A session was held on 18th April 2024 on Financial Management for the teachers. The session was facilitated by Mr. Jaideep Parekh, a highly meticulous person and runs reliable Financial and Investment intermediary firms with an outstanding track record.
Finances and its management is a very crucial thing in everyone’s life. Financial management involves making decisions about how to allocate income, expenses, savings, investments and debts in a way that maximizes the value of money and minimizes the risk of financial problems. It is an essential discipline that involves planning, organizing, controlling, and monitoring financial resources to achieve the desired objectives.
As ours is a female dominating profession and maximum of us are not the primary earners, we tend to overlook proper mgmt. of our finances. Keeping this background in mind, the session was organised for the staff.
Mr. Parekh highlighted the following points in his talk.
- There has to be a clear goal and a time frame when we invest.
- Sometimes what we assume is safe is not always safe in actuality.
- Needs of every individual are different and therefore the investments have to be on the basis of individual portfolios.
- Investment always comes with the element of risk, which is unavoidable, Rather, it should be managed and not avoided.
- There are four principal investment instruments. They are –
- Stocks – Equity is the most liquid source. SIP is another safe source.
- Fixed income like EPF or FD
- Property
- Gold
- E. Life Insurance – should be adequate which is giving you a proper health cover.
Teachers then asked about step up SIPs, gold bonds, IPOs, NPS, etc. He provided the necessary information.
Overall the session was informative.
