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NewsTranscript
00:00 Hello and welcome to yet another episode of this popular investor education and awareness
00:09 initiative of Aditya Birla Mutual Fund in association with Outlook Money.
00:13 I am Vishw and it is a pleasure to be back as your host for the day.
00:18 Today is a special day.
00:19 It was on this day around a century back in 1924 that October 31 was established as World
00:24 Savings Day.
00:26 The idea was to create awareness among people all around the world about the idea of saving
00:31 their money in the bank rather than keeping it under their mattress.
00:34 Of course, times have indeed changed over the last one century and today investing is
00:38 not just about keeping your money in the bank.
00:41 And the purpose of this webinar series is also to create awareness about how to make
00:44 best of your money by taking wise financial decisions.
00:48 So in a sense, our goal is somewhat similar to the idea behind declaring this day as World
00:52 Saving Day.
00:53 So take this idea forward and take this conversation forward about what to do with your money,
00:58 how to make most of it.
00:59 We have with us two popular guests of our webinar series who have been with us for a
01:03 long time.
01:04 They have extensive experience and expertise in the area of saving and investing and through
01:09 their guidance, you could take steps to truly prosper in your life financially.
01:14 And that is the theme of today's show also, Save, Invest and Prosper.
01:18 Our first guest is Mr. K S Rao, Head Investor Education and Distribution Development, Aditya
01:23 Birla Sun Life Asset Management Company.
01:25 Mr. Rao is an alumnus of IIM Calcutta and has spent over two decades in mutual fund
01:30 industry and in his current role, he leads his organization's effort towards investor
01:34 education.
01:36 We are also joined by Mr. Amit Trivedi, author, speaker, trainer and blogger with over 26
01:41 years of professional experience in capital markets.
01:44 As a trainer, he has trained over 83,000 participants through almost 1300 workshops across 130 different
01:50 locations across the country.
01:52 So let's get straight into it.
01:53 My first question is for Mr. Rao.
01:56 Mr. Rao, October 31st, that is today is celebrated as World Savings Day.
02:01 So let's start with, you know, a message for our viewers on this special day when it comes
02:06 to their finances.
02:07 Good afternoon.
02:08 Thank you so much, Mr. Vishal, to having me here.
02:10 Indeed, it's great to be part of Outlook Money, this series with Aditya Birla Sun Life
02:14 Asset Management Company.
02:15 I am glad to partner with Amit around this session after the session.
02:21 And welcome to all.
02:23 Namaskar and festive greetings and a special greetings of the World Savings Day.
02:28 And as Vishal said, World Savings Day goes back to a century back.
02:32 It's 1924 and everyone has come together.
02:36 It is true to take the financialization of the savings.
02:39 Probably in Indian context, I personally feel Jan Dhan Yojana Day can be celebrated as a
02:43 savings day because most of the people got the bank accounts on that day.
02:47 That could be a day where we can look at and reckon and we can work on.
02:51 And if you can look at 2020, as a World Savings Day theme, it is very nice theme.
02:57 It they say when you save big, when you save a bit, big things follow.
03:02 It is like mutual funds.
03:03 We say you can have your SIP, then it can make you big.
03:07 Like it's a save a bit, big things will follow.
03:09 Save a little by SIP by SIP, it can make a larger corpus.
03:13 And I, at like most of our forums, we used to have one first slide which says money speaks
03:20 one language.
03:22 And we ask those audience a question.
03:24 If I'm in Gujarat, I'll ask, is it Gujarati, is it Hindi or is it English?
03:28 Or if I'm in Maharashtra, is it Marathi, is it Hindi or is it English?
03:33 People say sometimes some Gujarati and some other language.
03:36 Then I answer to them, friends, it is not Gujarati, not Marathi, not English, but money
03:42 speaks one language, the language is if you save me today, I will save you tomorrow.
03:48 This can be a very apt for the savings day because money always, like if you save me
03:53 today, I will save you tomorrow.
03:54 In fact, I add to that second line to the people, it is typically in Hindi.
03:59 Paise aur aage kahte hai, aaj mujhe bachaun, mai kal tujhe bachaunga.
04:04 But aap jab tak zinda ho, jitna upar ja sakte ho, mai aapke saath aunga.
04:09 But aapke saath fir aur upar nahi aunga.
04:12 Means all that money you have to live here and go.
04:14 Recently I was reading one book, it's a wonderful book written by Morgan Hauserl.
04:19 It's a book on the psychology of money.
04:24 And he mentioned, he dedicated one full chapter for the savings.
04:27 Why savings are very important.
04:29 And he says the first idea is simple but easy to overlook.
04:32 Is that building wealth has nothing to do with the income or investments are written.
04:37 It is all that you need to do is with your savings.
04:40 And we can add to that savings, you give enough time to your savings, convert that into investments.
04:46 And Morgan also mentioned in the same book, later chapters, if it says people above certain
04:54 level of income, they fall into three groups.
04:57 Those people who save, those people who don't think they can save, those people who don't
05:03 think they need to save.
05:06 And probably those who do save, I'm sure they celebrate.
05:09 And in fact, the savings day is a celebration of not the day, savings day is a celebration
05:14 of the savers.
05:16 And it's like when I am saving my money, truly I need to celebrate because I am taking care
05:21 of my future self.
05:23 My present self is not sacrificing something, but my present self is air marking something,
05:29 let me not give my mental language I'm sacrificing, I am saving something for the future.
05:35 And saving here is a sacrosanct.
05:37 And saving will help us, it is a fundamental stepping stone for my financial freedom.
05:43 And channelization of the savings will help us, the nation to grow, I am putting it in
05:47 the right place.
05:48 I recall today we are talking on behalf of mutual funds, and there is a great campaign
05:52 of mutual funds, IEI, AMFI, at mutual funds, including at Aditya Birla, we do a lot of
05:57 programs.
05:58 But let me recall when mutual funds first started, way back in 1964.
06:02 1963 in Parliament, the then Finance Minister, T.T.
06:08 Krishnamachari, he mentioned in the Parliament address, we are going to start Indian mutual
06:14 fund industry now, it is a beginning, it's a unit trust which they started at that time,
06:19 to help small savers, the benefit of Indian capital markets.
06:23 It is like, these savings are giving you a large scope for you to grow when you convert
06:29 into your right investments.
06:32 And we do save for two good reasons.
06:36 One is, if I am saving, not saving something, I am deprived of something.
06:42 For example, now, I have completed little over 25 years of career.
06:46 The day one of my career, I was working, I had one of my bosses, by name Mr. Paparao,
06:52 and he called me, "Beta, aane wale, aapko jo jitna PF milta hai, jo PF karta hai, utna
07:00 amount kareeb you can save in some account."
07:03 And that has given a great example to me.
07:05 My PF was 12% and I could save extra 12% thanks to his guidance.
07:10 And I don't know whether he is alive today, but I am grateful to him.
07:14 Otherwise, what happens is there is a lot of regrets.
07:17 Like in the stock market, whenever it's going up and down, we use a terminology, this time
07:22 it is different.
07:23 Those are the four letter words.
07:25 But there are other letters in our life we regret if we are not saving.
07:29 I can meet some other colleagues, some other friends who are not saved, who struggle, who
07:33 can maintain paycheck to paycheck to paycheck life.
07:37 They always use the word, "I should have saved.
07:40 I might have done that.
07:41 I could have saved.
07:43 I wish I have saved."
07:44 In fact, you know, first reason is let us not get to that regret mood.
07:48 And the second reason is for the positive one.
07:50 When I am saving it right, I am securing my future right.
07:55 It's all that I need to do is my mental mindset, how I can save.
07:59 I think that's where we can celebrate the savings day.
08:01 Hope for your short question.
08:04 I always have a long answer, Vishal.
08:06 I think savings should become part of our life.
08:09 Savings should become habit for us and savings out of joy we need to look at.
08:14 And then we can enjoy what we are earning and what we are accumulating.
08:17 Over to you, Vishal.
08:19 Right.
08:20 People are always appreciated when they are full of such insights.
08:22 So that's not an issue.
08:25 I like your long answers and we hope to keep hearing from you.
08:29 My next question is for Mr. Trivedi.
08:31 Mr. Trivedi, the title of our program is Save, Invest and Prosper.
08:37 Right.
08:38 And what is the importance of this order of words that we have kept, Save, Invest and
08:42 Prosper?
08:43 So is there a particular importance of doing things in this order or it's just a way of
08:50 saying things?
08:51 Can you just elaborate on that?
08:55 Let me just start with thanking you and Mr. Rao both for this wonderful opportunity to
09:01 reach out to so many people on this important day called the World Savings Day.
09:08 It is always a pleasure to be talking to you.
09:11 Now coming to the question of Save, Invest and Prosper.
09:15 If you take the acronym, if you take the first letter of each of the words, that is the popular
09:20 mutual fund term SIP.
09:23 So that just happened by accident.
09:25 However, in real life, P, the prosperity is the end goal or the result of what you do.
09:34 And what do you do?
09:35 So you start with saving and then you invest that saving.
09:39 And if you do both saving and investing properly and give it enough time, then prosperity is
09:45 for you to take.
09:47 Now in that context, and I'll just borrow from what Mr. Rao also mentioned about, you
09:53 save me today and I'll save you tomorrow is what the money tells us.
09:58 So what do you save the money from?
10:01 What do we save the money from?
10:02 We have to save the money from unnecessary expenses, number one.
10:10 And a lot of unnecessary expenses you realized in this last six, seven months of the pandemic
10:17 and the lockdown that we actually do not need to spend money on a lot of things.
10:23 Earlier, we were probably measuring a lot of things by how much money can buy such and
10:31 such item or how much money do we need to spend to get such and such experience.
10:36 Today, we are seeing there are a lot of things that money cannot buy.
10:41 Those are also extremely valuable.
10:44 So first save is save money from unnecessary expenses.
10:49 And second save is save the money from our own mistakes.
10:55 As a human being, I am vulnerable to the forces of my emotions.
11:01 And under the forces of my emotions, it is possible that I'll take some right decisions.
11:06 And it is also possible that I'll make some mistakes.
11:09 I have to be on guard at all points in time and save the money from these two things.
11:16 If I do it, then over a period of time, that savings accumulates.
11:21 And if that savings is invested in a proper manner, now, what is the proper manner of
11:26 investing?
11:28 Number one, the difference between saving and investing is the investment risk.
11:33 So you are taking some risk by investing.
11:37 And in that case, it is important that we take careful risks.
11:43 We take calibrated risks such that we get decent upside without having to worry about
11:51 too much of a downside.
11:54 Having said that, do I have an option of earning high returns without taking risk?
12:02 That doesn't happen.
12:03 So to that extent, investing requires balancing between the upside that I expect and protecting
12:11 the money from the various investment risks.
12:15 So that's how I would put it.
12:16 So save is where I start.
12:19 Next step is invest.
12:21 And then prosperity is the result.
12:23 And that's why it's put in this order, save, invest and prosper.
12:28 Right.
12:30 That's quite interesting.
12:31 SIP as save, invest and prosper.
12:34 Quite an interesting acronym, use of the acronym.
12:37 I'll come back to Mr. Rao.
12:39 Like Mr. Trivedi said, the order is saving, investing and then the goal is to prosper.
12:45 But a lot of investors complain that after meeting all their expenses and all, they are
12:50 not left with enough money to save.
12:53 So how can one ensure that they can build large corpors when their expenses are so high
13:00 and they are not able to save enough?
13:02 Thanks Vishal.
13:03 Again, it's a wonderful question always.
13:06 I'll just start where Amit was ending it, save, invest and prosper.
13:12 If I am keeping that last letter, the prosperity of SIP, if I am keeping that prosperity in
13:17 mind, that is my future self, then I will always look at my S, how I can lead it, my
13:23 present self.
13:24 It is like, you can ask this question to anyone, whether it's a small, like somebody is earning
13:31 less or somebody is earning more.
13:33 All of us will have a question, when enough is enough and it's always your expenditure
13:38 is very high.
13:39 I recall, like my father was a schoolteacher and he used to work for the government.
13:47 And at that time, they have limited increments and they get whatever, but their job is so
13:52 structured and he was so happy with it.
13:55 And when I'm joining into the private sectors, he used to tell us one thing, "Beta, it's
14:01 like, in this life, government takes care of us and we have a pension.
14:05 Even if I save less, life is fine and I'll take care.
14:09 I mean, government will take care of me."
14:11 In your case, you need to take care.
14:14 It is like, and since he is from, like, that's old psychology, he says, "Like private sector,
14:21 I was told you won't get pension, but you tend to have more tensions because your job
14:26 is also not guaranteed."
14:28 And my job is guaranteed because I retire as a schoolteacher to the headmaster, to the
14:32 principal, whatever, the way they retire.
14:36 And they were comfortable.
14:37 What I mean, why I'm talking that at this point of time is most of us today are vulnerable
14:42 and post-COVID, there is nothing called a secured job or unsecured job.
14:46 There is no other choice for us other than saving.
14:50 And it's like, you know, we need to safeguard ourselves.
14:53 And I personally felt during this last seven months, my expenditure has come down almost
15:00 30 to 40%.
15:02 And my credit card bills, after 25 years of career, last seven months I'm seeing my credit
15:07 card bill is zero and zero and zero.
15:10 And in fact, today I was trying to do some transaction on the net that says it is disabled
15:14 because as per the RBI norms, if you are not doing for the last six months utility of the
15:19 credit card, you're online, you cannot do net transaction, you need to get a special
15:24 approval.
15:25 That is the scenario.
15:26 And there is nothing called I need to complain that I cannot save.
15:29 It is the mindset personally.
15:31 Today, when I'm like, if I'm getting 100 rupees earlier, I'm spending 90 rupees.
15:35 Today, 100 rupees is there and I'm spending only 70 rupees means there is additional 20
15:40 rupees saving.
15:41 There is always, you know, it's myself and Amitji and another friend of us, my name is
15:45 Mr. Harish.
15:46 We do a lot of programs for our partners.
15:49 And there we talk about one simple equation.
15:54 In fact, my other friends, Harish's company, Simple Equation, and Amit's tagline is simplifying
15:59 your money.
16:00 This simple equation is savings is equal to income.
16:05 The current generation we have defined income minus expenditure is equal to savings, which
16:10 is very difficult to accomplish because there is an income and your expenditure.
16:16 In anticipation of income, our expenditure will come ahead.
16:18 For example, at Aditya Birla, most of us, we get our variable pay in the month of July.
16:24 And most of my colleagues, if I can see their July credit cards, if I audit, they would
16:28 have spent in June, anticipating July their variable pay is going to be debited.
16:33 Income minus expenditure is equal to savings is a little difficult task to accomplish because
16:38 already you are budgeting that future money you are counting, you started spending it.
16:43 Expenditure will always overflow.
16:45 What we need to do is we need to reverse this equation.
16:47 How I can reverse this equation is income minus savings is equal to expenditure.
16:54 There is a book called Richard, the richest man in Babylonian, which says, you know, you
16:58 need to pay 10% to yourself first.
17:00 At least that much money you can save.
17:03 For example, if somebody is earning one lakh rupees, you think in your psychological, in
17:08 your mental model, it's that you are earning 90,000 because 10,000 does not belong to you.
17:13 That is for the savings budget.
17:14 At 20,000 is a savings budget.
17:16 You can take that and you can look at that where you can get those things right so that
17:22 your savings is guaranteed.
17:23 Or you need to have some kind of a methodology.
17:27 I have one of my cousin's mom, you know, she always used to be, she used to look at, she
17:35 was also incidentally a school teacher.
17:37 She used to use a methodology when I went to their house, there were multiple envelopes.
17:43 I asked aunt, what is this envelopes?
17:45 Beta, this is for the terkari, this is a vegetable envelope, this is a grocery envelope, and
17:50 this is a school fee envelope, and this is an additional envelope.
17:53 All that money in a month, she bifurcated to envelopes.
17:56 And you all need to do is, you know, just get whatever the money you are getting it,
18:00 you envelop your things, and this is a savings envelope, you keep it aside.
18:05 Then again, you are going to save.
18:06 First one, I already said, pay yourself first as the richest man in Babylonian side.
18:11 Third, there is a methodology which I was reading.
18:15 This is a fantastic thing, formula.
18:17 This formula called 50/20, 50/30/20.
18:21 You just go in a reducing order.
18:23 When you have decided your needs, you have decided your wants, and you have decided your
18:28 savings, your needs should be 50% of your salary, and your wants can be 30% of your
18:34 salary, and 20% of salary is paying yourself for your savings for future self.
18:39 Whichever the one you use, you use that accounting system so that you can always having a surplus
18:45 wish of.
18:46 I will tell you one story, it is a life story.
18:49 In my complex where I stay, I have two of my security colleagues, friends who are coming
18:55 from Bihar, and we have a methodology, we pay them.
19:00 If they save 2000, we add 2000 to them and we give the 4000 rupees of SIP to them.
19:06 And over a period of time I have seen, both of them, they accumulated quite a good amount
19:10 of money, though their annual salary, their monthly salary is little around 24-25,000.
19:15 Now they say, "Sir, we have been contributing 4000 extra since this month, will you give
19:20 us 4000?"
19:21 That is the question they ask us.
19:23 It is a kind of people, it is all in the mindset.
19:25 That is the first, you keep a mindset that you are earning more and saving.
19:29 And the second one you look at is start early, like this is all power of compounding we talk
19:35 about.
19:36 It is said, it is attributed to Albert Einstein, power of compounding is called the eighth wonder
19:40 of the world.
19:41 And if you start that saving that early, then it is not the amount of saving, but it is
19:48 the number of years you are keeping, making the money to grow.
19:51 It is not exactly the stock market, but it is the time you are invested.
19:55 Time is the fertilizer to the money which you are saving, can help you to prosper, since
19:59 today's content is a prosperity.
20:01 And there is a simple thumb rules are there in the financial world.
20:06 You call rule of 72.
20:07 We always ask when will my money double?
20:11 Just remember rule of 72 and divide it by whatever the interest rate, how the money
20:15 is getting double and keep that how much you need it.
20:18 And there is, we always talk about the second rule is 15 by 15 by 15.
20:24 That is you save 15000 rupees per month for 15 years at the rate of 15%, you are guaranteed
20:31 for your 1 crore income.
20:33 That is you need not go to a millionaire, you all can become a millionaire with this.
20:37 And all that what we need is little bit of mindset and then little savings, disciplined
20:43 way over a period of time, it can give you quite a good amount of amount which you can
20:49 look at prosperity.
20:50 I think it is Benjamin Franklin who said, a small leak can sink a great ship.
20:56 Even a small leakage is these things if I can bucket.
20:59 I consciously do myself, again I am taking little long answer, sorry Vishal, because
21:03 savings is very passion to me and it's core to my heart.
21:06 I always do one thing, I get my credit card bill and I scan through once in three months
21:13 where my expenditure is going.
21:15 I put it in Excel sheet, these are for the groceries, this is for Amazon fellow, this
21:19 is for the flip card guy.
21:21 Then I look at where it is and where I could have avoided.
21:24 Next time I will be very conscious there I am not spending that.
21:27 And this small leakages I will take care and it's a huge money which is coming in.
21:32 I have seen it's only 2000, 2000, 2000 but 2000 becomes 10,000 to me in a month, 10,000
21:37 is 1,20,000 and 1,20,000 is 12,00,000 per 10 years and if I put 12,00,000 into 10% interest
21:44 rate, it is 25,00,000 to me.
21:46 It's a small things which I avoided and I keep telling in my sessions, in financial
21:51 planning sessions where I do, even if you cut a small one pizza a month, if you are
21:56 taking four times, that can be a huge car pass for you because you can save 2000 rupees
22:00 SIP for it and you are reducing the calories, intaking the good health and you are making
22:05 the money.
22:06 All that what we need to do is automate your savings, don't bother too much.
22:10 Initially it looks a pain, the moment I give my SIP date, the money is going out from my
22:15 account to Aditya Birla Sun Life Mutual Fund.
22:17 I don't even look at that money is accumulating and it is becoming thousands, lakhs and sometimes
22:22 into a six digit figure, it's a fantastic way to look at and it is always rupee saved
22:27 is rupee earned and it is like we are all rational or irrational and it is like saving
22:36 for tomorrow we feel painful but there is one great TED talk is there, somebody can
22:41 listen, it's a save for tomorrow.
22:44 That is save for tomorrow is I am always, next year if I get my 10% increment, if I
22:49 can increase my savings by another 10%, that can accumulate huge money, save more for better
22:54 tomorrow I can talk to it and this is what I would like to ask and over to you.
23:00 Right, so people have saved money, they have paid themselves like you said first when they
23:06 get the salary, now it's time to invest that money.
23:09 So my next question is to Mr. Trivedi, what should one keep in mind before building a
23:14 portfolio to invest their money to create long term wealth?
23:20 So thank you, beautiful question.
23:23 Once one has taken care of that savings part, now first of all, when one is looking at investing
23:31 for long period and for prosperity, then the key word out there is long period.
23:38 Now that long means you are not taking the money out in the short period, in the short
23:43 term.
23:44 And for that two things are required, number one, you need to have enough psychological
23:50 ability to stay invested for that long period, which means one needs to take control of the
23:55 emotions of oneself.
23:57 But at the same time, in order to take control of the emotions, another thing is also required,
24:03 which is taking care of the financial needs during that short to medium term, so that
24:07 one does not have to touch that long term money.
24:11 In the movie Bhagawan, the protagonist Samhita Bachchan's retirement corpus turned zero because
24:19 he kept withdrawing for various needs of getting his sons educated or getting them married.
24:25 And by the time he retired, he had no money left in his retirement account.
24:29 Now that's something that we would request, learn from Mr. Bachchan's role in that movie.
24:35 Let's not get into a situation where before that long term arrives, we have run out of
24:40 our money.
24:42 So how do you take care of that short term financially?
24:45 Number one, you need to have some contingency fund or emergency fund set aside for any situation
24:53 which could have a negative impact on the income.
24:58 So let's say current pandemic situation, unfortunately, some people have lost jobs, some people's
25:04 salaries have come down, or it could be a more personal issue, let's say a health issue,
25:12 because of which somebody's income has been cut or things like that.
25:17 Now in that case, income comes down, but the expenses don't.
25:21 So how do you account for those expenses and that's where that emergency fund comes in.
25:24 Generally, it is believed that if your job is stable, then around three months worth
25:30 of expenses should be on emergency fund, but if you are in a profession where the income
25:34 is uncertain, or even the income could be fluctuating also, in all such cases, increase
25:42 the buffer.
25:43 So you may go up to 12 months worth of expenses in a contingency fund.
25:46 So that's rule number one, contingency fund.
25:49 The second is take care of health insurance.
25:52 In the event of any health issue, any hospitalization, number one, the earning ability may go down
26:00 and number two, there will be expenses.
26:02 So take care of the health and of course, being healthy is the best insurance that one
26:08 can have, but over and above that one needs health insurance also.
26:13 Third is the earning members of the family should be covered through life insurance.
26:19 Once that is done, you've taken care of the downside.
26:23 Now let's go to the basement and build the platform or the plenty for doing a building
26:30 construction and that's where the short term to medium term requirements, that money can
26:36 be put in liquid funds or debt funds so that that money is available at any time at short
26:44 notice without having to worry about the ups and downs of the market.
26:51 And then one builds a long term portfolio.
26:54 Now the moment you've got the financial ability to stay put, it is easier to take care of
27:01 the psychological ability to stay put.
27:04 But in the absence of that financial ability, it's all gyan given to somebody that you should
27:12 be patient.
27:13 Oh yeah, I can't be patient because I need to run my household.
27:16 So take care of the financial abilities first and then take care of psychological ability
27:20 and then understand the investment risks because as I said some time back, the big difference
27:26 between saving and investing is in saving, you don't take investment risk.
27:32 In investing, you take investment risks.
27:35 That's the primary difference.
27:36 So understand the risks involved.
27:38 Right.
27:39 And when it comes to investing, you know, to create a portfolio, mutual funds are something
27:42 that comes into the mind first.
27:44 Mr. Rao, you have worked in the mutual fund industry for such a long time.
27:48 So I want to ask you, you know, are there different types of mutual fund schemes for
27:51 saving, investing and prospering?
27:54 Thank you so much for it.
27:55 It's a good question for the mutual funds.
27:59 And I always call mutual fund is a mutual friend for everyone.
28:03 And why I say for everyone is I had one of my super bosses by the name Mr. Kurian in
28:09 my ex-fund house.
28:11 And he used to tell me when we were a professional, he used to call us and tell, beta mutual fund
28:17 may sab log invesh kar sakte hai except only two kinds of people.
28:22 And he used to tell us only two kinds of people cannot invest in the mutual funds.
28:26 One is the people who are yet to born.
28:28 One is the people who are dead and gone.
28:31 Except for that, you have schemes for everything.
28:33 You have a short term to the long term to the longest term.
28:37 And mutual funds, you want to save, you want to invest, and all this related to prosperity.
28:43 And the first one I said is for the mutual funds, the various schemes is at entry level.
28:48 If I want to save my money for whatever the reason, for example, earlier, Amit Bhai was
28:52 talking about contingency fund.
28:55 And I can create my contingency fund, I can park in money market of the mutual funds,
28:59 my liquid funds, my cash funds, my overnight funds, which are the low risk and which will
29:04 work like my savings bank and more convenient.
29:06 I can withdraw it, I click off the button or swipe up the app or go to the ATM, I can
29:11 withdraw it, that's the most convenient way to save my money and get there.
29:16 And from there to convert into the investments.
29:19 And as I said, mutual funds from the duration of day one to day 100 years, you can invest
29:25 those money.
29:26 I have less than one month money, I can put it in my liquid funds, I have one, two, three
29:31 months there.
29:32 And three to six months, I can go to short term debt, or one year I can put in the short
29:36 term debt.
29:37 After that, I can go to the medium term debt funds or corporate bond funds.
29:42 Then if I have a little more longer money for three years and above, either I have a
29:46 long term debt funds or hybrid funds.
29:49 Then if I have five years and above, I have my equity funds, I have thematic funds.
29:54 You have a layer over layer where you can look at.
29:57 And earlier, Amitji was talking about the risk, sometimes higher the money you are keeping.
30:02 If you can match your investment horizon for the investment vehicle we are using, probably
30:07 you can, there may be a risk, but you are minimizing the risk with a matching risk.
30:11 Thanks to our regulator SEBI, last year, when this categorization of the mutual funds have
30:17 come, for us, job has become much more easy.
30:19 You can just go and see on the categorization where your money belongs to, what is your
30:23 goal.
30:24 According to the goal, you can go and invest your money as per your time horizon, as per
30:30 your risk horizon.
30:31 But let me get back where Amitji was talking about earlier investments, and we are talking
30:36 about the savings.
30:37 I think if you are not investing this money and taking this risk, that is the biggest
30:41 ever risk we are taking.
30:43 Because inflation is the one eating away your money, until and unless you invest and earn
30:48 more than the inflation, you can't get.
30:51 And it's like right now, it is the season of the IPL.
30:54 To score 100, I can't afford to lose my singles.
30:58 Every one-one-one run can make me to score 100.
31:02 And similarly, small, small savings can make me to get that a crore.
31:06 And in between, I'm taking the singles, every opportunity I used to hit for a four or hit
31:11 for a six, there is a possibility I may get caught.
31:15 There is a possibility I may get out, but I need to get that my run rate to go up.
31:19 Similarly, those small risks I can take.
31:21 But that is the time where I have a diversification, where various players will come after me,
31:26 so that they take care of my team to win.
31:28 That is the reason you need to put not in one fund.
31:31 According to your goals, you can put your money into the various funds where you can
31:36 look at.
31:37 You have a debt, you have government securities, and use this part of compounding in your favor.
31:42 And when it comes to the last one, the prosperity, I can't attribute the prosperity with the
31:46 mutual fund schemes.
31:48 I can attribute the prosperity to the investors, because his behavior or our behavior makes
31:52 a difference.
31:54 Because it's always a service after the service which I've done.
31:56 The fund manager return is always high, but the fund investor return is always low, because
32:01 they need to stay back and stay put.
32:03 They need to stay invested for the long term.
32:07 And when you are investing in the equity market, equity market is always volatile.
32:11 That's where the book of Amit J, which always talks about a roller coaster ride.
32:16 In this roller coaster ride, you need to enjoy ups and downs.
32:19 There is a market.
32:21 One year, there will be no return.
32:23 One year, there is a negative return.
32:25 One year, there is a substantial return.
32:27 Over a period, it averages out.
32:29 Even if I put 1,000 rupees in 1990 into the Bombay Stock Exchange Sensex Fund, and today
32:35 it is a 40,000 index, means it has given 400 times, it has gone up by 40 times, which is
32:42 equated 14.5 or 15% of the compounding CAGR return, which is a substantial return for
32:48 us.
32:49 I think that's where mutual funds-- please ensure where you want to go and what kind
32:54 of money.
32:55 As I said earlier, it's an envelope system.
32:57 You put short term into your short term funds, medium term into the medium term, and long
33:01 term into the equity.
33:02 And have a review once in a quarter or once in a year.
33:07 And be in touch with your MFD or mutual fund advisor or mutual fund distributor.
33:11 Then they can guide you on this.
33:14 Right.
33:15 As you said, the biggest risk is not to take risk when it comes to investing.
33:20 But there are different kinds of risk, and there are different risk appetites also.
33:24 There are risk taking capacity also.
33:26 So can you elaborate some of the mutual fund options for those who want to invest money,
33:33 but without taking the risk of equity markets given the volatility also, and current situation,
33:39 they have had a setback also.
33:40 So some options which does not involve the risk of equity.
33:44 Yeah.
33:45 It's a fantastic show.
33:46 There are a few things I always-- even for the retired people, sometime back we had a
33:51 session with you on the retirement planning.
33:54 All of us not taking the risk.
33:55 There is some amount of risk we all need to take it so that we stay put.
33:59 If you are not taking the risk, that is the biggest risk.
34:02 Nevertheless, when you are coming to the mutual funds, you don't want to take risk and you
34:06 want to just see returns.
34:08 Now with the low interest rates, probably people have to-- I have seen-- I was interacting
34:13 with a group of youngsters two weeks back.
34:16 I was doing a webinar for these youngsters.
34:19 And when they say my SBA account-- I mean, he called me, this guy, one of the guy called
34:23 me in the webinar itself.
34:24 Uncle, this SBA account has 3% return.
34:25 Why can't I enjoy it?
34:26 Why do I have to keep it there with that money?
34:27 This is the kind of mindset people are having when with the low interest rate, let me enjoy
34:34 your money.
34:35 Rather than when the low interest rate is let you take that risk, that risk, let me
34:40 assure you, it's 100 years of its S&P data if you can look at.
34:45 You stay for longer, you made money.
34:47 There is a volatility which is always there.
34:50 That kind of risk.
34:51 Having answered to your question is I have my short-term money.
34:54 My contingency fund is available into those, my savings funds, my short-term funds.
35:00 And if you want to take it for your six months to three, two months, you have short-term
35:04 debt funds where your risk is very minimal.
35:07 Still, you get over one year bank deposit plus some kind of return, and you have a taxation
35:11 advantages.
35:13 And if you want to take a little lesser risk, you have an hybrid fund.
35:16 You can choose the hybrid fund where a little component of equity and larger component of
35:20 the debt where your risk is minimized.
35:23 But when you are coming to the mutual funds, you are investing in the diversified basket.
35:27 Your risk is always minimized.
35:29 Only what it is my request with investors is, especially those who don't want to take
35:33 risk, those who are coming through the outlook money, please change your outlook on the money.
35:38 World is changing.
35:40 Staying with only traditional investment avenues will be making you more riskier.
35:44 I keep meeting a lot of my older generation people.
35:48 They say, "My income in FD was 50,000 in January, now it is 35,000.
35:55 I have a loss of 15,000.
35:57 I am losing my capital."
35:59 You need to avoid that.
36:01 You need to have these basics of the financial literacy and take that risk.
36:05 Honestly, not taking the risk is the biggest risk.
36:08 Take little risk and put it in a bucket system.
36:11 That's the best way to look at it.
36:14 But at the same time, there are those who take less risk and there are those who want
36:18 to take more risk.
36:20 What are some of the options for conservative investors who want to take less risk?
36:25 And what are some of the options for aggressive ones?
36:28 Okay, that's great.
36:29 For me to start, let's open a savings account.
36:33 I'll tell you, you just come to my liquid fund.
36:36 And it's like, it's a swipe of the button.
36:37 You can invest, swipe of the button, you can redeem.
36:39 This is a less risk and it will give you a little more than your savings bank account.
36:43 And next step, you come to a corporate bonds fund, where you are investing, there is literally
36:49 not much of a risk and you are reasonably better off.
36:53 And I said the hybrid fund.
36:54 But for the aggressive investors, I personally feel, whether you are aggressive or whether
36:58 you are conservative, you come with the investment horizon.
37:02 Even if you are aggressive, as Warren Buffett said, there are only two rules for investing.
37:06 The first rule number one is never lose your money.
37:08 Rule number two is never forget the rule number one.
37:11 And always, whether you are aggressive or I personally feel money has to make money.
37:16 And that money has to give other additional money.
37:18 That's where the power of compounding works.
37:20 And you invest your money into the equity funds.
37:23 And you have, and for aggressive conservative, you have a passive fund and active funds.
37:28 You have an index fund and you have various choices to choose.
37:32 I think choices are so plenty.
37:33 That's where first you need to know where you want to go, what kind of return you need
37:36 to look at, how much you survive with this low interest rate regime, which is going to
37:40 be a little longer.
37:42 And it is equity has to part of asset allocation.
37:46 And keep that asset allocation.
37:47 There is a research report which I was reading, 55% of the Indians, the Indians, 55% of their
37:54 money is saved in the real estate.
37:56 Imagine the kind of risk and lockdown, like, no, I can't even sell your property.
38:01 And when you need of that.
38:03 And that's where you need to look.
38:04 These are the financial savings.
38:06 It is a must for us.
38:07 And somebody don't want to take any chances.
38:10 Please come to the liquid funds, experience the mutual funds, have a joy of that, that
38:15 fantastic way to take the next journey to take risks.
38:18 Right.
38:19 We have been talking about, you know, investing and saving.
38:23 But I think, you know, we need to focus on the prosperity part also.
38:27 And so that is why my next question to Mr. Trivedi is, how can one achieve one's prosperity
38:32 targets when it comes to investing through the mutual funds route?
38:36 Vishu will go on the theme of the program today and we said, save, invest, prosper is
38:42 SIP.
38:43 So, the answer to this question is also SIP, systematic investment plan.
38:50 Every drop makes an ocean.
38:51 So, if you keep investing on a regular basis, however small the amount, it adds up.
39:01 And I've not even come to the category of funds yet.
39:04 Only accumulating small amounts adds up over a period of time.
39:09 Now you start putting the rate of return in it, depending on what kind of investment product
39:14 that one has chosen.
39:15 Whether it's a liquid fund, then you expect a very low rate of return.
39:21 If it is a corporate bond fund, then higher return with slightly, you know, longer horizon,
39:29 but a reasonably safe portfolio.
39:32 If you go to a hybrid fund, then the expected return can be higher.
39:35 Go to equity fund, expected return can be even higher.
39:39 And as you increase the amount that you invest on a regular basis, the rate of return that
39:47 you earn on that investment and the time horizon for which you remain invested, the power of
39:53 compounding works wonders.
39:56 So now coming to the question of prosperity, what exactly is prosperity?
40:03 Prosperity is increase in wealth.
40:06 And increasing wealth is only measured on account of how much your purchasing power
40:13 increases.
40:15 So what I could buy today, will I be able to buy more with the same money?
40:21 Then my purchasing power of my investments have gone up.
40:25 My purchasing power increases when my investment returns are higher than inflation.
40:31 And that's where the underlying principle of prosperity is to try and earn higher than
40:40 inflation by keeping the risks on a lower side.
40:44 And how do I achieve that?
40:45 I achieve that by investing in a diversified portfolio of carefully chosen stocks.
40:52 And that portfolio is available in a diversified equity mutual fund straight away.
40:59 So just to summarize that long answer in one line, systematic investment plan in a well
41:07 managed diversified equity mutual fund, and then stay invested for a long period is the
41:14 answer to creating prosperity.
41:17 Right, so SRPs have always been the go to instrument these days for creating long term
41:24 wealth.
41:25 But a lot of people also like to take chances in the stock market.
41:28 And we've seen over the last few months that along with the Indian economy, the stock market
41:34 has also been going through some difficult times.
41:37 So in such a scenario, do you still recommend investing in stock markets for retail investors?
41:43 Yeah, so there's one way of investing in stock markets where the investor buys stocks directly.
41:50 And I'm not in favor of that for a majority, vast majority of investors, because you need
41:56 to have the skill sets, you need to have the sufficient time to invest, you also need to
42:03 have sufficient corpus to invest.
42:06 And you should like the process of investing and the associated tasks.
42:12 If one of the four is also not there, then direct stock investing is not for you.
42:18 Okay, so that's my clear message to everybody.
42:23 You have skills, time, liking and a sufficiently large corpus.
42:27 In that case, consider buying stocks directly, otherwise stay away.
42:33 And stay away from direct stocks, not from equity markets.
42:38 And for that a better approach is buying, you know, the same equity market through equity
42:44 mutual funds.
42:46 That's what I would say.
42:47 Right.
42:48 Thank you.
42:49 Thank you for that insightful answer.
42:51 But you know, whether one invests through SIPs in the equity markets or whether one
42:55 invests directly in the equity markets, the returns would in some way, you know, more
43:01 or less depend on how the equity markets do collectively as a whole over the next couple
43:08 of years, right?
43:09 As you said, over the decade, over, you know, several decades, but when we talk about short
43:15 to medium term, then over the next couple of years, so while you are confident that,
43:19 you know, over decades, the volatility will not matter and you know, there will be wealth
43:25 created, but in the short to medium term, how do you expect I'm asking this to Mr.
43:30 Rao, how do you expect, you know, how equity markets will do over the next couple of years?
43:35 Vishal, I think, let me not predict anything about the market, how it will do in the next
43:42 two years.
43:43 I am always a pragmatic, I'm always an optimistic, but as Amit said, it is always a proven thing.
43:49 If I'm planning to invest in equity, whether I've already invested or investing in equity
43:53 or equity funds, let it be not less than a five years of a time horizon.
43:58 And there is nothing called I need to anticipate, like, you know, the market next six months
44:02 may do well and after may it may come down.
44:04 If I can go and hear a commentary, like, you know, it has gone up and coming back, it can
44:09 happen various things.
44:10 But if you can look at over a period, even last six months, market has bounced back so
44:14 quickly.
44:15 It's like, it's like underlying, we may read sometimes on your report, fundamentally things
44:21 are not great, but markets are doing, but market is already, you know, it's a discounting
44:26 the future into it.
44:27 But two years down the line, if I can see some reports, there's a very much optimism,
44:32 but let us not invest with that bullish and optimism mode, invest with the investment
44:36 horizon of five to 10 years for equity and wait for it.
44:39 And if you're looking at the 10 years period, then average returns out to be outperformance
44:44 over inflation.
44:45 And that's where you create a true prosperity.
44:47 Even SIP works in the same principle.
44:49 When you are doing a rupee cost averaging, then the power of compounding and investing
44:54 for the longer period, which is resulting into a wealth creation.
44:58 Right.
44:59 I have a few more questions, but some audience questions are also coming in.
45:02 So maybe we can take one question.
45:04 You know, right now, Mr. Ashish Sharma from Delhi, he's asking that he's touching 40 years
45:10 and he wants to plan for his daughter's wedding or even, you know, her higher education.
45:17 She is two years old right now, but in the current scenario, he's concerned that whether
45:20 SIP mutual fund is a good way to go.
45:23 So any of you can answer his question.
45:26 Yeah, I think, you know, I first of all, I congratulate him for thinking that for his
45:30 daughter investment, daughter or son, it's like it's a time for, and you are thinking
45:34 at the very young age.
45:36 SIP of the mutual funds, not now, anytime it's a good time to invest.
45:40 There is nothing called a bad time.
45:42 Even at the good markets, when markets are very high, SIP is very good because when you
45:47 put lump sum, you don't know how it will be.
45:49 That's where rupee cost averaging is coming.
45:51 And when market is volatile, market is down, you are getting a higher units.
45:54 If the daughter is two years old and you need money around 20 years, I mean, 18 years of
45:59 the money, which is going to come.
46:00 I congratulate Mr. Sharma.
46:02 I think you can take that decision, invest in one of the good equity funds are spread
46:06 across and may also, but, and, you know, though we are celebrating World Savings Day, 15 days
46:12 down the line, we have a Children's Day to celebrate.
46:15 And let us also take time to educate our children, the necessity of the savings.
46:20 What you do is you give your SIP to your daughter and tell on every birthday to, and do your
46:26 SIP day for your daughter is the SIP day is her birthday.
46:31 Say if she is born on 10th of the month, 10th is a SIP day and tell her as she get grown
46:37 or the growing older, you can tell her the statement of account you can show to your
46:41 daughter, Betty, this is the money of you I'm investing.
46:44 And she can look at that statement.
46:45 You invest 10,000 rupees.
46:47 Sometime she got a lot of thousand units.
46:49 Sometimes she got a lot of 900 units.
46:51 She will come back to you and ask, Papa, you have deposited lesser money.
46:55 Then that is the time you can educate your daughter.
46:57 This happens.
46:58 This is because of the NAV fluctuations.
47:00 You get additional units.
47:01 And second, you can also tell her on 6th or 7th, she can come and remind whether mutual
47:06 funds, we will send a message to you.
47:08 Do please keep sufficient balance.
47:10 Your SIP is hitting on 10th of this month.
47:12 And you know, then she can come and remind Papa, have you deposited the money into my
47:16 account because my SIP is coming in.
47:18 Then you are teaching your daughter the way to save, teaching your daughter how the mutual
47:23 funds will work.
47:24 As the period grows, once she comes to fifth or seventh year, you can show her the fact
47:29 sheets where this money is invested.
47:31 She will also learn about the equity market.
47:33 It is our onus of responsibility, not only investing for our children, making our children
47:37 to grow on investing knowledge so that we are not only giving SIP for them now, we are
47:43 giving SIP for them future, that is securing their infinite future, infinite performance,
47:49 prosperity, we are giving it to them so that they behave as very responsible citizens for
47:55 themselves.
47:56 Right.
47:57 Vishal, I would just like to add one point out here.
48:01 A lot of people look at mutual fund as one thing.
48:07 All mutual funds are not the same.
48:09 There are different types of mutual funds.
48:12 You also asked that question and Mr. Rao answered that, that there are right from the overnight
48:16 and liquid funds to debt funds to hybrid funds to equity funds.
48:22 Now currently I think Mr. Sharma is more worried about equity markets.
48:29 So he combines that equity markets worry with SIP mutual funds.
48:35 So Mr. Sharma, if you think that equity markets are too risky for your taste, then I would
48:40 say look at a hybrid fund, look at a category called balanced advantage fund.
48:45 There are fund of fund schemes available or you simply go with a corporate debt fund.
48:50 But on this world savings day, my appeal to everybody would be save and that is more important.
48:58 And as you keep saving, Mr. Rao was beautifully explaining about how you can educate your
49:05 kids about money.
49:07 The moment you start saving, the moment you start seeing your own account statements,
49:11 the moment you start seeing your money grow, then slowly and gradually you will also learn.
49:17 And when you learn the tricks of the trade, gradually you can move from the corporate
49:22 bond fund to the hybrid fund to equity funds.
49:25 And when you keep doing it over a period of time, you should have sufficient corpus to
49:30 fund the goals that you talked about, Mr. Sharma.
49:35 We have talked about mutual funds, we have talked about direct equity also.
49:38 I think it would be an injustice when we are talking about saving and investing in the
49:42 Indian context and we don't talk about gold.
49:44 So we have seen a huge surge in gold prices in recent years.
49:48 So Mr. Trivedi, do you think at this time, should people consider gold as a saving instrument
49:54 right now?
49:55 So, yeah, gold is a very interesting vehicle of savings.
50:01 And for centuries, it has stood the test of time.
50:05 Now, if you want to keep some money in gold, it offers some tremendous advantages.
50:13 Number one, it is highly liquid.
50:16 So you can actually go and sell your gold and get your cash back.
50:20 So that's number one.
50:21 Number two, it is internationally accepted.
50:23 And number three, the gold prices move very differently from stock prices and bond prices.
50:28 And to that extent, if you add gold as part of the portfolio, then the overall portfolio
50:34 fluctuations come down.
50:36 So these are the advantages.
50:37 However, there are certain limitations.
50:40 Limitation number one, for an individual, it is extremely difficult to assess the quality
50:45 of gold that I'm buying.
50:46 I have to rely on somebody's word.
50:49 Now that somebody's word could be either a verbal assurance by somebody, which is a huge
50:55 risk, or I can get the Hallmark certificate.
50:57 But the moment I take the Hallmark certificate, then the cost of acquisition, cost of buying
51:01 that gold goes up.
51:03 So that's something that I need to take care of.
51:06 The moment the cost of buying goes up, my investment returns come down to that extent.
51:12 So that's one part.
51:14 Part two, if I'm buying it in physical form, I have to incur the cost associated with storing
51:20 of the gold.
51:22 And for that, there are financial alternatives available as far as gold is concerned.
51:31 And one is, of course, sovereign gold bond.
51:33 And second is the gold ETF, gold extended fund.
51:37 So one can look at both these options.
51:40 The financial alternatives are far superior compared to buying physical gold.
51:47 So I would say if you want to consider gold, then look at it in this way.
51:53 But if you are considering buying gold because of the recent surge, then that's always a
52:01 bad idea, irrespective of whatever investment avenue you are looking at.
52:05 If you are getting into an investment because recently the price has gone up, let's understand,
52:11 almost every single investment follows certain cycles.
52:16 So up cycles follow down cycles and down cycles follow up cycles.
52:21 So be very, very careful.
52:23 Don't go because of the recent surge.
52:26 Look at a reason that you want a portfolio diversification, you want a good asset category
52:34 in your portfolio, and you are willing to stay invested for long periods.
52:38 Then gold could be a good idea to the extent of around 5, 7, 10% of the total portfolio.
52:45 Right.
52:46 We are actually running out of time.
52:47 So before we conclude, let me ask one more question to Mr. Rao.
52:51 Mr. Rao, the Indian households have shown tremendous confidence in financial markets,
52:56 especially mutual funds in the last two, three years.
52:59 But now this confidence is shaking to a certain extent.
53:03 So how do you see things shaping up in near future?
53:07 Like the common saying goes, mutual funds, sahi hai kya?
53:12 Thank you Vishal for a wonderful question.
53:14 And first of all, yeah, thanks to this mutual funds, sahi hai campaign across over a period
53:19 and all education initiatives taken by most of the funders like us at Aditya Birla.
53:24 And people have shown confidence and they have started investing.
53:27 I personally feel the shake in the world of their confidence may be a little overused
53:33 at this point of time across because I have seen there is a temporary blip in everywhere,
53:38 any savings, even if I invest a direct stock market in March, April, post COVID when market
53:43 corrected.
53:44 Now market is coming back and it has come back.
53:47 People are not only our SIP accounts have gone up and fresh folios, if you can look
53:50 at on the digital mode is going up.
53:53 I invite every household to start utilizing mutual funds.
53:56 In fact, mera ek mazad hai, ek mission hai, gar-gar mein mutual fund for you and mutual
54:02 fund is your mutual friend.
54:03 And mutual funds sahi hai, abhi mutual fund kaafi saral bhi hai.
54:07 And since it is at, we are talking on a savings day, world savings day, national thrift day
54:12 we call and for mutual fund, since our team is SIP, I say you have a savings into my savings.
54:21 That is S of SIP.
54:23 You can save every month into my liquid funds and you have S savings into my investments,
54:28 which for your goals, your liquid funds and your equity funds and hybrid funds you can
54:33 come to.
54:34 And saving to the prosperity that is for your retirement, you can have an S in P also, SIP
54:40 and the last P myself and Amit, we always talk about philanthropy.
54:44 This is some of us are a little better than what is like, you know, we can contribute
54:49 to the society.
54:50 Even, you know, you can start your SIP for future giving your money into the philanthropy,
54:54 SIP into the SIP because mutual funds offers a wide variety of things and to save, invest
55:01 and prosper, you have a mutual fund is a vehicle for you.
55:04 There's a tool to drive down and save for saving, for investing, even for philanthropy,
55:09 you can use and whichever the way mutual fund, mutual fund and mutual fund and savings can
55:17 be a biggest enemy.
55:18 First step was is stop the saving.
55:20 They're spending more than what you're earning and allocate your money, sit with your family,
55:26 have a family conversation for savings.
55:28 There is a wonderful book which I read about Simeon Sinek was the ask why and if I, my
55:35 why to save is stronger than I can save a lot of money, save, invest and prosper.
55:42 And it is also SIP is save wisely, invest rightly and plan smartly so that you can become
55:48 your current self is prosperous and your future self is prosperous.
55:52 I wish everyone a wonderful savings day which can have a wonderful future for everyone.
55:58 And it is also a festive time.
56:00 The coming one is a prosperity festival for us.
56:02 And incidentally, this has come at the right time.
56:04 Diwali is celebrated as a festival of the prosperity.
56:07 Let us get ourselves prosper.
56:09 Let us bring prosperity to everyone around us.
56:12 And thanks for Outlook.
56:13 Thanks to Amit.
56:14 Thanks for Outlook for giving this opportunity to partner for Aditya Birla Sunlight Mutual
56:18 Fund.
56:19 Thanks to Amitji for bringing every time a different wisdom.
56:22 Over to you Vishal.
56:23 Thank you so much once again.
56:25 Thanks to you and your team for giving us this opportunity.
56:28 And I wish all the good luck and all the wealth and prosperity to our viewers, audience and
56:33 all the investors.
56:35 Thank you so much, Mr. Rao.
56:37 Thank you, Mr. Trivedi for joining us for this wonderful conversation and to all our
56:41 viewers for tuning in.
56:43 We wish you on this World Saving Day, you take a resolution to save, invest and eventually
56:49 prosper.
56:50 We wish you a prosperous life.
56:51 Thank you so much for joining and we'll see you next time for our next episode.
56:55 Thank you so much.
56:56 Thanks a lot.
56:57 Thanks a lot.
56:58 [Music]
57:02 [End]
57:04 [End]
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