Moneylife Foundation conducted a financial literacy seminar for the management students of NL Dalmia College
Moneylife Foundation continues its series of ‘Be Safe and Smart with Your Money’ events for students. We believe that it is essential for them to learn how to manage their money and be able to fund their future financial goals. The younger you start, the better it is. Many attendees at our seminars wished that they had received such unbiased advice when they were younger. Moneylife Foundation’s financial literacy model for students is, therefore, of great value to students before they join the corporate world. The fact is there is little in college education that can prepare you for the intricacies and the realities of managing your money. It is important for everyone to have a clear understanding of what it takes to protect their money and invest smartly. Moneylife Foundation has conducted many such events in the past. This time, the Foundation conducted a special programme for the students of NL Dalmia College, Mumbai.
The first session was conducted by Sucheta Dalal, managing editor of Moneylife and founder trustee of Moneylife Foundation. She focused on how students can avoid financial mistakes and not fall prey to scammers. The second session was addressed by Debashis Basu, editor of Moneylife and founder trustee of Moneylife Foundation. Students need not only to protect their money, they also need to invest it wisely, to beat inflation and fund their future goals. Mr Basu spoke on the pros and cons of various investment products through which they create wealth.
In her session, Ms Dalal explained that one should keep one’s financial life simple and invest in just a few products—products that are safe and well-regulated. The six mantras articulated by Ms Dalal include—not to lose money, insure for securing future, avoid credit and investment traps, focus on a few safe products, avoid emotional traps and maintain financial hygiene. Ms Dalal explained the concepts of credit history, credit score and reports which are becoming increasingly important. She said, “All your borrowings and repayments for credit card, student or education loan and other loans are tracked by credit information companies, like CIBIL, Experian, CRIF Highmark and Equifax.”
In the second session Mr Basu explained the importance of saving regularly to secure one’s future financially. He took the students through different life stages and the common financial goals at each stage in life. He explained the principles of compounding under different scenarios. The effect of compounding is slow in the initial period; but, with time, the power of compounding takes over and the wealth created is huge. The key is to save as much as possible and start as early as possible with good financial products. Many students look to earn a good income when they start work. Mr Basu highlighted that saving has little to do with income. It is more important to spend smartly.
Professors or students who would like us to conduct a similar event at their college can contact us at [email protected]