Jalandhar August 24 (Jaswinder Singh Azad)- The PG Department of Commerce and Management organised a ‘Faculty Development Programme (FDP)’ on ‘Personal Financial Planning’. The objective of this FDP session was to give essentials of financial planning and to make the faculty more aware in terms of investments, mutual funds, and insurance. It focused on investing and personal financial planning and how to manage one’s own future financial needs.
The resource person for the program was Mr. Vikram Sood, an AMFI Registered Mutual Fund Distributor and IRDA Certified Life Insurance and Health Insurance Advisor. He explained that personal financial plans must include Health Insurance Policy, Term Plan with Cross Nomination, Life Insurance Policy, SIPs and Mutual Funds. It was brought to notice that one’s Investment goals, time period of investment and risk appetite are crucial factors for financial planning. He stressed that life insurance investments shall be used for financing post-retirement needs. As per him, to enjoy the golden years of life i.e., 55-85 years, one must save in 25-55 years which is the golden period of life.
Various schemes under mutual funds and SIPs (Systemic Investment Plan) were discussed
A complete knowledge about money doubling i.e., Formula 72, power of compounding, N.I.C.E. analysis i.e., analysing the Need, Interest, Concern and Expectation before making investments was highlighted. The session focused on changing the approach from spending and then saving to first saving and spending later. Various schemes under mutual funds and SIPs (Systemic Investment Plan) were discussed. He underlined the importance of salary management for SIPs. A detailed view on SIPs (Systematic Investment Plan) to “Become A Crorepati” was also brought to limelight.
How to use SIPs and SWPs (Systematic Withdrawal Plan) combination as a regular income for post-retirement benefits. Total 27 faculty members of Department of Commerce and Management, IT, Economics, Office Management, Mathematics, Fashion Designing attended the program. It was a knowledgeable session that gave guidance and deep insights about the essentials to be kept in the mind while planning one’s investments and financial aspects.
President Shri Naresh Budhia, Senior Vice President Shri Vinod Dada, other members of the managing committee and Principal Prof.(Dr.) Pooja Prashar felicitated the efforts of the department for holding the activity to a successful culmination.