In the era of information technology, young people are earning a lot of money, but they are not serious about investing for the financial security of their life. To make such young people aware, the country’s first personal finance super app Money9 and ICICI Prudential Mutual Fund have launched a special campaign. A programme was organised in the premises of the software company AppSquadz. More than 200 employees and officials of the company got to learn mantras of investment. The number of software engineers was the highest among the people who attended the programme.
Professor of Delhi University and economic journalist Dr Alok Puranik used stories to explain the intricacies of investment in very simple language to the people present in the programme. He said that earlier people’s jobs were permanent. After retirement, accumulated corpus and pensions served as support for their social security. But now there are no permanent jobs in most industries. With the implementation of the cost-to-company system, the factor of PF and pension would gradually end. Some people come under the purview of EPFO, but the pension received is very low. In the era of inflation, citizens will not be able to meet even small expenses by the pension they get under EPS.
Dr Puranik advised the youth to focus on savings from now onwards for ensuring financial security in their life. He advised them to save at least 30% of their monthly income and invest it at such a place from where they can generate inflation-beating returns.
Accordig to him, currently, mutual funds are the best option for investment. If you invest through a systematic investment plan (SIP), you can accumulate a considerable amount for retirement. Dr. Puranik used a story to explain that if you have money in old age, even strangers will consider you as their own. If you don’t have money, even your own people will turn away from you.
After listening to Dr Puranik’s stories, many young men and women present at the event really got involved. They asked many questions one after the other on mutual funds. Dr Puranik and Mohini, an official of ICICI Prudential Mutual Fund, answered all the questions related to investment in a very simple language.
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