On most days we are stuck in a competitive rat race; too busy running after our ambitions and stressing over mundane life issues. Do we ever sit back take a pause and count our blessings?
Most of us work towards providing the best for our family. But is that enough? Do we not also have a responsibility to give back to the society we live in?
Being charitable towards those who are less fortunate than us is a must. We all try to give our share of monetary help to those in need.
There is a popular saying that goes – ‘Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime’. This emphasises the importance of education. So you can probably help people for a much longer duration if you contribute to their education in any way as opposed to strictly monetary help. Education can also be imparted by you in a non-conventional way, through spreading ‘financial literacy’.
How can you help?
Look around and you will find many people be it your peers, co-workers, elderly people and especially your domestic help who can use a lesson in financial planning.
For house help, strike up a conversation on how they allocate their earnings. Maybe help them set aside some money each month to inculcate discipline. Tell them how to open a bank account and how they can use it for their savings. This is especially important for women house help to make them financially independent.
Has any particular investment model or product reaped you get benefits? Don’t hoard this information; share it with your peers and friends.
Do your elderly neighbours approach you to help them out with technology now and then? Use this opportunity to help them structure their retirement funds – Senior citizens generally rely on traditional saving products. What if you could educate them about other options which could help them earn similar income each month and at the same time can also provide with capital appreciation and liquidity which a traditional saving product may not offer? They can invest a portion of their money in debt mutual funds or hybrid funds to achieve this.
Are you part of any social group? Do you notice people lavishly spending at the beginning of the month and being broke by the close of the month? You may recommend a systematic investment plan (SIP) to them to put away money at the beginning of the month itself.
Do you have new interns or junior colleagues who are at the start of their career joining your work place frequently? They likely have a higher risk taking ability, so you may recommend equity mutual funds to them with an aim to earn reasonable returns in the longer run.
The one person you educate may in turn educate 2 others and so on and so forth. So you can very well start a revolutionary chain of financial education by just educating a few people around you. So let’s all do our do our bit in spreading financial literacy.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.