E25 M̶o̶n̶e̶y̶ Mann ki baat, Anmol Gupta Ke Saath

Why Money ki baat? It is not just another podcast on how to make money...  

In this special episode Anmol opens up about his motivation to start - Money ki baat.

Are there any burning questions giving you sleepless nights? Write to us at anmol@7prosper.com

Disclaimer: This podcast is for educational purposes only. Anything said should not be construed as advice.

Transcript:

Basic things related to money like investments, insurances, loans, form an important part in our day to day lives but these things were neither taught to us in schools nor in colleges.

Hi guys, I am Anmol Gupta and this is the 25th episode of "Money Ki Baat".

In this special episode, I will not talk about "Money ki Baat". I will talk about "Man Ki Baat" just like Modi Ji.

So the fact that I want to share with you is that why did I even start with "Money Ki Baat".

There are three primary reasons behind it.

The first and the most primary reason is - I am good at this. Since childhood, I have always been good at Maths. Then I got the opportunity to study Economics in college. I also got a chance to study Finance. And I ended up graduating in Master of Economics. Post that lot of options were available to me. I could have gone to pursue investment banking, I could have gone for a PhD in Economics.

But somehow I ended up becoming a Financial Adviser. There is a different story of how I became a Financial Adviser. I'll share that story in another episode.

And for the past four to five years, I have been into Financial Planning profession full-time. Because of the knowledge that I have gained in the past ten years, I really think I can add a lot of value to your knowledge base, based on my experience and knowledge.

There are lot of things in the world in which I have no knowledge or any kind of opinions. But this is something where I really have a lot of opinions and lot of insights which I want to share with you.

And the other reason to start with "Money Ki Baat" is little personal and the reason is I love teaching. And I had accidentally discovered this thing. It was the final year of my college. I along with my friends had gathered together and were having a cup of tea. One of my friends, out of the blue said that there is an online website where you can tutor US students. And you will get paid on an hourly basis and that too in dollars. So this was quiet fascinating for me and I started with that right away. And it picked up really well for me. I started earning really well.

In the beginning money motivated me, but after taking a lot of lessons I started realising that I was really enjoying that process. I was really enjoying the process of teaching. And the feedback that my students gave  me used to be very positive.

And one common feedback that I used to get was that I was really able to simplify a lot of complex things for my students. Eventually that motivated me.

Two to three years I continued with online tutoring before I started with 7Prosper full-time. But I had this thing in my mind that at some point of time in my life, I would again want to do some kind of teaching.

The third and most important reason of starting "Money Ki Baat" and that is the same reason because of which I started 7Prosper as well, is that people around us lack financial literacy.

And I would not blame you for this. I would blame our education system for that because we have been taught a lot of complex things in schools - trigonometry, quantum physics, chemical equations and most of them are not so important in our day to day lives. But money related basic things like investments, insurances, loans, they are important in our day to day lives. But these things were neither taught to us in schools nor in colleges.

We usually get to know about them either by reading random articles, watching videos or, through some friends or relatives. On that basis we take our financial decisions. And sometimes we regret for taking such decisions too. As a financial planner, I have conducted few financial planning workshops in companies and communities.

I have conducted online webinars, had one on one interactions with few of our customers. One thing that I have observed is that there are two types of people, one is who doesn't know anything about money, investments, mutual funds, insurances or loans. It is still easy to explain them.

The other type of people are the ones who have vague information. For example, I have asked a lot of people about what a mutual fund is.

There answer was that Mutual Fund is something that gives you 15% interest rate.

So now you imagine, few people think that Mutual Fund gives you 15% rate of interest and with this understanding if they invest their money in Mutual Funds without understanding the risks involved in it, for how long are you supposed to keep you money in it, which scheme you have invested your money in because there are thousands of Mutual Fund schemes and all are not the same.

Just because you heard somewhere that Mutual Fund gives you 15% rate of return, you invested your money in any random scheme.

You can now imagine how dangerous it is.

And another thing that I have commonly observed is that some of us purchase Insurance Policies only because it helps us to save taxes.

We don't care about the purpose of Insurances.

In my last three episodes, I have spoken about Insurance in details.

You must have observed that I had stressed upon the fact that what is the purpose of Insurance, right?

And in all my episodes, you must have observed a common thing that I talk more about "why" part of the thing, why insurance, why mutual fund, why emergency fund.

I don't talk a lot about "what" part of the thing, what are the features of this policy, what are the features of this particular scheme, because you will get a lot of information about "what" part of the thing. You can visit thousands of websites, you can follow different channels where you will get the information.

But the fundamental part is why do they exist, why do Mutual Funds exist, why do insurance policies and term life insurance exist.

This is something I observed that people have a minimal understanding about it.

So "Money Ki Baat" show is all about building that fundamental understanding, so that you are able to appreciate the "what" part of the thing as well.

If we directly jump into the "what" part to know what the features are we will never be able to understand that the features are good but are they good for us?

Is this policy good for me? This policy features must be good and might be good for some other purpose.

But does this policy meet my requirement or it doesn't?

So that is the part which I want to cover through my show "Money Ki Baat"

I will talk "what" part about a topic as well but primarily its more going to be about "why" part of the things.

So I hope, guys, I am able to help you in building that fundamental understanding about things. Feel free to suggest me topics that you want me to cover in upcoming episodes and please hit this subscribe button to stay updated with the upcoming episodes.

Thank You!

Keep prospering with other episodes!