Films are often a reflection of our society but they also hold a mirror to us. It is no wonder then that the good ones go on to show the tragedy and triumph of the human life, thereby influencing all of us in some way. Being a movie buff, I end up watching almost every Hindi movie that hits the theatre. Bollywood films always leave a great impact on me. They make me feel happy, sad, emotional and excited all at the same time. No matter in which genre it fits, Hindi films also give valuable lessons. While some offer ideas on fashion and styling, others give proposal ideas to youngsters. But what if I say some Bollywood movies give valuable financial lessons, would you believe me?
Here is a list of films that you may have watched multiple times but missed their valuable financial lessons. Get a class of cook and some popcorn before you start reading!
Chak De India:
Shah Rukh Khan starrer Chak De India is a sports based movie. The movie deals with various management principles such as team building, team work, leadership and goals. However, the most important financial lesson that can be gained from this movie is that one should do proper homework before strategizing. In the movie, the hockey coach does accurate planning and prepares well before every game of his team. Similarly, before you invest in any avenue, you must do thorough research and homework on the investment. If you plan to invest in a mutual fund or a debt product, it is important to understand the features, benefits and risks of the product before investing. Only then is it possible to maximize returns and minimize risks, keeping in mind your individual goals and needs.
Baghban
This film is a perfect example of miscalculated retirement planning. The lead actor Raj Malhotra (Amitabh Bachchan) spent everything, including provident fund and gratuity, on education and other needs of his four sons. But when he retired, he had nothing to back him up, and none of the sons was ready to look after him and his wife. Taking a lesson from the film, we should always do an early retirement planning instead of relying on our children. With longevity increasing in the country and rising medical inflation, the need to do retirement planning has increased. Further, the amount received from the employee’s provident fund may not be sufficient to sustain a longer life.
In the past few decades, there has been a cultural shift in the country with the emergence of nuclear family culture. Many retirees don’t prefer to depend on their children for expenses. Many times, children also refuse to support their retired parents financially. Maintaining an independent and relaxed lifestyle is sustainable only if it is carefully backed with a financial cushion.
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3 idiots
3 Idiots, one of the biggest blockbusters of all times and starring Aamir Khan has one underlying message – keep things in life simple and uncomplicated. This can lead you to achieve great results, if you are hard working and committed. The same applies to our investments and financial life. Nowadays, there are several complicated investment products, details of which the sales person himself does not understand in most times. Raju Rastogi, (Sharman Joshi) came from a low-income family. His father was a postman but in an accident, his limbs got completely paralyzed and as a result, he lost his job. The family was dependent on the meager income of his mother which was not enough to fund household and medical expenses. Raju wanted to take the responsibility of his family and therefore, he was working hard to become an engineer and land a lucrative job. However, his miserable financial state made him emotionally weak and at one point of time, he even attempted to commit suicide.
The destiny of Raju’s family would have been different if his father had bought a term plan, offering complete coverage against disability and critical illness. But due to his poor state, Raju’s father never thought to buy a term insurance.
For example, the Unit Linked Insurance Plan is a combination of insurance and mutual funds, and turns out to be very expensive for the investor. The agent who sells you the ULIP is himself unaware of these details or is so overwhelmed by the complexity of the product that he chooses to keep quiet when he sells it. Keep your investments simple – take a pure term insurance for insurance cover and an equity mutual fund for investment. This is what 3 Idiots teaches us.
Deewar
Vijay and his brother endured a lot after the demise of their father. Even due to the shortage of funds, Vijay had to stop his education in the mid-way and in the process of fighting for the family’s rights, he became a smuggler.
No matters how much you have saved over the years, unforeseen circumstances, such as death, affect the family both financially and emotionally. Vijay’s father was not financially strong, and hence, he did not buy a term plan, however since you are working and drawing a decent salary, you must not repeat the same mistake of ignoring a term policy. A term policy ensures that your family continues to enjoy a life without any financial worries even in your absence. After your death, the insurer will pay death benefits which can be utilized by your family for child’s education and other household expenses.
As a hero protects his loved ones from a villain, we should also buy insurance to safeguard our family from life’s adversaries. Further, like movie tickets, it is possible to buy insurance and investment products with a click of the mouse. " Be the real hero of the family "
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