DASAR - SoundSage

https://youtu.be/T-VzTW1CAJc Transcript [00:00:00] Darshan Doshi: I hope you've enjoyed the personal finance podcast series, it was a lot of encouragement and we have to be very grateful of these experts, the fund managers, Parin Gala, Mandar Mhatre, Jaydeep Doshi, Jaideep Merchant for sharing their insights and expertise and years of experience with us, which now brings me to the culmination of this personal finance podcast series; is myth-busting. Personal finance is easier than you think. Now, if you've grown up in India like me, you probably have had or have been safeguarded by your parents and your family members. When was the last time you went and met your chartered accountant for taxes? May not be your taxes, but your parents' taxes. Did you spend a lot of time in that? Unless you are studying finance or accounts, it's unlikely you ever did that. Shouldn't you have been exposed to how to manage money? Shouldn't you know how to manage money even at the age of 15? I believe we should have, we should have been taught how to manage our own money because money plays a big part in what you have to do over a very, very long period. We are talking about 50, 70 years of your life. So let's break down personal finance, what are some of the myths? The myth is it's very difficult to do. I don't understand finance. I don't understand accounts. I don't know taxation. Well, that reason is simply not good enough. Why? Because all you have to do is read a few books, meet experts, make it a habit to spend about an hour, a week with your chartered accountant or your cousin or your father or your mother who actually knows and has been managing your family you know, taxes. What that will do is you'll get in the habit of just looking at these documents. Even if that means, what has been your family, if there's a family business, the balance sheet, the income statement or just the bank statements. If you are a salaried professional, what is form 16? What are some of the taxes ? How much taxes are you or your family paying each year? Shouldn't you know that? The second part of this is expenses. How much are you actually spending in different categories? How much did you spend last month on hotels or restaurants? Last year how much did you spend traveling? How much have you spent on Amazon or Flipkart last year? Do you know? Do you have that number? Refunds. Let's talk about refunds. Suppose you purchased and you returned things on Amazon. Did you even cross check whether you got all that refund back? Now, these are very simple things. You might say well, this is really silly. But you have to do these things. It's very silly, but it needs to be done. Due attention, needs to be given, which is my very important point. You have to form habits and allocate time to give the necessary attention to manage your finances every week. If you join DASAR club, one of the gain financial independence program, you will go through and you will be forced to be accountable and to spend time on your personal finances each week. If not, you'll be asked to leave that program. So the next part about personal finance, one of the myths is also, I don't know how to make investments. Hopefully this podcast has been helpful, but the only simple way to kind of be better at investing and to grow your money is first to earn more money and then to deploy. Read, or talk to experts, talk to people like Jaydeep Doshi. Read books like the Psychology of Money or The Richest Man in Babylon. These are all books there is enough written material, there are enough podcasts, there are enough people who you can reach out to and really understand whether what would make a sound investment and whether that would make you money and what is the risk involved. So I think that's another part which you need to think about. I talked about taxes, taxes is very important. We end up managing our personal finance only end of the year. And not also end of financial year. In India, your financial year ends on March 31st, but your taxes are going to be filed in September. So almost for 18 months, you've gone through without keeping yourself accountable on how you've been spending or earning or saving or investing money. A stitch in time saves nine. What that means is, if you had money and you had decided that you're going to invest in nifty 50 or any of the index funds, any of the mutual funds on the 7th, on the 20th of every month, X amount of money was supposed to go in. And it does not auto debited. It, you have to do the transaction yourself. Did you do it? Did you put a reminder for it? How did you make sure that you've deployed the capital and made those investments at the right time, because remember compounding is the eighth wonder of the world. If you put X amount of money in SIP's over a 10 year period, even in these index funds, you're probably going to be extremely wealthy and you'll create generational wealth. So I think that's what I'm trying to say. Get in the habit. Focus on the mind and create action plan, create a buddy system, figure out a mechanism to keep yourself accountable on a week by week basis. Just the way, I see a lot of similarities between fitness and investments. In fitness ,if you don't exercise for four days or five days, you can see the effect in the gym on the sixth day. Similarly your finances also, you're going to see the effect if you don't manage your finances regularly, frequently. What you pay attention to will get the right decision making for it. You will start measuring, you will start getting curious about it and you will start spending more time on it. So what I'm encouraging you to do is to spend more time on your finances, because I, for sure believe that, as a society, we might be better by just doing the simple things, the boring things right week on week, so that we have a society, which is much more fulfilled and doing things which are much more meaningful. I hope you found this useful. And I look forward to seeing you the next time. Thank you. If you liked this podcast, you may also want to listen to: * Decoding the Indian Fund Management Industry | Mandar Mhatre | Investing | Personal Finance | Wealth | Stock Market * Gaining Financial Independence | Darshan Doshi | Personal Finance | Financial Freedom | Optionality | Career | Wealth * Why You Should Manage Your Own Money * D2C Brands | Creating #1 Consumer Food Brand | Ravi Nigam | Tasty Bite | IPO | M&A * Building Enterprise Tech Products | Shridhar Shukla | SaaS | kPoint | Video Analytics | Tech Services vs Products | DASAR * Building Billion Dollar SaaS Companies | Monish Darda | ICERTIS | Contract Lifecycle Management | Culture | Bikes

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Myth Busting: Personal Finance is Easier Than You Think | Darshan Doshi | Money | Wealth | DASAR Podcast October 22, 2021 Darshan Doshi 7:20 0 Comments

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