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Financial Independence and its Importance for Students!

Financial Independence and its Importance for Students!

Financial independence is a big deal. You know that I know that, and your family knows it too. It’s not just about the money either; it’s about having more control over our lives and living on our terms.

Jaipuria School of Business conducted a seminar on Financial Independence which Mr. Amulya Sah, CHRO Team Computers, hosted.

During the seminar, Mr. Amulya Sah said that being financially independent means having enough income from sources other than employment or social security to cover all of your expenses without any financial help from outside sources such as loans, grants, pensions or alimony.

“When you are dependent on others, it is easy for them to control your life and take advantage of you. Financial independence means that you have the freedom to do what you want with your money without being reliant on other people,” said Mr. Amulya Sah.

The first step to achieving financial independence is understanding what it means. To be financially independent, you need to have enough money saved up that you can live off of it for the rest of your life without any other form of income. The following steps are figuring out how much money you need and then saving up to get there.

“You must focus on FIRE (Financial Independence Retire Early) and keep this concept handy during your lifetime and career,” added Mr. Sah.

He highlighted some key elements and asked students to pay attention to the following points:

  • Patience and strategy, just like a game of chess, are the key elements.
  • Life is like a dice game, you never know what is coming ahead!
  • Be like water, keep flowing and glide with your course. In industries, you have to find a way. You may not survive by becoming a stone or a tree.
  • Be like a sponge! Absorb, learn and grow in any manner which is possible.

Self-management is another important principle that students must focus on and make it a point to teach them in your life. If there is no discipline, there is no use. During his interaction, Mr. Sah. said that in corporate, nothing is personal, and everything exists in a professional space. Collaboration is the key to living in this world, a make-shift global village, and the world is more connected than ever before.

Concluding the session, the culture and scenarios in the industries are changing and to get adapted to this change, technology is the sole reliance that helps us keep up with the pace.

The session was attended by students and teachers with a massive attendance rate. Jaipuria School of Business has been working on empowering students and making them industry-ready professionals!