Bhubaneswar: Saving money without any clear mandate is of little use. It is only when that money is managed wisely with clear goals that it qualifies as investment, advised Vice Chairman and CEO of Mirae Asset Mutual Fund Swarup Mohanty on the sidelines of an investor awareness event organised by Odisha's largest media conglomerate Sambad Group in partnership with Mirae Asset in Bhubaneswar on Tuesday.

In her welcome address, Eastern Media Limited Director Monica Nayyar Patnaik said the financial advice from experts will help people in making better investment decisions.mpp

Renowned Chartered Accountant Rajib Sekhar Sahoo, who participated in the event, shared insights on various kinds of investment. Stressing on the importance of wise financial management, he said even  educated people make poor investment decisions and fall prey to fraud like chitfund scams. "People may have money but they need to have sufficient knowledge to use it wisely. They have to be pragmatic without being susceptible to misleading assurances of quick profit-making schemes. If a scheme's luring claims of high profits excites you, that's a warning sign. Consider all factors before putting your money in any kind of investment. Educate yourself on financial management but always take the help of experts while investing," Sahoo said. He also spoke about the risks of equity-based schemes and the significance of choosing the SIP route. 

Highlighting the significance of having clear goals, Vice Chairman and CEO of Mirae Asset Mutual Fund Swarup Mohanty said,"Before people begin any kind of financial management, they must ask themselves the purpose of investing that money. Be it buying a house or education of children or buying a car or retirement, they must have clarity of the goal of investment. This will make your investment journey easier," Mohanty told the audience. He went on to add that over 80 per cent women outlive their spouses which makes it all the important for them to save wisely for future. "The biggest factor to consider in investment is inflation. If your investment after maturity does not surpass inflation after maturity, it will amount to loss. So choose the right investment option after factoring in variables like inflation," he said. 

Talking about commencing financial management, Mohanty said there is no "right" time to invest. One can start anytime. However, he cautioned that those starting late will have to invest a larger amount of money to reap the benefits as compared to those who started earlier. He also warned against impulsive investment decisions while enlightening the audience about the "Rule of 72", opting for digital gold and the importance of insurance. 

Mohanty spoke about the importance of Mutual Funds and the financial freedom that comes with the investment.