A majority of us have a hard time planning our personal finances, often. While we know it is important and we intend to manage them better, we are lost as to where to start. The internet has so much gyaan on all such topics that it is overwhelming and bounces off.
This episode with Suresh Sadagopan, a SEBI certified Investment Advisor, is a step by step guide to starting and charting the path to making more money with what you earn and multiply it. Every question is possibly something you have pondered upon. The answers are worth all your time. Give it a listen, we promise it will be of great help!
Let me share with you some numbers around financial planning in India at an individual or personal finances level. Well, only 15%. Think about retirement financial planning in India as if you know, the other 85% would never retire or they don't need to think about it. By the way, I am also one of them. So the irony is on me too 75% of our investments are equity based, while this number is totally opposite, when it comes to developed nations 80% of their money is invested in bonds, and those kind of instruments, which are much better instruments if you look at them. But then it's difficult to change this pattern so easily, because only a miniscule percent know about any instruments beyond PPF or FD, or for that matter mutual funds. Now think about it. How many more do you know of I don't, personally right. So if you think Indians are risk averse, and there was a research done upon it, we would want to secure ourselves, let me tell you that only 3.44% of Indians own an insurance today in India, and 89% of our health care expenses out of pocket expenses. So we are not at all risk averse, I think. I mean, the numbers are abysmal, and clearly depicts our ignorance towards this aspect in our life. But then as they say, it's never late and today is an episode which is guided towards and which is directed towards this aspect of our life. And we have Suresh Sadagopan SEBI registered RIA, which is a Securities Exchange Board of India, a registered investment advisor. And he's also the author of the book if God was our financial planner, I think an interesting name right? God planning our finances for us, that'll be great ideas. Namaste I'm Shubham Aggarwal, and you're listening to SOS secrets of storytellers. Welcome to yet another episode. Today's episode is sponsored by IBS Hyderabad, club prayers, the official interview school and corporate event club of IBS Hyderabad, the organizing seafood 4.0 by skilling, India. Lots of fun, lots of contests and prizes to be won. Check out our website for more details. Hello, Suresh sir. Welcome to Secrets Of storytellers. How are you?
You a pleasure to have you here. So Suresh sir when did you first invest in life? or understand the power of financial planning yourself? I'm really curious about that. Yeah. So
Right, I think serendipity is what I would call
So then this knowledge was somewhere handed down by your father as well as in he has a lot of major role to play in it, as well as your curiosity, right?
How it is. What should I say? myself, my father is a banker, and I have very conveniently left it to him. But he's retired now. So yeah, thanks for coming to it. Yeah,
Yeah, very different. So
Right, I think that brings me to my question, what is your book? If God was your financial planner all about? And who is it meant for?
Right, right. Right. Great. So do you think the reason for this money mismanagement, if I may call it that is because of our ignorance? Or is it because of the lack of proper and enough material available in this regard?
Correct which could be another problem, you know?
So Suresh sir great that you've reached this point in the in the discussion, because the idea of today's episode is that we leave our listeners with some concrete steps. Yeah, you know, that they can start or do better with their finances at the end of this episode, because the problem that I just shared, the lack of it, or, you know, the grandiosity of it, is that I also have been someone who goes to the internet and I'm left, you know, I'm left dumb, so to say, because I don't know what to seek, where to go, what to read. So, where should we start?
Right? You've touched the very pointed cord, I would say, you know, that is the reason I'm smiling this profusely. Probably at myself. Yeah, please. Okay, okay correct
That's that's a great rule of thumb. Yeah. And
You have a specialist for almost every aspect of life,
Right. Right. I think that's a great rule of thumb again, and if I were to ask you say one or two rules of thumb more that we could probably live by when it comes to finances, what would what would they be?
Right, right. And I understand and I think they have a lot of value. But, you know, while we go on this path of understanding of nonsense slowly and gradually, there's, there's still chances that we go the wrong way. What are some of the grave mistakes or, you know, areas where we go wrong, even if we are on a path of, you know, financial planning?
Uncertainty could could not have been at a higher point, I think
Is it a mechanism to know, if I'm investing the right amount of money, given whatever my earnings are, and that my planning is headed the right way is something that I can think of is there are many claims, you know, if you do not smoke cigarettes, or if you do not drink beverages, soft beverages, then you will have a Ferrari in the next 25 years or so, you know, those kind of claims? I'm not sure if those really make sense or not. But is there a way to Is it a metric that keeps telling us that we're on the right path?
I think a great piece of value and great help from whatever you've described and discussed anyone last comment that you would like to give leave to the listeners?
Wonderful. Great. So thank you so much Suresh Sir. So, this brings us to the last section of the podcast, which is a very interesting and a lovely one. Yeah. So you know how we've named the podcast, it's called secrets of storytellers. Okay. So, please, we want to hear a secret from your side.
Yeah, but I get your point, but look at how much
This is this is beautiful series that this is really beautiful, because the third secret I'm amazed how you put it, and how you've, you know, taken a very different perspective thinking how much percentage of your expenses are you saving is a great way to look at it. Okay, so that's beautiful. Thank you so much. I'm very sure there's going to help a lot of people.
Great, I think thank you so much for all these words of wisdom and so much knowledge for sharing with us. And I'm sure the listeners are going to you know, get a lot of value from this and I hope you enjoyed the session as well.
I think goes without saying that the listeners would definitely pick up the book because if this podcast of 30 minutes was so valuable, the books gonna be much more valuable, I'm sure. And no doubt about that. Great. So thank you so much for your time Suresh sir. And it was a pleasure having you.
Thank you, and thank you to all the listeners. This is Shubham signing off until the next secret and the next storyteller. Bye Bye
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