A person either disciplines his finances or his finances disciplines him.”

A person either disciplines his finances or his finances disciplines him.”

– Orrin Woodward, author

Madhu Reporter

Financial literacy is the ability to understand and make use of a variety of financial skills. Financial literacy is the ability to understand and make use of a variety of financial skills, including personal financial management, budgeting, and investing. It also means comprehending certain financial principles and concepts, such as the time value of money, compound interest, managing debt, and financial planning. Realizing the profound need to educate the teaching and non-teaching staff on the importance of financial literacy, CBSE conducted a workshop on Financial Literacy and the use of digital tools at Rotary Public School, Sec 22, Gurugram.

Ms. Aishwarya Laxmi welcomed Mr. Pankaj Sahijwani on the behalf of the entire staff of Rotary Public School. The Principal, Mrs. Sandeepa Rai greeted Mr. Sahijman by presenting him with a green sapling.

The resource person, Mr. Pankaj Sahijwani commenced the workshop in a humorous manner by talking about different stages of life stage planning, namely Early career, Mid-career, Prime career, and Post retirement. He talked about financial independence and the basics of financial literacy:

• Earning
• Spending
• Saving and investment
• Borrowing

Mr. Sahijwani explained in a wonderful manner how people need to invest in funds that can give returns more than inflation. He propagated that investment must be made skilfully in various categories owing to the needs at different stages of life:

1. For short- term financial needs where, overnight funds are needed
2. Family’s financial security
3. Health insurance
4. Long- term financial needs

Mr. Sahijwani informed the audience about the different investment options like EPF, VPF, PPF, Sukanya Samridhi Yojna,NPS Tire 1&2, Equity mutual funds , ELSS, Balanced funds, Hybrid funds , Index funds and ,sectoral funds. These investment options are the ones that can have great returns even with high rates of inflation. Towards the end the resource person enlightened the audience with 12 principles of money management:

1. Percentage of equity
2. Long term investment
3. Patience
4. Long Tenure
5. Continuity
6. SIP – Systematic Investment Plan
7. Lumpsum investment in the market
8. Diversification
9. Consulting Websites for investment
10. Statistics of investment
11. Higher returns in equity
12.  Be beware of fraud

The workshop was quite engaging and entertaining, it helped the audience to comprehend certain financial principles and concepts, such as the time value of money, compound interest, managing debt, and financial planning. The Vice Principal, Mrs Anita Nandal felicitated Mr. Sahijwani with a memento as a token of gratitude.