The chief of a popular online education app, Prateek Singh urges millennials to spend this Diwali and next year learning new skills, to become financially independent and upskill. On his part, he says, he wants to learn more about equity markets
Prateek Singh, the Founder, and CEO of LearnApp, an online education platform that provides expert-taught video lessons on investing, trading, and business, emphasizes the importance of upskilling and constantly leveling up your knowledge game this Diwali and how it fructifies brilliantly in the long run, much like your investments.
“We underestimate what we can achieve in the long term and overestimate what we can achieve in the short term”, says Singh.
That is exactly how investing works as well. You might not see any immediate results, but inadvertently, you have drastically and significantly improved your long-term financial prospects. Explains Singh, “When you start investing, for the first two months, almost nothing will happen. And then 5-10 years down, the line just starts to do so much better. So it's like sowing the seeds, only to see nothing happen for a while, but which actually grow into this massive oak tree over a longer period of time. “
Focus on improving your skills
The single most important thing youngsters can focus on is to improve and develop your skills set to increase your income stream. And with this income stream, you should invest rightfully in what really adds value to your life in a more substantial, concrete, and long-term perspective and not just have a myopic vision for investments that simply add superficial value.
“It's also necessary to remember that you don't blow it all out and buy luxury watches and all of such stuff. Instead, try to save your funds, because that is where real, long-term wealth creation is seeded”.
Singh also advises viewing time from a realistic perspective. “Time moves faster when you grow up. When you were in school, a single period with the teacher took ages to end. Now a week passes by pretty quick, right?”. You might feel you’re far away from 30 years of age, but that's not the case. So, use the time you have to your advantage, and even if you're investing for 5-10 years, it's not that long. But remember, the implications for your long-term wealth are very high, and so, use upon this time to invest smartly.
Passive funds are good, but learn how equity markets work, too
What's more, you need not just be a passive participant in the market. Instead of simply buying mutual fund units, Exchange-Traded Funds, or stocks, you can learn an investing strategy, fundamental and technical analysis, or a trading strategy, so that you are better equipped to understand and take control of your finances.
Singh also stressed the need of setting aims for active learning and investing in yourself to up your game! “ For instance, I will try to spend the next one year learning about stocks and trading and I'll try to beat the Nifty by taking very low risks. Set your learning goals this Diwali, to become a smart saver and investor!”
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