After successful seminars at Gurgaon, Bengaluru, Chennai, Hyderabad and Ahmedabad, Moneylife Foundation with the support of IndiaBulls, comes to Mangalore
The seminar conducted at Mangalore is the 139th seminar of Moneylife Foundation and the 16th conducted out of Mumbai. Moneylife Foundation has received a tremendous response from savers for its seminars conducted across India in Pune, Nashik, Gurgaon, Kolkata, Bengaluru, Chennai, Hyderabad, Goa and Kochi. And once again for its flagship seminar on “Investor, Empower Yourself” held in Mangalore with the support of Indiabulls, the hall of Goldfinch Hotels (Mangalore) saw an enthusiastic audience which included bankers, professionals and senior citizens as well.
The seminar was divided over two sessions. In the first session, Sucheta Dalal, founder-trustee of Moneylife Foundation, gave the participants an overview of how one can protect their hard earned money from scamsters and other financial products where one should be careful. Debashis Basu, editor and publisher of Moneylife magazine and also founder-trustee of Moneylife Foundation then enlightened the audience on how they can carefully choose financial products to grow their wealth. In the end, he also discussed how one could invest smartly in mutual funds.
During the last session, Sachin Chaudhary, chief executive officer of Indiabulls Housing Finance, made a presentation on the housing market and critical aspects to consider while buying a property. Many participants got their queries answered through an interaction with the speakers during the event.
Ms Dalal in her session began with an overview of investing and said that one should keep it simple and should invest in just a few products—products that are safe and well regulated. Chasing high returns could be highly risky. “Always do your homework”, said Ms Dalal, it is always best to check the credentials of a company or the broker, or the product on offer, before investing one’s hard-earned money. “There is no guarantee that you will not lose money, but it is safer to check from regulatory bodies”, Ms Dalal opined. One should be extra cautious while dealing with your banker as well. Ms Dalal enthralled the packed audience by citing incidents where “relationship managers” have taken genuine and educated customers for a ride.
She said that most Indian savers fall for tall claims of returns and many of them fall for pyramid or money circulation schemes that promise double money in a short time. Many have lost huge amounts of money, their entire savings, in pyramid or multi-level marketing (MLM) schemes such as ‘Speak Asia’, ‘Gold Quest’ and Stockguru.India. She informed the audience of the menaces of such schemes and various other scams that many fall prey to.
Mr Basu described the rules for smart investment and stressed the importance of planning for the long-term and the power of compounding. “Patience is one of the important aspects of investing in the long-term”, he said. He also informed the participants on how to look at each of these asset classes and identify the risks involved. But, without an understanding of the wealth-creating and wealth-preservation aspects of each investment product and also their possible pitfalls, one can end up with serious losses. Mr Basu showed the audience various routes one can use to invest safely and smartly.
Mr Basu also spoke about the different types of mutual fund schemes available and which type of schemes one should invest in. Diversified equity schemes are the best for long-term wealth generation. There are over 200 such schemes to choose from. For that one needs to look into the various aspects of these schemes, such as long-term performance and investment objective. He explained how systematic value averaging works and how it combats volatility. He advised investors to stick to a few right financial products and mutual funds towards creating a good portfolio and to avoid fancy products. “If we look at their track record, we will see that most of these fancy schemes and products have failed to outperform the market. It is better to be wary of them,” Mr Basu added.
Mr Chaudhary pointed out that with developers under financial pressure these days, they will do anything to sell a property such as adding unnecessary freebies which are usually of no use. “Lavish complexes attract high maintenance charges. Many regret going for such properties after discovering these hidden charges,” he said. He advised the audience that if prospective buyers can form a group they may get good discounts from developers. He also advised property investors on how to deal with rising interest rates and suggested that one should keep the tenure of the loan the same and increase the EMI.
Membership to Moneylife Foundation is free of cost where members get access to such informative seminars and can utilise the state-of-the-art facilities at the Moneylife Knowledge Centre, to empower themselves.