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Basics of Financial Literacy for Medical Students by Dr. Vivek Gupta | Pauras Mhatre Academics — Transcript

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0:14awareness so i would suggest to take
0:18advice from a qualified
0:21financial advisor
0:28so i came to this uh
0:31app which is dr bona in 30 days so
0:35as you know uh we spent a lot of years
0:39in becoming doctor it is not possible to
0:41become a doctor in 30 days it takes many
0:44years so
0:46hour long webinar can
0:48only make you aware of your concept
0:50becoming a professional demands a
0:52discipline of many years
0:55so i acknowledge my wife my family who
0:58cooperated for this webinar dr forrest
1:01for contacting and asking me to give the
1:03talk and a few of the juniors i don't
1:06know their name who suggested my name to
1:08the organizer
1:10so we will uh know the things today's
1:13highlight is there any need for
1:15financial awareness
1:16my background why you should learn from
1:19me top financial mistakes done by
1:22doctors
1:23uh then we will come to saving how to
1:26save and when to start
1:28investing when to start investing in how
1:31taxation the tax saving tips for
1:33residents this is the only thing which
1:35is for residents because
1:37they earn the money
1:39or stipend then credit cards how to make
1:43profit from credit card
1:52so first come to the uh problem
1:54statement
1:55uh there are many
1:57types of students in mbbs curriculum uh
2:00some are which who can take admission in
2:02private medical college or if they go to
2:05get a government seat they live live
2:08lavishly in their curriculum then comes
2:10those students who are depending on hard
2:13on income of parents although those take
2:16scholarship for studies
2:18then come those students who are
2:20taking education loan for their studies
2:23so
2:24you see everyone carries a debt
2:27on the parents or governments on banks
2:30and they have to pay this sooner or
2:32later
2:35and average time taken to complete the
2:37course is mbbs six years plus bond
2:41am i audible to everyone
2:45hello
2:57so every time taken to complete a course
2:59is mbbs six years plus one mvps plus
3:03diploma uh that comes to ten years plus
3:05two bonds mbbs plus specialty degree uh
3:09comes eleven years plus two bonds and
3:11when you do a separate specialization it
3:13comes 14 years or three months this is
3:16an average duration a medical student
3:19spends
3:21while he is becoming a doctor so
3:24you earn no money only during
3:26preparation or mbbs so but at the end
3:30very few of the residents have a bank
3:32balance of 10 lakhs by their own at the
3:35end of their um specialty or super
3:39specialty
3:40so
3:41in the meantime our school friends of
3:43the others team like who are engineer or
3:45ca or some other specialty they earn a
3:48fortune they marry at right time and
3:51complete their family by the time we
3:53start to think about it
3:57so there is definitely a need of
3:58financial awareness in the medical
4:00students because dynamics of the medical
4:03system has changed and changed now with
4:06the increase of the number of the
4:07doctors the number of seats the earning
4:10potential for doctors is very less than
4:13ever now
4:14we start earning less late because of
4:17our highest studies which
4:19goes very long and because of bonds and
4:22we ignore the financial aspects for the
4:24long time it causes us to suffer and
4:27suffer a lot
4:29and one can struggle for job or work
4:31after the com after completing the
4:33studies because there are so many seats
4:35and so many private private college that
4:38after completing your super specialty or
4:41specialty you may find there is no job
4:43or no work for you
4:47so my background i was born in a bengal
4:50making a low middle class family in
4:52philosophy agra up and i literally have
4:55struggled to get an mbbs seat and to
4:57pass that nba professional exams i have
5:00faced the many many
5:02many health and financial issues during
5:04my ms and mch curriculum and i have
5:07navigated to lots of ups and downs but
5:10at the end
5:11at present i wipe
5:14with why my wife with my wife i own my
5:17clinic which is laser and daycare center
5:19we have five laser technologies all from
5:22alma which is the best laser company and
5:24our laser unit is most expensive one in
5:26the lucknow
5:28and all we did to make a mineral clinic
5:30one cold work setup was consistent
5:32saving tennis
5:34investing and corporate business
5:35planning which was approved by our
5:38investors and banks
5:40and in the meantime half of the our
5:42wealth is still invested in different
5:44modalities
5:48so now we come to top mistakes done by
5:51the doctors or medical students is
5:54knowingly or unknowingly ignoring the
5:56mathematics and principle of physics
5:59which is compounding a law of
6:00compounding and we start to think very
6:04late about finances we don't have any
6:06clear future goals and okay what to do
6:09and how to do and we don't file when we
6:12are resident we don't file our income
6:15tax return which hurts us when you ask
6:19for a
6:20bank to get the loans
6:22if you don't find you you don't file the
6:25income tax return you may feel
6:28difficulty in getting loan from banks
6:32now we come to important concepts uh
6:34which are suggested in many of the
6:37financial literacy books
6:39uh this
6:41is from uh think and grow it
6:43which says okay
6:45you have a desire and you should suggest
6:48yourself about getting rich
6:52then
6:52specialized knowledge like we are doing
6:54in a
6:56medical field
6:58we get specialized knowledge and we have
7:00a mastermind group of our colleagues or
7:02seniors and we have faith and
7:04imagination to become a rich person and
7:08we are recognized we make decision and
7:11by persistence we
7:13become rich and mean while the mean time
7:15we have to avoid the ghost of fears
7:20so this is very good book if you have a
7:22time you just buy this book and read
7:25about read the concept written in the
7:27this book
7:29now we come to uh the another concept
7:32which is uh in the book the book of
7:34robert kiyosaki which that worded he
7:38this author
7:40says that there are three classes one is
7:42poor one is middle class and one is rich
7:46the poor has no balance sheet they have
7:48no
7:49properties or no assets they only uh
8:00earth earns a more than the poor
8:03and they have lot of expenses and they
8:06also earn the liabilities like uh
8:10payments
8:11like mortgages car loans they take
8:13credit cards so they have credit card
8:15debts and like students they have a
8:17student loan so the middle class person
8:20earns
8:21and he has increased expenses so he
8:24cannot make the assets so the
8:27asset column of the middle class person
8:30is empty while the rich
8:33which
8:34earns income and he makes first assets
8:37like real estate stocks bonds notes
8:40intellectual property and he like by
8:44making assets
8:46his earning is increased by uh having
8:49stocks and bonds he earns a dividend by
8:51having properties he earns a rental
8:54income he earns interest by its
8:56intellectual property he earns a higher
8:58loyalty and they have very less
9:00liabilities
9:02so the which becomes more rich while the
9:05poor has no assets and middle class
9:08still
9:09earning by earning much money they don't
9:12have uh
9:14sufficient assets to live
9:16happily or luxuriously
9:20so
10:40[Music]
10:46wisely so that that money earns a profit
10:49or interest to you and then you have to
10:51protect your wealth so whenever you earn
10:54you have uh seen a lot of uh
10:58people who come and they try to
11:01uh manipulate
11:03either pay investors
11:06and you spend that surplus money in
11:09stupid things so you lost that money so
11:13you have to protect your wealth
11:15now you have to make your home and a
11:17profitable investment so this concept
11:20says that you don't have to buy a big
11:22house
11:23you have to
11:25stay in limited
11:27area and the extra area you can rent out
11:31so that the how the so that your home
11:34becomes a profitable investment and then
11:36you have to secure your future income
11:39by
11:40making more and more assets you have to
11:42secure your future income and you have
11:44to invest in yourself by learning a lot
11:47about your curriculum and also about the
11:50financial matters and you have by
11:52investing in yourself you will attract a
11:55good luck to your side
11:57and this concept by uh robert kiyosaki
12:00in cash flow coordinates says that
12:02people are of four types first is
12:05employee matlab
12:07the one who
12:08has a job second is same self-employed
12:11matlab key the one who has a shop or who
12:14has a
12:15small business
12:16and then comes the business like uh
12:20tata or
12:22ambani's who are business owner owner
12:24they have their systems and then comes
12:27the investor who
12:29invest in those companies so the author
12:32says he always
12:34employee or self-employed earns very
12:36less because for employee the time is
12:38money and still
12:40similarly for self-employed also time is
12:43only money but while uh in business
12:46owner other people work for you and they
12:48earn more money and the in investors
12:52invested the money earns a more earned
12:54more money for
12:55them so always whenever you are in job
12:58or you have their own uh clinic or
13:01hospital you should uh go
13:04to uh make a business or an investor or
13:08you should find some good investment so
13:10that you earn a lot
13:14now come to the power come to come back
13:17to the powerpoint how to save and when
13:19to start
13:20in my mind childhood is best age to make
13:23a habit of saving you should save
13:27coins in good luck money envelopes from
13:29the relatives and some part of pocket
13:31money should always be saved during mbbs
13:34also at this time i would suggest
13:37everyone to have a saving account
13:40at the age of 418 is 18 years of age is
13:45approved by government to have their own
13:47saving account otherwise
13:48uh less than 70 less than 18 years you
13:51can have a joint account so one should
13:54start a savings account and should see
13:57account statement everything every three
13:59months so that you can get a knowledge
14:01about how interest comes in your account
14:05and investing in stock market is not
14:07advised until you start early that means
14:16is not a good idea while you are in mbbs
14:20because
14:21you uh you are compromising with your
14:23studies and also if you are if you are
14:25not
14:26doing good in stock market uh you cannot
14:30do good with yourself also
14:34now we come to when to start investing
14:37in how
14:38so you have to start investing only when
14:40you get stipend or salary
14:43like in an internship or in residency
14:47so postponing the purchase of bike or
14:49car whenever you get a
14:51in a salary you purchase a bike or car
14:55or you spend a lot is not good you can
14:58postpone if you want so it is always
15:01beneficial to save the money first
15:05then goal of investing should be at
15:07least 20 percent of stipend because
15:10during residency or during uh super
15:13specialization the salary government
15:15provides is very less you have and also
15:18you have a less time to spend
15:21so at least 20 percent or if 20 percent
15:24is not possible then at least 10 to 50
15:27percent you should save your money in
15:29some right place and your time should be
15:31invested in curriculum by this time
15:34so
15:35uh somebody was asking how i can earn
15:38one leg in my residency is the only the
15:43the only answer from my side should be
15:46in your in your free time you should do
15:48some freelancing
15:51by doing freelancing in the same medical
15:54field you can earn experience and you
15:56can earn more money
15:58while
15:59by
16:00investing your money in some other place
16:03it can also give you benefit and you
16:06have to understand what is asset and
16:08what is liability so whenever you earn
16:11you become uh from uh you become
16:14you make liabilities and
16:17by
16:18for my advice i should say you you
16:20should make assets what are assets and
16:22liabilities
16:24so
16:24the house which you can lend out is an
16:27assist
16:28and insurance which can protect you from
16:31any injury or any
16:34problem is an asset
16:37you write a book or you write a notes
16:40which other your student can take
16:42benefit is an asset you make some
16:45business is an asset you have some cash
16:48in your account is ash is asset and you
16:52have stocks and bound either an asset
16:54while what are liabilities so credit
16:57card is liability your car is liability
17:00unless and until you are traveling to
17:02those places
17:16since it is liabilities and any debt
17:20from your
17:21colleagues your parents is a liability
17:24so always you have to make assets and
17:27you have to reduce your liabilities
17:29while you are in residency
17:33so
17:34when uh credit card is liability how can
17:37you make profit or you how can you make
17:41your credit card an asset is only this
17:43method which i have learned from a book
17:46of ramit city i will teach you to be
17:49rich
17:50so
17:51benefits of card is the credit card
17:53company gave you 20 days grades period
17:56for the 30 day billing cycle and for
17:59each person's purchase you get reward
18:01points so this is the billing cycle from
18:04six march to fifth april and this is the
18:06grace period of 25 days like from fifth
18:09april to 30th april
18:11so whenever you purchase like on 10th
18:14march
18:15so it will be billed on 5th april and
18:18you have to pay this on 30th of april
18:21likewise if you are
18:23purchasing something on third april it
18:26will be
18:27built on 5th april and it will be
18:30paid to you paid by you should be within
18:33should be till 30th of april so
18:38how can you earn from this cycle
18:41to make some money and to make your
18:44great civil score is this
18:46you have to buy a card credit card which
18:49gives maximum reward points so free
18:52credit card free lifetime credit card is
18:55not a right option you have to pay some
18:58card credit card fees and buy a good
19:00credit card and you have to make your
19:02bigger purchase in the early days of
19:04billing cycle like
19:06this is saying okay on 10th ma if you
19:09have to purchase a tv or the bike
19:13you don't buy on third apple you buy on
19:15the 10th march
19:17so
19:18uh and you have to invest your salary or
19:21stipend in the liquid fund for that time
19:24and you have to spend with the cards
19:26only
19:27and you should not you should not spend
19:29more than 30 percent of credit limit i
19:32spend like 80 percent of credit limit
19:35because i have a lot of experience in
19:37doing credit cards i spent 30 percent of
19:39credit limit
19:41but i pay my bills
19:43full bills on due date on the due date
19:46like
19:48i do not pay on 6th april or 10th april
19:51i pay
19:52on the 30th of april on the last day so
19:55i purchase in the this cycle and i pay
19:58at that time and meanwhile my savings my
20:01salary is
20:03invested in liquid fund so
20:05by this method i earn interest for
20:08keeping my salary in liquid fund for up
20:11to 50 days and also earn reward point
20:14for making purchases and also i avail
20:17offers from the credit card companies
20:20in this way you make a good stable score
20:23i have my civil score more than 800 and
20:26it makes you eligible for bigger loans
20:28when you require it for your hospital
20:31your clinic or your future endeavors or
20:34ventures
20:37now we come to taxation this column is
20:39for residents only so whenever you earn
20:43up to five lakh annual income you pay to
20:47the government of india 12 500 of income
20:50tax
20:51when you earn up to 10 lakhs
20:53you
20:54up apart from this 12
20:57500 you pay extra one lakh to the
20:59government of india so when you come
21:02from five lakh cell it's a 10 lakh
21:04salary
21:05you all also pay to the government one
21:08lakh more
21:09and when your salary is
21:1210 when your salary is 10 lakh annual
21:14that means uh
21:17you have to
21:18pay two months salary to the government
21:22and when you earn like 20 lakhs annual
21:25income you have to pay government 4 lakh
21:2712 500 so for extra ten lakhs you pay to
21:31the government one three lakhs
21:34so
21:34this calculation says when you earn more
21:37you have to pay more and more to the
21:39government so you should file your
21:42income tax and you have to learn
21:44what are the right methods to save taxes
21:48so these are tax saving tips for the
21:50residents you can save the tax of
21:54over the 1.5 lakh rupees by investing it
21:57you should invest your 1.5 lakh rupees
22:01in ppf ulip or elss elss is best because
22:06it gives you tax benefits and capital
22:09gains and the lock-in period is very
22:11less while in ppf the lock-in period is
22:13six one six years julie doesn't give you
22:17good returns elss is a little uh
22:21good
22:22investment because you save the money
22:25and there is a lock-in period of three
22:26years of three to four five years and
22:29you uh save a tax on this capital and
22:32after the end of five years you can
22:36withdraw the money which is free
22:39you can also save save the over 50 000
22:42rupees by taking health insurance of
22:45your yourself your family and your
22:47parents you should always have a term
22:49insurance and health insurance and by
22:52and for buying this term insurance and
22:54health insurance government of india
22:56gives you tax benefits and you should
22:59always also you should always
23:01show any type of capital loss like if
23:04you are doing a stock market and you
23:06have loss of like one lakh or two lakh
23:09rupees you should always file this loss
23:13in your income tax return it can be
23:15carry forwarded for next eight years
23:18so
23:19by the time after five years if you are
23:21getting benefit in market or
23:24some other areas you can you can
23:27avoid paying taxes on that money because
23:30you have showed your capital loss
23:32earlier and you pay less taxes so these
23:36are tax saving tips for residents i
23:40advise you all people if any resident is
23:42here
23:43you should file your income tax return
23:46you should file your income tax return
23:48by your own not asking your parents or
23:51some ca
23:53you have to see how the income tax
23:55return is filed
23:57so that
23:59in future you learn a lot about this
24:02thing
24:03now come to stock market i call stock
24:06market for 50 50 gambling and 50 percent
24:09of uh investing like
24:13i was saving this at this time
24:17so and i withdraw my fifty percent of
24:19the money at this time so
24:21uh
24:22like
24:24just i uh open the bigger chat box
24:28this is nifty 50 graph huh so uh
24:33max
24:35so uh i invested my money
24:38in the period of this uh 2017 silica
24:432021 and
24:45i got my money doubled at this time and
24:47i withdrawed this money and invested my
24:50in my business or in my
24:52venture
24:53so
24:55but at when i opened this one year chart
24:59so the stock market was on peak like at
25:03eighteen thousand and four hundred but
25:05eight percent it is on sixteen thousand
25:08it means
25:10around fifteen to twenty percent loss is
25:12there so it is a 50-50 gambling and
25:1550-50 uh profit
25:18so
25:22you should have a habit of investing
25:25not a gambling if anyone says
25:28that he is investing in stock he is and
25:31he is getting profit he is lying he is
25:34making a loss overall financially or
25:36academically
25:38one can go into the stock with very less
25:41money like if you are saving 20 000
25:45per month you can trade or you can uh
25:48gamble with that with that 5 000 of
25:51money just for learning purpose you
25:53should only invest 20 percent of the
25:55money for trading or gambling and
25:59with the rest of the money like 15 000
26:02you should invest the that money in
26:04index fund in form of sip systematic
26:08investment plan that is regularly fun 15
26:12000 amount of accounts
26:14and it will go into the
26:16index fund it is best for residents and
26:19also if you have interest in uh
26:22purchasing and selling stock you should
26:25buy some three by three to ten good
26:27stocks in bulk for at least three years
26:30so that you
26:31uh your profit is maximum you should not
26:34buy today and sell tomorrow buy today
26:36and sell in uh one month it uh gives you
26:40short term uh capital gain and usman
26:44government applies tax of 15
26:47while uh having the stocks for like
26:50three years in your account gives you
26:52maximum benefit because you save your uh
26:55buying and selling
26:57expenses you will save and you will pay
27:00less access to the government
27:03so now come to my last topic transition
27:06into job and private practice
27:09first of all doing a pg from a city
27:11where you want to settle is best
27:13practice
27:14if you want to settle in mumbai
27:16find a seat in mumbai if you want to
27:19settle in assam
27:21do your pg in assam
27:23so having a solid next having a solid
27:26business plan is necessary to convince
27:28the investor
27:30you at the end of ms md dm mch you will
27:34not have enough money to make some
27:37hospital or clinic so you should have a
27:40business plan so that
27:42your investors will give you money for
27:45this thing
27:46if you guardians are your investor like
27:48your father or mother will make a
27:50hospital for your own
27:52uh
27:53so your guardian will be invested if you
27:56have plans otherwise they will continue
27:59to spend their money to you and
28:14so uh guardians are investing on us but
28:18if we don't have plans uh future plans
28:21how we will proceed in our life they
28:23will uh still spend their money on you
28:26but you will be their liability
28:29next finding the job of fellowship is
28:31difficult so start early and make a
28:34settle plan settlement plan for near
28:36future
28:37if you are going to do fellowship find
28:40it early so that
28:42you apply for them and get fellowship on
28:45time
28:47you apply it for jobs early and you get
28:50jobs
28:51at time because after completing your dm
28:54or mch or mdms then you start a job uh
28:59start finding a job you can waste your
29:00three to six months fine only in finding
29:03job and that time is very crucial you
29:06if ever you
29:08even if you have some money you will
29:09spend in like those three or six sixty
29:12six months
29:14next having a big saving is very
29:16necessary for blind building a practice
29:18after passing but spending wisely is
29:21equally important a wise man never keeps
29:25all eggs in single basket so you should
29:27not spend all your savings in single
29:30business
29:31one should make an emergency fund which
29:34is equal to salary of three to six
29:36months like if you are if your salary is
29:3950 000 you should have
29:41three legs rupees in your emergency fund
29:44in form of
29:45any fd or liquid fund or equal to
29:48expenses of 6 to 12 years 6 to 12 months
29:52is necessary it is longly written 6 to
29:5512 months is necessary to survive the
29:57ups and downs of the life
30:01you have to keep necessary insurance in
30:03your hand like term insurance health
30:05insurance and individual insurance in
30:08this era indemnity insurance having an
30:10in indemnity insurance is very important
30:13and when you are starting your business
30:16or establishing your clinic insurance of
30:19fire theft and damage and annual
30:21maintenance of the machines
30:23is very important for any hospital or
30:25clinic you should
30:28get permissions from the pollution board
30:31from the bio waste management agency
30:33fire department electric department and
30:35cmo office so if you are planning to
30:38establish your hospital you have to
30:41um
30:42you are actually you have to at least
30:45meet in those departments to get
30:48permissions for your hospital
30:51then keeping good terms with your
30:53friends and colleagues and regularly
30:55making new friends is very essential in
30:58making this private practice or future
31:01endeavors
31:02in good shape you have to have a good
31:04terms with your existing friends you
31:06have to regularly make new friends new
31:09colleagues so that you get a good
31:11referral
31:13now come to
31:15some authors
31:16saying of some authors which people
31:18focus on opportunities poor people focus
31:21on obstacles
31:22like you can cry
31:25reservation hey you can cry more
31:27seats
31:28are a doctor so
31:30fairly saturated but
31:32when but rich people always focus on
31:35opportunities
31:38uh one mistake he says the single most
31:40important factor to getting rich is
31:43getting started not being a being a
31:46smartest person in the room
31:50150 or 200k
31:53so it is not important if you are
31:56getting started to become rich it is
31:58very important
32:01this brogan says go the goal isn't more
32:04money the goal is living life on your
32:06tongues
32:09to become financially
32:11independent according to jim rohn you
32:14must turn your part of income into the
32:17capital turn your capital into the
32:19enterprises
32:21turn the enterprise into profit
32:23turn the profit into investment and turn
32:26your investment into the financial
32:29independent i am
32:31at present in this phase
32:35don bogal says if you have trouble
32:38imagining 20 percent loss in the stock
32:41market you shouldn't be in the stocks
32:44while kovid has come
32:46i lost 70 000 rupees in
32:50five days if you imagine losing this
32:53much of money you can go into the stocks
32:56otherwise you should avoid the stocks
32:58and invest
32:5950 50 in liquid in
33:02government bonds and stock market
33:04otherwise if you have a good risk-taking
33:08ability you can spend more money in you
33:12can invest more into the stock market
33:15good health longevity happiness a loving
33:19family self replies and fine friends if
33:22you have these five you are a rich man
33:25this is very important concept we run
33:27for money but we
33:29miss
33:31our family our happiness our
33:32self-reliance and our friends if we make
33:36a balance in all these things we are
33:38rich
33:40thank you
33:48so this is the end of my presentation
33:52thank you so much sir it was really a
33:55wonderful presentation
33:57i was like
33:59i am astonished by it and
34:02i myself got to learn so much from this
34:05webinar from your presentation
34:09so
34:11i now
34:12open the
34:15slot if anybody of you has any questions
34:18please feel free to
34:20uh unmute yourself and ask it directly
34:24or you could also ask
34:27you could also ask it in the chat box
34:29similarly for those who are watching it
34:31on youtube you can put it in the chat
34:32box and i'll ask the question for you
34:35so for us i am answering these questions
34:37i am reading by myself
34:39uh the people satyam is asking name of
34:42the book i will suggest you some books
34:44just write them
34:46first is think and grow rich second is
34:49uh
34:50uh which dead who are dead third is cash
34:53flow quadrant and fourth is uh
34:56this uh
34:58richest main man in baby loan and fifth
35:00book which is uh from ramit sethi i will
35:03teach you to be rich this is good book
35:05but problem is key uh this is written in
35:08keeping mind the us audience
35:11uk audience and for indian people this
35:13book this book is not for indian people
35:15so if you are trying for us emily you
35:18should reach this book you should read
35:19these books uh
35:22sattham is also saying how to analyze
35:24the bank statement bank statement of
35:26nicaragua
35:27every three months foreign
35:31expenses you have done and how much
35:33interest you have earned so you will get
35:35a habit of you have to make a habit of
35:38analyzing the bank statement uh stop
35:41loss is important stop loss in stock
35:44market is important but the problem is
35:46stop loss you have to make it daily it
35:49is not possible for the resident uh to
35:52make the stop losses to apply the stock
35:54stop losses daily so i would suggest
36:05about freelancing in internship what
36:07does it mean so uh people in my uh i
36:10know some people who were in in the
36:13internship and they were
36:14doing job in some hospitals like they
36:17were managing isu and all so this is
36:20freelancing you just go you ask for job
36:23key up training
36:28earn money and also you want to get
36:30experience and you will definitely find
36:32some job some freelance work in
36:34internship in residency also
36:36people from uh medical college they do
36:39as a choice
36:43they do some surgeries they take rounds
36:45and all
36:46this is fairly
36:49fairly you can do easily if you want to
36:53so nitra jain is asking sir can you
36:55suggest some book to lead regarding
36:56managing finance and investing uh i
36:59would suggest i have already given some
37:01name but investing in stock there is
37:03some book
37:05the little book of commons and common
37:08sense investing this is a good book a
37:10short book you can read in that and you
37:13can uh
37:14get us
37:15enough knowledge about neta is also
37:17asking what is liquid fund a liquid fund
37:20is government securities uh while you
37:23invest in banks you will get two point
37:25five to three percent of interest while
37:27in liquid fund you will get five percent
37:29to six five six percent you can uh put
37:32your money like
37:33five thousand to fifty thousand one left
37:36and you can also withdraw on the next
37:38day you invest
37:40you uh put one lakh rupees in liquid
37:42fund today and you can withdraw one leg
37:45and two rupees on the next day so this
37:48is the liquid fund
37:50uh
37:55so which was the third book you
37:57mentioned
37:58i think i suggested cash flow quadrant
38:02i am repeating the book's name think and
38:05grow it
38:06cash flow quadrant
38:07uh
38:09which dead who are dead which is men in
38:11babylon and i will teach you to be rich
38:14which app is best for stock investment i
38:17was earlier than five pesos recently i
38:20started in uh trading in zurudha but um
38:24i think uh zerudha is free you can
38:27easily purchase free of cost your stocks
38:30while the five pesos cost you around
38:3320 rupees for buying and buying some
38:35stocks so uh
38:41don't go into the cheap or
38:43those apps
38:44which people are not regularly following
38:46angel blocking is good up stocks is good
38:50five pesos equally good
38:53people say who are using that app it is
38:56very good so you can go to that
38:59what are some practical freelancing
39:01options for medical students
39:04practical feelings options so uh in my
39:07mind freelancing you should do in those
39:10things where your hobbies are there if
39:12you have hobby in photography
39:14you can click good photographs and sell
39:16on the
39:17websites you can if you are having a
39:19habit of drawing you should make uh some
39:23good art and you can sell that on amazon
39:26and everything so investing uh your time
39:30into your curriculum or into your hobby
39:33is best for the medical students
39:38you have to build yourself
39:41to earn while in being in mbbs oh
39:46so mbbs valley be this type of practice
39:49they also do uh like uh if you go in the
39:51paramedics
39:57they go to the hospitals and they do
39:59some uh
40:00work there and they get experience and
40:03they get some money there also so if you
40:06have time and you can manage this
40:08you can go to some hospitals and they
40:11definitely this some work is there for
40:13you also
40:14so how can an mbbs student in second
40:18year apply for these
40:20apply these financial concepts uh
40:36you will learn a lot
40:40how it grows good
40:44i think questions are finished
40:50and somebody else also is
40:53raising their hand
40:57yes
41:19thank you and quite an
41:21update so i just had a work in genuine
41:23doubt as to when you mentioned that you
41:26now have the setup and uh you have made
41:29quite a few investments in to the
41:31hospital and now i'm on the same similar
41:34pathway so i just wanted to understand
41:37how busy do you find yourself
41:40uh micro maybe micro managing all of
41:42these things versus
41:45that there's an option
41:47wherein a few uh
41:49physicians or surgeons they also
41:52consider practicing a few months abroad
41:54like maybe in other countries and
41:57honey so like if you compare these type
42:00of these two options
42:14so if i go to get some fellowship i will
42:19spend some years
42:20i returned to lucknow i started my
42:22practice so um i will get my experience
42:26here only
42:27this
42:28video second thing uh while doing this
42:32while um going to establish this setup
42:35um i i invested my three months like i
42:39was not earning i was not doing any job
42:41uh my es of
42:56i will turn this clinic into hospital so
42:59manage
43:02okay but like do you find yourself
43:04trying to get vacation from uh
43:07initially initially it is difficult when
43:10i took two years
43:37any other question
43:42there is one the chat box
43:45okay uh
43:47how to start investing from scratch
43:50[Music]
43:51just a minute
43:58is asking how much capital on average is
44:01required to open
44:02a private clinic in urban city capital
44:05is not required intentions are required
44:08you can rent out
44:10a small clinic in urban city
44:12like in twenty thousand to sixty
44:15thousand and start practicing chicken
44:18so capital is not required only
44:20intentions are required to establish
44:22your
44:23clinic
44:24uh aryan one kid is asking sir what are
44:26the opportunities for third year mbbs
44:28student to earn during his mbbs
44:31uh
44:47how did you build your hospital from
45:16nathan is asking how to start investing
45:19from scratch any prerequisite home to
45:22approach if i just starting uh so nathan
45:25i think she is female
45:27there is a channel youtube channel
45:30yes
45:44from
45:45[Music]
45:58a lot of uh people are not remembering
46:01their name i was
46:03rajnath is good and labor law advisor
46:06this is also good you will uh
46:09gain knowledge about laws also in that
46:12labor law advisor
46:14then provides asking please explain how
46:18is it beneficial in doing pg from the
46:20city you want to settle you will build
46:23contacts there now you will always
46:25always know who other
46:44anyways beneficial in doing pg from the
46:46city you want to settle
46:48chicken
46:51uh sir how do you get the work life
46:53balance in studies and
47:06those five years of mbbs or three years
47:13[Applause]
47:17habit of doing some
47:19reading some pages daily
47:21okay
47:40sir did you not think of u.s emily to
47:42earn more money
47:45therefore it is very uh important to
47:48have a peer good peer i was from
47:50illahabarius
47:55[Music]
48:04families
48:07so i will not prepare for that no so i
48:11was not aware of us emily so i couldn't
48:13prepare for that
48:15the yearbook
48:17every loan is a liability except
48:19education loan
48:20because education loan is the only loan
48:22which is adding an asset to build
48:24yourself please comment on this asking
48:27this because you said education loan is
48:29liability on your side
48:30so education loan is india is
48:36[Music]
49:00loan is very heavy or there are lot of
49:03uh case case studies
49:06student loans any recovery
49:08so
49:09it is up to you uh uh if you are having
49:12this uh cons or this thinking education
49:15loan is not a liability definitely it is
49:17asset if you are not able to
49:19uh
49:20get your seat or get your fees paid uh
49:23without education loan so definitely
49:25education of loan high low liking you
49:28have to keep
49:44so and in those uh areas education loan
49:47is liability but while in medical field
49:50still not it is not as a liability but
49:53but other specialties
49:58tough question
50:06so this is what this was last question
50:23[Music]
50:39you should foreign on earning an mbps or
50:41on studies you are telling about free
50:44dancing we should do
50:46that kind of things also i am not
50:48suggesting
50:50freelancing if you are have crunches
50:53financially
50:54you should earn some money you can earn
50:56money
50:57but if you don't have these obligations
51:00you have to focus on your studies find
51:02some good books
51:03find some good targets make some good
51:06targets open a career may accelerate
51:09better but don't completely
51:11underestimate or ignore the finances
51:14finances be important
51:17apart from the 20 subjects of the
51:20mbbs curriculum financial finance or
51:24financial medicine should be
51:26uh taught in the curriculum
51:33if yourself if you are you
51:49freelancing it is for the people who
51:51need money
51:53okay
51:59in the last question
52:01from okay
52:06what skill should we develop while being
52:09in mbbs uh it is very important you
52:13should develop some soft skills
52:16like graphic designing
52:18uh later on you will have to design
52:21something graphic designing
52:24a powerpoint computer
52:28then you have to read some legal
52:44uh
52:48these all these things i developed in uh
52:50my
52:51ms and mch so you should develop some
52:55soft skills and also you have to excel
52:57in your hobbies this is um
52:59important
53:11graphic designing and computer knowledge
53:14it is very essential
53:17otherwise there are a lot of people
53:19clinic
53:22facebook page or youtube channel
53:24you pay me fifteen thousand twenty
53:27thousand per month so it's about
53:30so you should know these things
53:38i think all the questions have been uh
53:42satisfactorily uh answered and uh
53:46thank you so much everyone for your
53:48questions according to me they were
53:50really great and uh but to learn so much
53:54from the q a session as well
53:56and
53:57so with this
54:00i will come to the
54:01i'll conclude this session by
54:04thanking sir first of all for
54:09it's this wonderful session for uh
54:11right from presenting uh and being
54:13available for this session to like
54:15cooperating with me to accepting this
54:17invitation
54:18to
54:20making the cpt to uh taking out your
54:22precious time and the putting your
54:26signed efforts for this
54:28webinar
54:29and i'm very sure that many people have
54:33benefited from it thank you so much to
54:36all the audience in the google me and on
54:38the youtube live

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