Last Updated on November 10, 2020 at 10:54 am
A look at how young earners, middle-aged earners or impending retirees can improve their financial life and make better decisions with a study group consisting of like-minded co-workers or friends.
When you join an organisation, you become friends with some batch mates. These relationships can last a lifetime. I have seen 30,40-year friendships that originated from being trainees together in our national labs. There is often an inner circle in this group that you are most comfortable with.
There are many ways such a tightly knit group can help in improving each other’s financial life. There would be no hesitation to talk about investment decisions and other purchases because the compensation and net worth levels are similar.
In my corporate presentation, I ask, “how many of you have faced a hospitalization (as patient or caregiver) before?” Then I ask, “what is the group health insurance coverage offered by your company?”
🔥Secure your future with our Robo-advisory tool trusted by over 3,500 investors and advisors. From effortless retirement planning to funding your children’s biggest dreams, turn your financial goals into reality. 🔥
Subscribe for money management solutions via email! (Link takes you to our email sign-up form) Join 32,000+ readers in our community.
👉 New Tool Alert! NaviPlan: A Privacy-Focused Multi-asset Tracker and Goal Planner 👈
Often, only the two or three people who have faced hospitalization know about how much health cover they have! If one or two employees with some experience like this or just interest in money matters can nuclear a circle they can change things in the following ways:
- Get those who have used the group cover to talk about “what they did” or should have done better to the entire team or just the group.
- Get the HR to speak about health cover, life cover, disability cover.
- Lobby for add-on cover. For example, a company could cover 5 lakh of group cover and another 5 lakh as an optional add-on (so the base policy for those who opt would be 10 lakh)
- Help people in trouble. Support this kind of struggles: My Corporate Health Insurance Claim was rejected! Here is how I fought back
- Educate employees of lesser-known nuances such as this: Group Insurance Portability to Individual health insurance cover
- Collectively research a purchase: Health insurance buying is one of the hardest purchases in personal finance. Lakshminarayanan’s incredible work – Health Insurance Policy Comparison Spreadsheet – could be updated regularly if each member took one policy to dissect each weekend.
- Get unbiased experts to speak on money management. Mutual fund and insurance distributors (agency or individuals) contact HRs for “awareness” sessions. Then they flatter the HR with a nicely framed citation. A study group can lead the fight against conflict of interest by inviting SEBI registered fee-only advisors
- Discuss the pros and cons of products and purchases: RE, MFs, ULIPs, stocks, crypto, trading, p2p lending etc.
- Support each other’s family in the time of trouble like hospitalization.
Like everything else in life, a study group can result in confusion, conflict and friction. Members will have to respect each others privacy, appreciate the “personal” of personal finance. If done right, a study group can help process information and developments (eg. budget announcements) and help keep each other calm.
Do you have this kind of circle in your workplace? What are your experiences? Share in our YouTube community tab (link below).
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
Use our Robo-advisory Tool to create a complete financial plan! More than 3,000 investors and advisors use this! Use the discount code robo25 for 20% off. Plan your retirement (early, normal, before, and after), plus non-recurring financial goals (such as child education) and recurring financial goals (such as holidays and appliance purchases). The tool helps anyone aged 18 to 80 plan for retirement, plus six non-recurring and four recurring financial goals, with a detailed cash flow summary.
🔥Join our community of 9000+ users! 🔥Avail massive discounts on our courses + freefincal investor circle!
Track your mutual funds and stock investments with our Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds, ETF screeners, as well as momentum and low-volatility stock screeners.
You can follow our articles on Google News
We have over 1,000 videos on YouTube!
Podcast: Let's Get RICH With PATTU! Every single Indian CAN grow their wealth!
You can watch podcast episodes on the OfSpin Media Friends YouTube Channel
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalised investment advice. We can write a detailed article without mentioning your name if you have a generic question.
About The Author
Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 14 years of experience publishing news analysis, research and financial product development.
Connect with him via Twitter(X) LinkedIn YouTube
Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! More than 3,500 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market conditions! Watch the first lecture for free! One-time payment! No recurring fees! Lifelong access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Increase your income by getting people to pay for your skills! More than 900 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner seeking more clients through online visibility, or a salaried individual looking for side or passive income, we will show you how to do it by showcasing your skills and building a community that trusts and pays you. (Watch the 1st lecture for free). One-time payment! No recurring fees! Lifelong access to videos!
Our book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.
Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting a side income via content writing. It is available at a 50% discount for Rs. 500 only!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy
Freefincal is a News Media organisation dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact Information: To get in touch, please use our contact form. (Sponsored posts or paid collaborations will not be entertained.)Connect with us on social media
Our publications
You Can Be Rich Too with Goal-Based Investing
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
Your Ultimate Guide to Travel
