Qatar: We live in a world of globalization and technology. Investment opportunities are knocking at our door step. But are we investing in the right directions? Keeping this in mind Mangalore Cricket Club (MCC) Qatar took a new initiative in organizing a finance talk on “Financial Planning for NRI’s” on June 12, 2015 at the Mumbai Hall, ICC Premises in Doha, Qatar. This talk was conducted to its members and other Karnataka based club members to make them aware of simple strategies of wealth creation and to give an insight of Financial planning.
Naveen Rego, a Mangaluru Certified Financial Planner, from the Financial Planning Standards Board of India presented the talk on simple strategies of wealth creation and also on the topic of Financial Freedom which was explained in detail.
During this presentation, Naveen stressed on the needs of having a financial planning approach to one’s finances. This meant listing one’s financial goals, prioritizing them, putting a monetary value and time horizon to it. The goals which are supposed to be fulfilled in short and medium term (less than 5 years) should be predominantly in fixed income assets like Fixed Deposits or Debt Mutual Funds. The long term goals (goals greater than 5 years) should be funded by inflation beating assets like equity and real estate. Equity Mutual Funds are favoured for their tax efficiency and ease of transactions.
He also stressed on the difference between Fraud and Market Risk. Whenever someone is assuring returns greater than FD rates then it is a fraud. Fraudulent investments are not regulated and are sold based on investor’s greed. While one should stay away from fraudulent schemes avoiding market risk based schemes fully which can make one economically poor.
One should also plan for early retirement from financial responsibilities (Financial Freedom) very early in their career through proper financial planning. It is also important to enjoy one’s wealth apart from accumulating wealth. Becoming rich need not make one peaceful and happy and hence donating for a social cause is also important. Spending quality time with family and concentrating on one’s profession was also mentioned. One could take the services of a qualified professional planners rather than commission earning agents to make the financial journey more comfortable.
The evening began with the welcome note from the MC Thimothy Veigas, inviting MCC President to the Dias. Norbert Corda addressed the gathering. Corda welcomed all and was happy to introduce the presenter Naveen Rego which is a new initiative of the club to bring awareness of finance to its members and was greeted with a bouquet.
The presentation was attended by nearly 100 persons and all were happy to be aware and know about financial freedom. The speaker thanked MCC for giving him the opportunity to present this talk. The evening concluded with snacks.