\u0131nda \u00e7ok temel bir yap\u0131sal soruna da i\u015faret ediyor.<\/p>\n\n\n\n Tasarruf, ama nas\u0131l?!<\/strong><\/p>\n\n\n\n Tasarruf olabilmesi i\u00e7in \u00f6n \u015farta ilk olarak, temel ihtiya\u00e7lar\u0131n eksiksiz kar\u015f\u0131lanabildi\u011fi bir gelir seviyesini yazar\u0131m. Tasarruf, uzun vadeli yap\u0131s\u0131yla bireyi gelecekteki hedeflerine yak\u0131nsayabilecek \u00e7ok \u00f6nemli bir davran\u0131\u015f bi\u00e7imi ve insan ya\u015fam\u0131nda mutlak yer almas\u0131 gereken g\u00fc\u00e7l\u00fc bir olgu olmas\u0131na ra\u011fmen, hemen bug\u00fcn ya da yar\u0131n kar\u015f\u0131lanmas\u0131 gereken zorunlu ihtiya\u00e7lar\u0131n \u2018aciliyeti\u2019<\/strong> onu listenin son s\u0131ralar\u0131na s\u00fcr\u00fckleyen bir k\u0131s\u0131r d\u00f6ng\u00fcye maruz b\u0131rakabiliyor. <\/p>\n\n\n\n Gelir azl\u0131\u011f\u0131, \u00fclkenin geneline yay\u0131lm\u0131\u015f sosyoekonomik bir kusur \u015feklinde, g\u00f6z\u00fcm\u00fcz\u00fcn \u00f6n\u00fcnde y\u0131llard\u0131r \u00e7\u00f6z\u00fclmeden <\/strong>dururken, buna bir de enflasyonist etki ile ya\u015fanan \u2018varl\u0131klar\u0131 koruma\u2019<\/strong> endi\u015fesi eklendi\u011finde, finansal ba\u011f\u0131ms\u0131zl\u0131k olgusundan her ge\u00e7en g\u00fcn uzakla\u015fmak; bu \u00fcz\u00fcc\u00fc dinami\u011fin ka\u00e7\u0131n\u0131lmaz sonucu oluyor ne yaz\u0131k ki.<\/p>\n\n\n\n Gelir \u00c7e\u015fitlili\u011fi<\/strong><\/p>\n\n\n\n Temett\u00fc, \u00fclke borsas\u0131na kote \u015firketlerin, bir takvim y\u0131l\u0131 i\u00e7inde elde ettikleri \u2018da\u011f\u0131t\u0131labilir\u2019<\/strong> karlar\u0131n, Genel kurul onay\u0131 sonras\u0131nda \u2018pay senedi sahiplerine\u2019<\/strong> da\u011f\u0131t\u0131lmas\u0131 olarak tan\u0131mlanabilir.<\/p>\n\n\n\n Temett\u00fcy\u00fc bana g\u00f6re, finansal varl\u0131k evreninde \u2018e\u015fsiz k\u0131lan\u2019<\/strong> en \u00f6nemli \u00f6zellik de burada yat\u0131yor: S\u00fcreklilik.<\/strong><\/p>\n\n\n\n Mevduat\u0131n, bono veya tahvilin bir \u2018vadesi\u2019<\/strong> var. Oysa hisse senedindeki \u2018pay sahipli\u011fi\u2019<\/strong> tasarruf sahibine, \u015firket faaliyetlerine devam etti\u011fi s\u00fcrece vadesi olmayan bir \u2018sermaye kazanc\u0131 potansiyeli\u2019<\/strong> sunuyor.<\/p>\n\n\n\n Temett\u00fc ise, o \u00e7ok de\u011ferli pay sahipli\u011fini \u2018elden \u00e7\u0131karmaya bile gerek olmadan\u2019<\/strong> nakit ak\u0131\u015f\u0131 elde edebildi\u011finiz g\u00fc\u00e7l\u00fc bir se\u00e7enek olarak finansal markette yat\u0131r\u0131mc\u0131y\u0131 bekliyor ki, temett\u00fc veren \u015firketlerde \u2018pay sahipli\u011fini artt\u0131rmaya\u2019<\/strong> dayal\u0131 bireysel tasarruf motivasyonu, bireye \u2018tasarruf ve yat\u0131r\u0131m s\u00fcrecini\u2019<\/strong> daha etkin planlama erki de kazand\u0131r\u0131yor; o bir ba\u015fka yaz\u0131n\u0131n konusu.<\/p>\n\n\n\n Geli\u015fmi\u015f \u00fclkelerde 2 ay gibi 3 ay gibi olduk\u00e7a c\u00f6mert aral\u0131klarla temett\u00fc veren \u015firketlere s\u0131kl\u0131kla rastlan\u0131yor, enflasyondan uzak ve faiz kazanc\u0131 elde etmenin anlams\u0131z oldu\u011fu bu \u00fclkelerdebirey tasarruflar\u0131n\u0131n y\u00f6neldi\u011fi en yo\u011fun adresin derinle\u015fmi\u015f \u00fclke borsalar\u0131<\/strong> olmas\u0131 bu y\u00fczden pek \u015fa\u015f\u0131rt\u0131c\u0131 olmasa gerek. <\/p>\n\n\n\n Tasarruflar\u0131n sermaye piyasalar\u0131ndaki pay\u0131 muazzam boyutlarda. Bu \u00fclkelerde bireyler tasarruflar\u0131n\u0131 d\u00fczenli aral\u0131klarla temett\u00fc veren hisse senetlerine yat\u0131rarak, s\u00fcrd\u00fcr\u00fclebilir gelir yaratabiliyorlar.<\/p>\n\n\n\n Bizim birey tasarruflar\u0131nda bu seviyeye ula\u015fmak i\u00e7in, a\u015fmam\u0131z gereken uzun bir yolumuz olmas\u0131na ra\u011fmen, Sermaye Piyasas\u0131 Kurulu taraf\u0131ndan \u00e7er\u00e7evesi \u00e7izilen piyasam\u0131zda Borsa \u0130stanbul\u2019un tasarruflar\u0131n\u0131 g\u00fcvenle yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcrme hevesinde olan birey ve kurumlara<\/strong> yeterli finansal evreni sundu\u011funu da g\u00f6r\u00fcyoruz, haks\u0131zl\u0131k etmemek laz\u0131m.<\/p>\n\n\n\n BIST, b\u00fcnyesinde yer alan \u015firketlerin politikalar\u0131nda \u2018temett\u00fc\u2019<\/strong> da\u011f\u0131t\u0131m\u0131na pozitif yakla\u015fan politikalar g\u00fctmenin yan\u0131 s\u0131ra; Borsa \u0130stanbul Temett\u00fc Endeksi<\/strong> gibi kurumsalla\u015fm\u0131\u015f finansal \u00f6rneklerle de yat\u0131r\u0131mc\u0131ya g\u00fcvenilir ve referans de\u011fer ta\u015f\u0131yan endeks \u00e7e\u015fitlendirmeleri dahi sunuyor.<\/p>\n\n\n\n Temett\u00fc m\u00fc \u00f6nemli, \u015firket faaliyetinin orta uzun vadede g\u00fc\u00e7lenmesi mi?<\/strong><\/p>\n\n\n\n Peki tart\u0131\u015fma neden kaynaklan\u0131yor?<\/p>\n\n\n\n Birlikte bakal\u0131m\u2026<\/p>\n\n\n\n Borsaya kote \u015firketlerin, kar da\u011f\u0131t\u0131m politikalar\u0131n\u0131 kamuya a\u00e7\u0131klamas\u0131 ve Genel Kurullar\u0131nda alacaklar\u0131 karar do\u011frultusunda da\u011f\u0131t\u0131labilir karlar\u0131n\u0131 ortaklar\u0131yla payla\u015fmas\u0131 olduk\u00e7a al\u0131\u015f\u0131lm\u0131\u015f bir durum.<\/p>\n\n\n\n \u015eirketlerin temett\u00fc da\u011f\u0131tmas\u0131 gayet normal oldu\u011fu gibi, farkl\u0131 bir planlama sonucunda sermayeyi destekleme, potansiyel gelir artt\u0131racak bir yat\u0131r\u0131m harcamas\u0131 yapma gibi pek \u00e7ok \u2018i\u00e7sel\u2019<\/strong> sebeple kar payla\u015f\u0131m\u0131na gitmemesi, bu karlar\u0131n\u0131 farkl\u0131 bi\u00e7imlerde kullanmaya karar vermesi de gayet normal bir ba\u015fka durum. Nihayetinde temett\u00fc karar\u0131n\u0131 \u015firket y\u00f6netimi veriyor. <\/p>\n\n\n\n Finans profesyonellerinden temett\u00fc konusunda gelen en \u00f6nemli itiraz, temett\u00fcn\u00fcn hisse senedi alarak bir \u015firkete ortak olma motivasyonundaki \u2018ana sebep olmamas\u0131\u2019<\/strong> gerekti\u011fi y\u00f6n\u00fcnde.<\/p>\n\n\n\n \u015eirketin as\u0131l faaliyetlerinden elde etti\u011fi kar\u0131n payda\u015flara da\u011f\u0131t\u0131lmas\u0131 yerine, \u015firketi orta ve uzun vadede daha da b\u00fcy\u00fcterek; hissedar ba\u015f\u0131na \u2018sermaye kazanc\u0131n\u0131\u2019<\/strong> maksimize etmeye y\u00f6nelik kullan\u0131m\u0131n\u0131n \u2018daha verimli\u2019<\/strong> oldu\u011funu savunan bir g\u00f6r\u00fc\u015f bu.<\/p>\n\n\n\n A\u00e7\u0131k\u00e7as\u0131, kar\u0131n bu \u015fekilde kullan\u0131m\u0131n\u0131n matematik a\u00e7\u0131dan \u2018toplam fayday\u0131\u2019<\/strong> artt\u0131raca\u011f\u0131na ben de inan\u0131yorum.<\/p>\n\n\n\n Ancak bu noktada i\u015fin i\u00e7ine \u2018T\u00fcrkiye\u2019de ya\u015fama\u2019<\/strong> ger\u00e7e\u011fi giriyor.<\/p>\n\n\n\n Bu sayg\u0131n ve g\u00fc\u00e7l\u00fc g\u00f6r\u00fc\u015f \u00fclkemiz ger\u00e7e\u011finde benim i\u00e7in biraz \u2018ikincil\u2019<\/strong> kal\u0131yor. Ben tasarruflar\u0131m\u0131 bug\u00fcnden orta ve uzun vadeli bir perspektifte planlarken, yat\u0131r\u0131mlar\u0131mdan \u2018s\u00fcrd\u00fcr\u00fclebilir\u2019<\/strong> bir nakit ak\u0131\u015f\u0131 da sa\u011flamal\u0131y\u0131m.<\/p>\n\n\n\n Temett\u00fc, s\u00fcrd\u00fcr\u00fclebilir bir ek gelir olabilir.<\/strong><\/p>\n\n\n\n \u0130\u00e7inde bulundu\u011fumuz sosyal stat\u00fc, \u015fu an i\u00e7in kazand\u0131\u011f\u0131m\u0131z para, emeklilik d\u00f6nemi planlamam\u0131z ne olursa olsun; herkes i\u00e7in \u2018kritik\u2019<\/strong> noktalardan biri, emeklilik zamanlar\u0131m\u0131zda \u2018s\u00fcrd\u00fcr\u00fclebilir ve yeterli bir gelire\u2019 <\/strong>sahip olmakt\u0131r.<\/p>\n\n\n\n Ya\u015fam d\u00f6ng\u00fcm\u00fcz\u00fcn ba\u015flang\u0131\u00e7 evresindeki \u2018amat\u00f6r\u2019<\/strong> finansal bak\u0131\u015fta da y\u00fckseli\u015f d\u00f6neminde \u2018\u00f6znellikle bi\u00e7imlendirdi\u011fimiz\u2019<\/strong> yat\u0131r\u0131mlar\u0131n arka plan\u0131nda da \u00fcretkenli\u011fimizin azald\u0131\u011f\u0131 ve d\u00fczenli gelirin daha kritik oldu\u011fu d\u00f6nemlere haz\u0131rl\u0131k yapmak gibi gizil bir hedef<\/strong> var.<\/p>\n\n\n\n \u0130\u015fte temett\u00fc bana bunu sunuyor!<\/strong><\/p>\n\n\n\n Temett\u00fc konusunda \u2018sermaye kazanc\u0131n\u0131 orta uzun vadede maksimize etmenin \u00f6nemine inanan\u2019<\/strong> profesyonellerin g\u00f6r\u00fc\u015flerinin yan\u0131 s\u0131ra; yat\u0131r\u0131mc\u0131y\u0131 temett\u00fc konusunda \u2018romantik\u2019<\/strong> bulanlar da g\u00f6r\u00fcyorum.<\/p>\n\n\n\n Elbette bir \u015firketin \u2018b\u00fcy\u00fcmesi\u2019<\/strong> ortaklar\u0131na yaratt\u0131\u011f\u0131 parasal de\u011fer a\u00e7\u0131s\u0131ndan g\u00fc\u00e7l\u00fc bir \u00f6nem ta\u015f\u0131yor. Ancak ben \u2018faaliyetinden elde etti\u011fi kazanc\u0131\u2019<\/strong> ortaklar\u0131yla payla\u015fan ve bunu \u015firket politikalar\u0131nda \u015feffaf olarak a\u00e7\u0131klam\u0131\u015f \u015firketlere, bir k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131 olarak daha s\u0131cak bak\u0131yorum.<\/p>\n\n\n\n \u015eirketin politikalar\u0131nda \u00f6zellikle belirtilen bir politika unsuru, \u015firketin ana faaliyetindeki temel dinamiklere \u2018sa\u011fl\u0131kl\u0131\u2019<\/strong> bi\u00e7imde y\u00f6n verecek \u00f6nemli bir kataliz\u00f6r \u00f6zelli\u011fi de ta\u015f\u0131yacakt\u0131r. A\u00e7\u0131k\u00e7as\u0131 bunun bana bir de \u2018d\u00fczenli bir nakit ak\u0131\u015f\u0131\u2019<\/strong> sa\u011flamas\u0131na hi\u00e7 itiraz\u0131m yok!<\/p>\n\n\n\n Temett\u00fc yat\u0131r\u0131mc\u0131l\u0131\u011f\u0131; \u2018bireylerin rasyonel g\u00f6r\u00fc\u015fler \u0131\u015f\u0131\u011f\u0131nda\u2019<\/strong> \u00fcr\u00fcn se\u00e7imi yapabildi\u011fi sa\u011fl\u0131kl\u0131 bir piyasada faaliyet g\u00f6steren \u015firketleri daha \u2018vizyoner\u2019<\/strong> olmaya zorlayan g\u00fc\u00e7l\u00fc bir itici unsur ayn\u0131 zamanda.<\/p>\n\n\n\n Bu \u00f6zellik onu, yat\u0131r\u0131mc\u0131 say\u0131s\u0131 y\u00fcksek ve tasarruflar\u0131n tabana yayg\u0131n bi\u00e7imde bulu\u015fabildi\u011fi bir sermaye piyasas\u0131n\u0131n sa\u011fl\u0131\u011f\u0131 i\u00e7in; vazge\u00e7ilmez bir sigorta unsuruna da d\u00f6n\u00fc\u015ft\u00fcrebilir.<\/p>\n\n\n\n Temett\u00fc geliri, bireyi emekli edebilir mi?<\/strong><\/p>\n\n\n\n Ya da soruyu \u015f\u00f6yle soral\u0131m. Temett\u00fc al\u0131\u015fkanl\u0131\u011f\u0131 olan hisse senetlerini uzun vadede biriktirerek elde edilecek de\u011fer art\u0131\u015flar\u0131, bir di\u011fer deyi\u015fle sermaye kazan\u00e7lar\u0131n\u0131n yan\u0131nda, d\u00fczenli al\u0131nan bir temett\u00fc ile, s\u00fcrd\u00fcr\u00fclebilir bir gelir elde etmek m\u00fcmk\u00fcn m\u00fc?<\/p>\n\n\n\n \u015eirketlerin finansal ko\u015fullar nedeniyle her y\u0131l g\u00fcncellenebilen k\u00e2r pay\u0131 tahminlerini modelleyerek yap\u0131lan uzun vadeli bir finansal planlaman\u0131n \u00e7\u0131kt\u0131s\u0131, s\u00fcrd\u00fcr\u00fclebilir gelir kayna\u011f\u0131 yaratacak kadar g\u00fc\u00e7l\u00fc bir matematik i\u00e7erebilir mi?<\/p>\n\n\n\n G\u00f6r\u00fc\u015f\u00fcm; yan\u0131t\u0131n \u2018evet\u2019<\/strong> oldu\u011fu y\u00f6n\u00fcndedir.<\/p>\n\n\n\n Temett\u00fc geliri de hedefleyen sermaye kazanc\u0131 yat\u0131r\u0131m\u0131, d\u00fczenli al\u0131mlarla istikrarla desteklenmesi ve t\u00fcm gelir gruplar\u0131 i\u00e7in bir tasarruf rutini haline gelmesi halinde, \u2018gelir azl\u0131\u011f\u0131\u2019<\/strong> sorunu ya\u015fayan bizim gibi \u00fclkelerde \u2018finansal ba\u011f\u0131ms\u0131zl\u0131k\u2019<\/strong> kavram\u0131n\u0131 ula\u015f\u0131labilir hale getirebilecek g\u00fc\u00e7l\u00fc unsurlardan birine d\u00f6n\u00fc\u015febilir, buna y\u00fcrekten inan\u0131yor ve ya\u015fam\u0131mda bizzat uyguluyorum.<\/p>\n\n\n\n Nas\u0131l k\u0131sm\u0131n\u0131 bir ba\u015fka yaz\u0131mda payla\u015faca\u011f\u0131m. Bu noktadaki deneyimlerim i\u015fin biraz \u2018teknik\u2019<\/strong> k\u0131s\u0131mlar\u0131n\u0131 i\u00e7eriyor ve ilk yaz\u0131mda \u2018d\u00fc\u015f\u00fcncenin ruhunu\u2019<\/strong> payla\u015fmak istedim.<\/p>\n\n\n\n S\u00f6z\u00fcn \u00d6z\u00fc<\/strong><\/p>\n\n\n\n Yat\u0131r\u0131m portf\u00f6y\u00fcn\u00fc \u00e7e\u015fitlendirerek, hisse senedi yat\u0131r\u0131mlar\u0131nda \u2018temett\u00fc\u2019<\/strong> da\u011f\u0131tma al\u0131\u015fkanl\u0131\u011f\u0131 edinmi\u015f, d\u00fcr\u00fcst y\u00f6netilen, uzun vadeli vizyon ve planlamas\u0131 olan, kurumsal y\u00f6netim ve s\u00fcrd\u00fcr\u00fclebilirlik ilkelerine g\u00f6re y\u00f6netilen \u015firketlerde pay senedi yoluyla artan g\u00f6n\u00fcll\u00fc bir bireysel ortakl\u0131k modeli olan \u2018temett\u00fc emeklili\u011fi\u2019<\/strong> idealinin bu yolda g\u00fc\u00e7l\u00fc bir lokomotif oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum.<\/p>\n\n\n\n Finansal \u00f6zg\u00fcrl\u00fck hepimize laz\u0131m.<\/p>\n\n\n\n Sa\u011fl\u0131kla kal\u0131n\u2026<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n *20 \u015eubat 2022 tarihli Opinyu.com yaz\u0131md\u0131r.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Son zamanlarda yat\u0131r\u0131mc\u0131larla finans profesyonelleri aras\u0131nda \u2018ayr\u0131\u015fma yaratan\u2019 bir konu var. \u00dcstelik bu konu \u00f6yle bir evrene ait ki, asl\u0131nda onu olu\u015fturan dinamikler bireysel tasarruflar\u0131n hacminden sermaye piyasalar\u0131n\u0131n derinli\u011fine, bu…<\/p>\n","protected":false},"author":1,"featured_media":4119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/2194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2194"}],"version-history":[{"count":1,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/2194\/revisions"}],"predecessor-version":[{"id":4120,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/2194\/revisions\/4120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/media\/4119"}],"wp:attachment":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/tasarrufdelileri.wordpress.com\/wp-content\/uploads\/2022\/02\/image-10.png?w=945\")
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