How to Achieve Financial Freedom with Ajit Menon of PGIM Mutual funds
Oct 7, 2024
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Ajit Menon, CEO of PGIM India Mutual Fund, shares insights on achieving financial freedom through effective retirement planning. They discuss the results of a recent survey showing heightened retirement readiness in India, stressing the importance of diversification in income streams. Menon emphasizes a 'never retire' mentality, advocating for engaging post-retirement activities. The conversation also highlights crucial skills for young entrepreneurs and examines modern investment strategies, urging listeners to embrace adaptability for financial success.
Pursuing diverse freelance gigs not only supplements income but also promotes financial dignity and empowerment for individuals seeking financial freedom.
Effective financial planning and emotional detachment from money can enhance decision-making and long-term investment outcomes, especially during retirement.
Deep dives
The Rise of Financial Independence through Gig Work
The podcast discusses the concept of achieving financial independence through various freelance opportunities, referred to as 'gigs'. Ajit Mantrana highlights that there are 50 different gigs individuals can pursue, enabling them to supplement their income and gain financial stability. This trend is becoming increasingly significant as more people seek alternative income streams beyond traditional employment. The growing acceptance of gig work illustrates a shift in mindset towards prioritizing financial dignity and empowerment.
Health and Longevity: Rethinking Retirement
Current discussions about retirement emphasize the importance of viewing it as a transition from primary work rather than the cessation of all work. With life expectancy increasing significantly, engaging in meaningful activities beyond formal jobs can benefit individuals both mentally and physically. Ajit Mantrana cites the need for continued engagement to maintain one's health and mental well-being, suggesting that pursuing passions and monetizing skills can help individuals find purpose in their later years. This perspective underscores the idea that maintaining a 'healthy lifestyle' should be akin to maintaining an active income stream.
The Importance of Financial Planning and Advice
Financial planning is essential for individuals, especially as they navigate the complexities of modern investment environments. The podcast emphasizes that emotional attachments to money can lead to irrational financial decisions, suggesting that having a financial advisor can help mitigate these risks. Adopting a structured approach to investments, including diversification and understanding personal financial goals, can significantly improve long-term outcomes. Therefore, aligning with a qualified advisor can enable better decision-making and help avoid common pitfalls faced by new investors.
Transforming Skills into Income Opportunities
The exploration of various gigs emphasizes the potential for individuals to transform their hobbies and skills into revenue-generating activities. Ajit Mantrana mentions specific examples, such as yoga instructors and mixologists, demonstrating how relatively low-cost certifications can lead to significant supplementary income. This idea encourages people to consider what skills they can monetize, ultimately empowering them to take charge of their financial futures. As the gig economy continues to grow, diversifying income through such means becomes increasingly relevant for enhancing financial resilience.
In this engaging episode of Paisa Vaisa, Anupam Gupta reconnects with our special guest to discuss PGIM India Mutual Fund’s Retirement Readiness Survey and explore why building an additional income stream for retirement is more critical than ever. We dive deep into key findings from the survey, the increasing life expectancy in India, and the importance of financial planning for early retirement. Listen as we break down “Never Retire” strategies, discuss 50 exciting post-retirement gigs, and get practical insights on staying financially independent for life.
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You can listen to this show and other awesome shows on the IVM Podcasts website at https://www.ivmpodcasts.com/ You can watch the full video episodes of PaisaVaisapodcast on the YouTube channel.