This meet up, the third in the series, was an amazing group comprising of a chartered accountant, a graduation student pursuing B. Com (H), a 12th standard school student pursuing her non-medical, and a middle aged father who is a compliance officer in a big pharmaceuticals company.The session was moderated by “Harsha Garg” of Wealth Gym.
The meet up started with a discussion on everyone’s favourite book on the subject of “Money”. Few names that came up were “Rich Dad Poor Dad by Robert Kiyosaki”, The Intelligent Investor by Benjamin Graham and “The Secret by Rhonda Byrne”. Each one went on sharing their top learning from these books and the discussion became very interesting.
The main pointers from the books on money:
- Pay yourself first
- The Process of money making money
- Your mind is the best investment you can make
- Money attracts Money
- Be Disciplined
- Pay your neccessities first and then pay your investments and then go for spendings
- Become an investor rather an active traderFin
Subtle Differences between Money and Finance
Finance and Money are two separate yet highly inter-linked subjects. For instance, if we consider “Money” as Car then “Finance” is all the parts that are required to be put together for car to function. In other words, if we consider “Money” as The King then “Finance” is his empire. Even if one acquires extensive knowledge about all the tools that finance comprises of like accounting, taxation, costing and so on and doesn’t work to really understand the functionality of car as a whole then one will miss the train to achieve his financial goals.In definition, Finance is the management of money and other assets while money is accepted means of exchange and measure of value.
Popular Investment Options : Real Estate and Equities
On discussion around investments, a point came up that is it a good time to invest in equities, real estate markets is when the markets are downtrend? Yes, when markets are down and most of the people are worried about the future and are keeping themselves away from market, it is a good time to invest but not without proper understanding which asset you are ENTERING into and what is the probability of Capital protection & appreciation and Exit options and investment time horizon. I call this as awareness of complete CYCLE OF INVESTMENT.
How to achieve Financial Goals
The key issues faced in achieving financial goals that came to the surface included:
- An on-going search for alternate, safe and legal channel of earning
- Low return on Investments
- Increasing amount saved per month
- How to do proper retirement planning
- A lack of investment awareness
Importance of ‘Core’ Strength
With so many economic parameters, how does one ensure that they are achieving their financial goals?
The answer is by strengthening one’s CORE, the way we workout in gym and strengthen our CORE to be physically fit, same way we need to strengthen our financial CORE and develop our money muscle by doing wealth workouts under the supervision of a wealth coach to be financially fit.
I would like to thank Harsha Garg for moderating the meetup.
This meetup is part of our ongoing meetup series on ”Pain Points in Financial Services”.
Please do join us for our next meetup to know more about financial products, Financial services,Money Management,Personal Finance, etc.
Our meetups held every fortnight starting from 21st July,2018.
Here is meetup link:- http://meetu.ps/e/FLDch/yQsKR/f
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Our next meetup is going to happen on 1 Sep,2018, please register your self here for our next meetup: https://goo.gl/forms/SpX8MvCNGPYI6Maf1
See you at next meetup ?