Moneylife Events
Safe and smart financial advice for students
Moneylife Foundation conducted a financial literacy seminar for the students of SIES College of Management Studies in Navi Mumbai
 
It is important for students, who will soon enter the workforce, to have a good understanding of what it takes to protect their money and invest smartly in a manner that would deliver prosperity in the long term. Unfortunately, there is little in college education that can prepare you for the intricacies and the realities of managing your money. There are several instances, where youngsters are lured by chain-marketing schemes or get-rich-quick schemes, which often promise quick and easy money. Before college students go out to get a job and earn their first salary, they need to know the essentials of how to be safe and smart with their money. 
 
Moneylife Foundation conducted a special programme for students –“Be Safe and Smart with Your Money” at SIES College of Management Studies, Navi Mumbai. The first session was conducted by Sucheta Dalal, managing editor of Moneylife and founder-trustee of Moneylife Foundation. She pointed out to the students as to how one can avoid financial mistakes so that they do not lose any money. The second session was addressed by Debashis Basu, editor and founder-trustee of Moneylife Foundation. He articulated the simple steps for investing smartly.
 
Ms Dalal started her session—“Safe Investing and how not to lose money”—with a brief introduction about scams in India. There is no dearth of frauds in India. Freshers are easy targets for scamsters. There are different types of scams – lottery scam, job scam, conference scam and interest waiver scam out to get us. The numbers of scams being reported are infinite. 
 
In her session, she informed students about currency notes, security features in a note and how to identify a real note from a fake one. Students who replied to her questions on currency notes received a surprise gift from Ms Dalal.
 
She also discussed that one should keep one’s financial life simple and invest in just a few products—products that are safe and well regulated. Ms Dalal spoke about the dubious schemes like QNET, Pearls, City Limousines, Japan Life, Speak Asia, which could be clubbed to category called Pyramid scheme or chain money schemes. These schemes claim to provide extremely high returns luring the unsuspecting savers and then vanish into thin air.
 
A person’s knowledge or smartness does not guarantee that he/she cannot fall prey to the confidence tricksters, Ms Dalal said. She narrated to the packed audience incidents where “relationship managers” have taken genuine and educated customers for a ride. She also explained how usurious are the rates charged on credit card outstanding. Ms Dalal talked at length about the new phenomena like Phishing and Vishing on the internet that traps the gullible public and robs them of their hard-earned money.
 
In the second session titled—“How to invest smartly”—Mr Basu explained the importance of saving regularly to secure one’s future financially. Everybody can make financial decisions, he said if they stick to some simple principles. He explained the principles of compounding under different scenarios. The effect of compounding is slow in the initial periods, but as time passes on, the power of compounding takes over and the wealth created is huge. The key rule is to save as much as possible as early as possible in good financial products.
 
He illustrated several situations to explain this concept. Many students look to earn a good income when they start work. Mr Basu highlighted that savings has nothing to do with income. It is more important to spend smartly.  
 
Where does one invest? Mr Basu explained to keep it simple. While not going in to detail on the various investment products available, he gave the suggestion of just one. As college students have time on their side, he advised them to invest in equity mutual funds and stocks with an investment horizon of 15 years or more.
 
The event was concluded with an interactive question and answer session.

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COMMENTS

Agyat Vyakti

9 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

Nepal ends Indian monopoly over fuel imports
Nepal on Wednesday signed a MoU with Petro China in order to import all kinds of fuel from China, ending a long-held monopoly of buying fuel from the Indian Oil Corp (IOC).
 
Nepal Oil Corp (NOC) and Petro China signed the pact in Beijing following an unofficial trade and fuel embargo from India against Nepal for the past one month, officials here said.
 
The MoU's content was not immediately known. It is not clear how much fuel Nepal will import from China right away.
 
With the de facto Indian embargo, Nepal has faced serious shortage of fuel, medicines and other essential commodities.
 
The Wednesday MoU paves the way for Nepal to import fuel from China, Nepal's ambassador to China Mahesh Maskey told the Nepali media after the agreement was signed.
 
A Nepali team negotiated with Chinese officials on Tuesday and Wednesday.
 
Jhang Tong of Petro China and Gopal Bahadur Khadka of Nepal Oil Corp signed the deal.
 
Nepal buys over $1.3 billion of gasoline from Indian Oil Corp annually.
 
Nepalese and Indian officials had only two months back signed a petroleum pipeline deal.
 
Nepal has not imported any gasoline from China in the past. It has been buying fuel only from IOC.
 
Besides commercial import of fuel from China, Beijing has also pledged to provide Nepal with 1.3 million liters of gasoline to cope with increasing fuel crisis in Nepal.
 
This fuel will be provided as a grant by China.
 
The ongoing fuel shortage has forced the closure of thousands of schools and taken off thousands public and private vehicles off the roads, hitting Nepal's economy hard.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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139-day FTII strike ends, protests to continue
FTII students who went on strike on June 12 against the appointment of Gajendra Chauhan as its chairman returned to their classes on Wednesday but said protests against the BJP member will go on.
 
The Film and Television Institute of India students said they will continue to protest in a "peaceful and democratic manner" against Chauhan, who they say is not fit to head the country's premier film institute.
 
Ranjit Nair, spokesperson for the Students Association, told IANS that the strike was over. 
 
"We have come to realize, after our long-stretched negotiations with the government, that the government is a bully," a miffed Nair said. 
 
He said the students will now invite people from all over the country who face similar problems. 
 
"The strike will escalate now... It's time to register our protest all over again and take it to different heights," Nair said. 
 
He said filmmakers and academics should come forward and take the protests forward in Mumbai.
 
The students held multiple meetings with officials of the information and broadcasting ministry but there was no end to the stalemate.
 
The government refused to buckle over Chauhan, forcing the student community to blink.
 
Chauhan congratulated the students for ending the strike, and told IANS over telephone that it was time for them to return to their classes.
 
The decision to end the strike followed the government's "incongruous approach" towards the students' cause, said another student leader, Reema Kaur.
 
"The 139 days of strike have not only made us stronger but more aware of the state that we today live in," said Kaur, a final year student of editing and a part of the core committee of the Students Association that spearheaded the strike. 
 
"We voiced ourselves loud and clear but it is the government's adamant stand and incongruous approach towards our valid demands that has made us completely lose faith," Kaur told IANS.
 
"Looking at the ministry's unrelenting approach and the amount of our valuable time spent, we have decided to end the strike and resume classes.
 
"However, our voices will not shut, but grow louder. The protests shall continue democratically and in the peaceful manner as they have," Kaur added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MOHAN

1 year ago

FTII strike is a left sponsored strike and it failed.

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