At a time when humanity is faced with the biggest crisis of all times, financial security never assumed a greater significance than today. In any crisis, financial planning comes more prominently as a life skill, which may become sometimes one of the few determinants in our and our family’s survival.
In this DOT Talks webinar titled ‘An Awareness Campaign on Financial Markets’ held on 14th September 2020, the resource speaker Pratyush Bhaskar, a Multilingual Business Broadcast Journalist, Financial Trainer and Media Consultant with over 20 years of experience sought to equip participants to secure their future financially.
In his talk, Bhaskar defined financial planning as limiting financial liabilities in life and asserted that financial literacy or having sound knowledge about finance is very crucial for our survival. He encouraged the students to equip themselves with financial planning by researching on the subject and begin to start saving and investing.
He defined savings as keeping your money safe and liquid while investment is making your savings work for you in return. The big difference between saving and investing is the risk of loss of capital, he added.
Bhaskar also explained in detail how to take care of your needs by incorporating short term, medium term, and long term goals in life. By taking the examples of savings bank, recurring deposits, money market, mutual funds, bonds and shares, he shared how one can save and invest in such plans. The three important considerations for any product are returns, safety and liquidity, he said.
In this context, the resource speaker presented and demonstrated how a participant can plan and collaborate in a unique, dynamic partnership with experienced financial experts to enhance the feasibility of having a secure financial future. He also explored the challenges of developing and implementing this consultation and presented examples of its value, which ultimately results in better financial planning for the participants especially students.