Personal finance class you need in 21st century | Abhishek Kar | TEDxGSV | Summary and Q&A

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July 31, 2023
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TEDx Talks
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Personal finance class you need in 21st century | Abhishek Kar | TEDxGSV

TL;DR

Despite the availability of information on personal finance online, many people in India still struggle with managing their finances effectively.

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Questions & Answers

Q: Why did the narrator start their YouTube channel?

The narrator started the YouTube channel to address the lack of personal finance education in India and help people learn about managing their finances effectively. They aim to provide guidance and principles to set personal finance on the right track in the 21st century.

Q: What was the revelation about credit card usage?

The narrator discovers that many people use credit cards solely for their rewards and end up accumulating debt. They emphasize that credit cards should only be used by those who actually need them, not just for the sake of earning rewards.

Q: How does the narrator suggest distinguishing between needs and wants?

The narrator suggests making a budget based on monthly expenses, salary, and financial goals. By clearly defining needs as necessary expenses for survival and distinguishing them from wants, individuals can prioritize their spending more effectively.

Q: Why does the narrator stress the importance of diversification in personal finance?

The narrator explains that diversifying investments is crucial to mitigate risks. They encourage diversifying investments in various avenues, including mutual funds, cryptocurrencies, and overseas investments, to build a stable and balanced personal finance portfolio.

Summary & Key Takeaways

  • The narrator realizes that many of their friends lack knowledge about personal finance during a dinner conversation.

  • One friend is financially secure, while another is struggling with multiple loans and credit card debt.

  • The narrator decides to start a YouTube channel and other platforms to address the lack of personal finance education in India.

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