The College of Business and Finance organised a workshop tilted “How to Transform your Relationship with Money”, where the Co-Founder of “Daleel”, Ms. Ridaa Shah said: “the early standing of money stems from the families we grew up in, the media messages and the culture surrounding us, our experiences of earning or losing, and the value systems we build ourselves as we get older.”
The workshop discussed the individuals’ perspectives on money and their tendencies to spend, earn, save, or invest money, and introduced them to different strategies for transforming their relationship with money and generating multiple sources of income.
Ms. Ridaa Shah explained the culture-driven misconceptions including that some people believe that having more money provides more security, while others need to own houses to live in, or they have a common belief that loans and credit cards bring debt.
On his part, Mr. PK Shrivastava, a Co-Founder of “Daleel” compares between the passive income and the active income, in which the passive income is generated from an income-producing asset without requiring much work on the part of the individual and does not obligate the person to be physically present to continue making money, whereas the active income earned from a part-time or full-time job or from performing a time-consuming task or service and receiving a fixed hourly wage or salary.
The Co-Founders suggested the 20/30/50 rule for dividing the money according to the needs (50%), the wants (30%), and the savings (20%). This guarantees a healthy relationship with money. In terms of investment, they recommended following the compounded steps: start early, invest wisely, and be consistent in order to gain high revenues.
The Co-Founders stressed on the significate of distinguishing between worrying about the future and wanting to feel stable and secure, versus believing that big risks do pay off.
The lecturers concluded that “Daleel” is a marketplace that allows clients to search, compare, and find the suitable financial products. It also enables everyone to make financial decisions with confidence. Daleel focuses on helping everyday people take charge of their finances and make better choices.
