Financial Literacy

This podcast was hosted by Mr Saurabh Nanda. He discusses financial literacy with Mr Harpreet Singh Chawla, a wealth manager. He left his job at Amazon India to start his own business.

The podcast starts with an introduction to the guest which transitions into him explaining about the importance of financial literacy and does it very well in a story format where he explains the story of two characters and their financial choices. Through these stories, he explains how different investment sources and even a difference of five years between investments in the same source can create huge differences in the returns.

He talks about how simple saving and investing was for our parent’s and grandparents’ generation because the savings rates were high and they could invest in gold and earn good money too, and they did not have to think or worry about finding new investment sources. Now, the same sources are not the best investments and now there are more options which are also complicated and one has to learn a lot about money before investing. The other thing he points out is that Indians are very risk aversive, they always try to play safe and that’s why they tend to go for the safest jobs like Government jobs. This tendency also reflects in their investments too as they are not interested in putting their money in the stock market. He says that colleges should make it necessary to teach their kids about investments and savings.

They discuss the impact of technology on making investment easier. In this discussion, the guest points out that even though people have the technology needed they need the necessary education to handle it. This is the reason why there is a rise in fraud cases and people need to be very cautious of what data they are putting out.

Another point he makes is to keep yourself updated with new types of investment and asks us to invest with full knowledge as to why we are investing in the source we are investing in and why will it get us any returns.

This was a discussion that will ask you to learn more about investing, encourage you to look at your finances more seriously, invites you to be cautious about your investment and have full knowledge about the reasons for your investment. They are asking you to be financially literate to make yourself independent and to be less scared of any financial needs that you might get in the future.

To watch the full video click on the link: https://www.youtube.com/watch?v=4xbGcfyGUVs