Two sessions on Financial Literacy for women entrepreneurs held

Hyderabad, August 3, 2022: FICCI Ladies Organisation(FLO) on Wednesday evening organised two sessions at Hotel Park at Somajiguda on Financial Literacy for women entrepreneurs as part of their national initiative.
 
A session on “Romancing The Balance Sheet” was held by Dr. Anil Lamba, Director-Lamcon, International Corporate Trainer and Financial Literacy Activist Dr Lamba, the bestselling author of ‘Romancing the Balance Sheet,’ ‘Flirting with Stocks,’ ‘Eye on the Bottom Line,’ and ‘Financial Affairs of the Common Man created awareness among his participants on how to read balance sheets.
 
There is no such thing as a non-Finance person, he told his audience. It's a misconception that Finance Management happens in the Finance Department. It is happening right through the organization. There is a direct relationship between every action you take and the bottom line of your organization, Dr Lamba said
 
He spoke about the rules of Good Financial Management which will keep us secure. According to some surveys, 95% of American Companies failed due to financial mismanagement. Nine out of ten companies shut their business was shut due to financial mismanagement he said. The real financial people call themselves non-financial. And this flawed perception is responsible for almost 95% of businesses failing worldwide.
 
He gave two golden rules to follow for sure shit success. The first golden rule is to invest in assets which must generate a return which is at least equal to the cost of capital. The second rule is that assets must bring a cash flow before the liabilities demand an outflow.
 
The second session was “Let's Talk Money” by Monika Halan, a Celebrated Author and Adjunct Professor, at the National Institute of Securities Market (NISM). When women can drive a car, run a company, fly an aircraft, and join a battlefield why can’t they manage their finances? Why do they give control of their finances to their spouses, she asked. Men are happy to take financial control of the monies being earned by us. Common ladies take control of the monies you earn she said.
 
Speaking further she said whoever controls Money wields power. Why not women take control? It is not rocket science.
 
Women have reached space, but still, money decisions are handed over to the money she said
 
She explained the money map or Dhan Chakra. Turn your savings into investments through debt, equity, and real estate she said.
 
Halan gave money habits to fitness which include
 
•    Get a cash flow system in Place
•    Build an emergency fund
•    Fix your spend, save and borrow ratios
•    Build Sensible insurance
•    Give your money equity exposure
•    Eat a balanced Financial meal
 
On building an emergency fund she said a maximum of two years of monthly spending or a minimum of 6months of monthly spending must be your emergency fund she said. Invest in bank deposits, government securities, liquid mutual funds and short-term debt mutual funds. The spend, save and borrow should be in the ratios of 50: 20:30.
 
Life insurance is only required for those who gave dependents. Never go for bundle insurance and investment. It is just a trap she said.
 
Shubhraa Maheshwari, Chairperson—FLO Hyderabad while welcoming the gathering said Money management is an essential skill for not just women, but all of us. It is important to invest time in learning this skill so that you live a financially abundant life. This year my endeavour through our programs for our members as well as women from all strata of society is to create a positive relationship with Finance so that women can view money for what it is - a tool that helps you acquire things you need or want. There are many emotions and conditions tied to being Financially Literate. It can elevate your status, offer security, boost your self-confidence, and the list goes on. Mindset plays an important part in your financial management and planning skills. When you have a growth mindset, you can move from the current condition of your finances and grow your wealth.