{"id":144,"date":"2019-08-19T12:25:46","date_gmt":"2019-08-19T12:25:46","guid":{"rendered":"http:\/\/huggingclubofindia.org\/?p=144"},"modified":"2019-08-20T08:12:42","modified_gmt":"2019-08-20T08:12:42","slug":"a-uinque-hci-meet-on-sunday-18th-august-2019-bandra-west-mumbai","status":"publish","type":"post","link":"https:\/\/huggingclubofindia.org\/?p=144","title":{"rendered":"A unique HCI meet on Managing Finances and avoiding Stress"},"content":{"rendered":"

The Hugging Club of India\u2019s (HCI) meeting on 18th August 2019 in Mumbai, Bandra (W), showcased an altogether new topic \u2013 The subject of MONEY or \u2018How to manage your finances and get out of debt and related mental stress\u2019.<\/strong> It has my third meet up at HCI and I was looking forward to meeting the speaker Balachandran Ramiah, a qualified, expert investment professional.<\/p>\n

I tend to be a big spender on the things I love \u2013 travel, art, health and educative workshops. Although I have never been in debt, I wanted to know how I could make the best use of my money and curb my impulsive spending tendency while increasing my savings. And Bala turned out to be the perfect person to guide us in the matters of money.<\/p>\n

Bala himself is an impressive, highly educated academic, having done a PhD in Business strategy from Wharton Business school, graduation from IIT Delhi and MBA from IIM Kolkatta. No wonder the meet was packed to brim with interested people who were keen to meet him and their own challenges on the topic.<\/p>\n

In a soft, gentle voice Bala spoke lucidly about himself and his journey towards savings and investment. He eleborated on our spending patterns, common money challenges, the debt trap, good debts and bad debts, helpful money habits and much more.<\/p>\n

Some of the major points discussed (including queries from participants) were:<\/p>\n

\u2022 How to keep control over unplanned expenses
\u2022 Avoiding debt traps \u2013 eg. Delaying full payment on credit cards
\u2022 Knowing the difference between a Good Debt ( eg. Housing loan) and a Bad debt (taking a loan for a trip abroad, personal loans with very high interest rates, taking loans from friends)
\u2022 Prioritising debts and paying them off accordingly
\u2022 Ensuring liquid cash at bank for at least 6 months for any unforeseen circumstances like losing a job, emergency medical expenses for family members, etc. Especially critical when you are the sole earning member\u00a0
\u2022 It is never too late or too early to invest your money
\u2022 Taking one big loan to pay off all your smaller debts in one go
\u2022 Spending money on building new skills and getting trained is a good investment
\u2022 Money that you don\u2019t need for up to 3 years can be parked in Hybrid funds
\u2022 Spending money is not bad \u2013 but when one has eccentricities, temptations and if it becomes habit forming, the chances of getting into debt are high<\/p>\n

Keeping track of our expenses by jotting them down helps us gauge and exercise control over our expenditure. This is Bala\u2019s regular habit and he encouraged all of us to do so.<\/p>\n

It was a most interesting session where all our queries were answered very well. At the end of the meet, we were charged up to take care of our money and save it wisely.<\/p>\n

– Mahrukh<\/p>\n\n\n

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Some of the participants at the HCI meet <\/figcaption><\/figure>\n\n\n\n
\"\"
Balachandran Ramiah speaking at the HCI meet at Bandra<\/figcaption><\/figure>\n\n\n\n
\"\"
Umang Sheth with others listening raptly <\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

The Hugging Club of India\u2019s (HCI) meeting on 18th August 2019 in Mumbai, Bandra (W), showcased an altogether new topic \u2013 The subject of MONEY or \u2018How to manage your finances and get out of debt and related mental stress\u2019. It has my third meet up at HCI and I was looking forward to meeting […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=\/wp\/v2\/posts\/144"}],"collection":[{"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=144"}],"version-history":[{"count":10,"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=\/wp\/v2\/posts\/144\/revisions"}],"predecessor-version":[{"id":160,"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=\/wp\/v2\/posts\/144\/revisions\/160"}],"wp:attachment":[{"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huggingclubofindia.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}