by Sophyia Bhabor for BIS Mumbai

Don Bosco Academy, Alirajpur, started a series of educative and insightful seminars on Financial Education in collaboration with Money Synergy, an institution dedicated to promoting financial literacy for school children and adults at Alirajpur. Money Synergy is led by Mr Savio Vareed and Mrs Sweety Vareed, with 9 years of experience managing investments for more than 500 clients. 

The first day was dedicated to the students of Std 9 to 12 and the second day was reserved for the staff, support staff, the neighbouring school principals and special guests. Dr Abhay Arvind Bedekar, the Collector and District Magistrate was present on the first day to share his ideas and endorse the event as it was the first event of this kind in the district. Dr Bedekar holds a doctorate in Economics. He reiterated the importance of having financial literacy in the present age.

 The seminar, titled "Decoding the Money Mindset," was designed to equip students and staff with the essential knowledge and skills to navigate the complex world of finance. The entire program is augmented with 10 online workshops spread through the entire year.

The session began with an in-depth exploration of what comes to mind when one thinks of money. It looked at the psychological and emotional sides of money, emphasizing how one’s thinking affects financial choices. The first part of the session concluded with the quote from Oscar Wilde: "When I was young, I thought that money was the most important thing in life; now that I am old, I know that it is."

A significant portion of the seminar was dedicated to unravelling the "Secrets of the Millionaire Mind," a concept rooted in 21 mind-conditioning principles. These principles, designed to reshape how individuals think about and manage money. It also stressed the importance of continuously building knowledge in one's financial domain, with a focus on increasing net worth, managing money effectively, and making money work hard for oneself.

Another important aspect that was touched upon was the financial systems required to navigate through life’s events such as illness, disability, unexpected death, hospitalization, job loss, and retirement. The recommendation was to create a safety net to pave through the challenges that might befall individuals through adequate disability and Term insurance, Health Insurance and emergency funds, Emergency savings, Investment in Education and Retirement planning, etc. Attendees also learnt about the many types of mutual funds (equity, debt, hybrid, and solution-oriented funds) and the significance of goal-based investment planning. The concept of "step-up SIP" was introduced, encouraging participants to raise their Systematic Investment Plan (SIP) contributions by at least 5% per year. The seminar wound up with the practical advice to master one’s personal finance – Stick to the budget, lead a debt free life, EMI management, planning for a happy and peaceful future, investing wisely in limited risk financial products, etc.

The session restated that financial education is all about mastering the game of money rather than simply memorizing the rules. Anyone can attain financial success and security if they have the correct mindset, skills, and techniques. Participants were urged to develop healthy financial habits, handle their money wisely, and seek continuous learning and development of skills related to finances to progress systematically and exponentially.