Despite the dire need for finances everywhere, people, especially women seem to have less knowledge about financial management. Although their contribution is increasing, the management role is still on a back foot. At She Talks Money's Indore edition a panel discussion centred around the topic of how women can manage their money to be financially secure.
Moomal Sisodia co-founder Outcomes Delivered, Priya Sanghvi educationist and entrepreneur, Sathak Joshi, Vice-President of Indo Thai Securities Ltd, Deepali Joshi Adhikary freelance corporate trainer and writer, Mohit Handoo, Founder of Wealth Engineers and Rashmi Ramesh Gajra who works in her family business in the automotive industry were the panelists. The panel was moderated by Shonali Advani from SheThePeople.TV. Here are some of the excerpts of the discussion.
Talking about the importance of finances, Moomal Sisodia said, “When you don’t feel confident financially, then at the back of your mind you will always think that what if I am not capable enough to run this. If you are passionate about something and you really want to do something, but till the time you don’t have something in your hand, you don’t feel confident enough. Once you have that freedom and that financial independence, it makes you more confident and capable.”
Priya Sanghvi said, “If you want to be independent then a big part has to come from finance itself. Knowing your cash flows, income, expenses, understanding balance sheets, implications of taxations, will have a positive influence in your life. No matter at what stage you are, you might be a student, a homemaker, a mother or an entrepreneur, but it’s very important to get your finances under control.”
"If you are passionate about something and you really want to do something, but till the time you don’t have something in your hand, you don’t feel confident enough." - Moomal Sisodia
Sathak Joshi put forth his take on financial literacy by saying, “Money is the basic and major thing when it comes to taking any decisions from buying a house to your child’s education. Because of the lack of financial literacy people suffer from the inherent fear of taking these decisions.”
Deepali Joshi Adhikary talked about the benefits of mutual funds in her personal life, “I suggested my mom who retired three years back, to invest in the mutual fund scheme. She kept investing in it and after her retirement. My 10-year-old son also asked me to invest all his money that he got on his birthday to invest in a mutual fund.”
"The honest reality is that you won’t become a millionaire or billionaire by investing in a mutual fund. But it would definitely give you the best return compared to any other saving instrument.” - Mohit Handoo
Mohit Handoo has diversified experience in wealth management. He cleared the way in which mutual funds help people. He said, “The honest reality is that you won’t become a millionaire or billionaire by investing in a mutual fund. But it would definitely give you the best return compared to any other saving instrument.”
Rashmi Ramesh Gajra said, “I wanted to something besides the family business also. So, I took courses to see what mutual funds are about. After this, I went into a more aggressive and riskier kind of funds. Now, I feel that this is a supplemental saving. And anything that I want to do beyond what my family can provide me, this gives me the freedom to do that.”
Also read: Financial Planning For Freelancers & People With Irregular Income
Udisha Srivastav is an intern with SheThePeople.TV
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