Online expert session on financial planning conducted by The Institution of Engineers (India), Ludhiana Local centre
Financial planning tips shared
Ludhiana: An online expert session on Financial Planning was conducted by The Institution of Engineers (India), Ludhiana Local centre today. CA Haresh Nagpal one of the first few certified financial planners in North India and Director of Centre for Financial Planning Education and Learning was the expert speaker for the day. Welcoming the speaker and the guests, Er. Surjit Singh, Honorary Secretary, IE(I), LLC said that financial planning was an important task which was deemed very difficult by engineers.
Er. R.L. Mahajan, Chairman, IE(I), LLC was of the view that proper financial planning could go a long way in making life simpler. In his talk, CA Haresh said that there was a difference between earning and managing money. Most people could earn huge amount of money which in absence of proper management would go away soon. He cited the rue of 72 to find out the time required for doubling the money invested. He highlighted four segments in which a person during his life time earns money. Nagpal advocated saving 20% for retirement planning. He suggested that while going for investment, one must look at four aspects namely: taxes, risks, return and liquidity. He gave the wealth creation formula citing the power of compounding. For younger generation, he suggested SIP as an investment tool. He gave various options for where to invest money. He suggested to prepare for investment and plan asset allocation depending on time available. He listed various classes of assets as fixed deposit, cash, gold, property and equity. He gave various levels of financial freedom.
Dr. Arvind Dhingra, organizer of the event thanked the expert and members for attending this enlightening talk.