Saturday, July 25, 2015


Taking birth in a middle class family is always a pain since you die more of pains of not getting thing which you dream rather of hunger. People say time has changed but city in Kolkata remains the same for an middle class. Since a middle class takes lot of courage to come out of the circle and get into rich class. Education is the only help through which one changes his fate. But how much we are educated in terms of financial education savings? Major part of the society is well uneducated. I am not discussing about the rich well grown capitalist/rich wealth accumulators part of the society, neither I am going to draw examples from Sarada Chit Fund ponzi scheme scam. But according to analysis of the whole situation it can be proclaimed that un-education have been the advantage of certain class of the society. Middle class of the society have always being ignored and also the same has suffered lot of pains due to lack of knowledge and support from the educated segment.  Everyone is busy in attracting the upper class of society and rich part of the same. Less focus and attention is being given to those who earn less that Rs.50000 pm. All knowledge related to finance is  only being kept as reserved asset for the upper class of the society.

My 5 year child is suffering with cancer. He needs a bone marrow transplant and that cost Rs 6 lacs even under the support of local politician who had little mercy to give a signed letter. My salary is Rs 16000 and my wife is house wife. Little savings we have since major part of the salary gets into medicine and food for my child where as we starve majority of the days.   What do you think that I would be begging or get into some political gang and start doing bomb attacks etc. or my wife should get into prostitution to get some healthy earnings. Well prostitution is also now very much competitive hence rates are not so better. It will take hundred may be more to sleep by the side to earn half the money of the treatment. In most of the cases a homicide happens and they get small space in the right or left side of the news paper. This is how a middle class family comes to an end. Facebook, Twitter and others hardly come to save and even if they come they come only to fortunate.
 Well in the above situation does any financial education would be of any help. Will any financial advisor would come forward with a plan but remember he doesn’t have millions to pay the fee. This segment of the society is untapped and ignored. Financial planning and advisory should be not being limited for wealthy class. Its an education and we are teachers of the same. 

We need to teach and educate people about the same. If the family brought a medical insurance and some insurance specific to critical diseases they might have saved themselves from the current fate. Insurance agents markets have been converted into cheaters and financial education is not for these types of people. We the educated financial advisers don’t think about this class of the society.  Just imagine if you have the knowledge then why you are limiting yourselves to the certain class of the society. We financial advisers have a big responsibility towards the society but we don’t go ahead with it. Today financial products are linked with targets and not commission. Sellers are it uneducated and hence they don’t know what they are selling. They don’t know the reality of pains in family when the save money for the insurance.

Financial advisors are the best persons who can guide and help an middle class to achieve a dream despite of not having a take home of Rs 50000/- or Rs 1 lac p.m. Financial planning and advisory can be designed for an even a fellow earning Rs 10000 per month. There is no limitation of financial planning for a family having fewer earnings.  But I find the society particularly the middle class is quite unaware of the financial planning and unaware about how to protect and build wealth being an middle class.

Well his child will pass away nobody will cry but did you ever think that one day you might face the same situation in your life. Educate people, educate the society. If you keep counting the penny remember someone else is counting double of it.  We financial advisers have a great responsibility towards the society to bridge the income inequality..


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