By Fr Bento D’Souza SDB for BIS Mumbai

“First you have to learn, then you have to remove the ‘L’,” said Elon Musk — and that’s exactly what participants at Bosco Gramin Vikas Kendra (BGVK) did during their recent Financial Literacy Program.

The participants gathered at BGVK for an intensive training session led by Mr Ian Lemos, Director of Don Bosco Pathpedi (Don Bosco Cooperative Bank), and Mrs Nisha Lemos. The program was inaugurated by BGVK Director Fr George D’Abreo, who warmly welcomed the resource persons and introduced Mr Lemos, a veteran with over 25 years of experience in rural banking and finance.

Mr. Lemos captivated the audience with practical wisdom, teaching them the importance of making “money on money” through informed financial decisions. He stressed that when seeking loans, the right question is not “How much can I get?” but rather “How much do I truly need?” Participants examined their own income, expenses, assets, and liabilities, learning to adopt a proactive approach towards savings and investments.

Drawing on personal and professional experiences, Mr Lemos highlighted the power of passive income sources such as rent, dividends, liquid funds, and reverse mortgages. He encouraged small but consistent savings, warned against over-reliance on credit cards and risky loans, and cautioned participants about Ponzi schemes and “get-rich-quick” offers. Instead, he advocated for insurance, systematic investment plans (SIPs), and a diversified portfolio regardless of market conditions.

The key takeaway was the 50-30-20 budgeting rule — 50% for needs, 30% for wants, and 20% for savings — along with the golden mantra: “Pay Yourself First” by setting aside at least ₹100–₹500 each month before spending.

In the second session, Mrs Lemos presented an insightful overview of shares, bonds, mutual funds, cryptocurrencies, and other investment avenues. She stressed the importance of early saving habits, understanding one’s net worth, and assessing risk appetite before investing. Her formula — Income minus savings equals expenses — reinforced the need for disciplined financial planning over the long term.

The workshop concluded with a vote of thanks by Ms Riya Mhankale, as participants left feeling empowered and equipped to work towards financial independence. In the spirit of Elon Musk’s quote, they are now ready to remove the “L” from learn — and start to earn.