The phrase ‘money makes the world go round’ was first used in the 1960’s in a musical play ‘ Cabaret’. It stands true 50 years later, every parent will agree.
Nadir Pop has touched upon the aspect of financial planning before becoming a parent in Episode 3 – Planning Pt. 2 A year later, here is an entire episode on the topic of money and financial planning. Since neither Nadir Pop or Peter Pop are finance wizs they are joined by someone who has more experience in this subject, Mrinal Ghosh.
Mrinal Ghosh is a Chartered Accountant and MBA with over 20 years of work experience working with multi‑national consulting companies in the US and in India. He is also a parent to a 4 year old daughter.
Some of the highlights from the chat are:
- The importance of budgeting and saving before becoming a parent
- Different types of life insurance available
- Different financial schemes that can be invested in
- Common Financial Myths
The financial schemes discussed were:
- Term insurance – A type of life insurance that provides coverage for a specific period of time or years.
- Public Provident Fund (PPF) – A tax-free saving scheme regulated by the Indian Government. It is a long-term investment scheme with a lock-in period of 15 years.
- Sukanya Samriddhi Yojana (SSY) – A savings scheme as part of the Government initiative Beti Bachao, Beti Padhao campaign to provide a bright future for the girl child.
- Equity Linked Saving Scheme (ELSS) – A type of mutual fund scheme that primarily invests in the stock market or Equity. They have a lock in period of 3 years.
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