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Gamification: The way to Financial Wellness and Expansion

About the Author
Kanak Kr Jain is a wealth coach, trainer and an author. In addition to being a Certified Financial Advisor. Besides his own immediate field of expertise as the Founder-CEO of a very successful SUSKAN, Kanak is a serious trainer himself and a consultant to many companies in his role of Master of Ceremonies for training oriented events.
Kanak is an enchanting and energetic speaker, and has conducted many inspirational, motivational, skills development and finance oriented training sessions for many reputed organizations and institutions. Due to his many hats he is much sought after and popular figure in the professional training arena.
Specialties: Sales Coaching, Training, Achiever , Executor(activator) , Developer, and Connector
Kanak has been a pioneer in brining the concept of “Gamification” to “Personal Finance”. In a free wheeling discussion he has expressed his vision on “Gamification” and how “Gamification” can help grow an IFA’s business.
Interview
What is the Problem in sharing the concept of personal finance? specially for the IFAs to share the same with their Clients?
Of the various ways of securing financial health, investing soundly is number one. But while seeing one’s money grow is very pleasurable, the homework that leads to the growth, is not. It is boring number crunching that quickly makes you yawn. The creative right brain goes to sleep and the process is robbed of interest. More often than not this leads to second rate investment decisions or worse. People never celebrate investing or buying a MF or Insurance policy.
Then what is the idea?
Gamification or playing games encourages creativity, keeps the emotional/creative right brain hemisphere active and is pleasurable. Also, generally only listening may be  financially unproductive.
What did you do?
I created a game for my investors called The “Volatility Game”. The Volatility Game, combines the best of both the worlds. In a very enjoyable gaming environment, it teaches the players to learn and use the dreaded volatility factor of the market to ones’ advantage and make ones’ portfolio grow faster in a sustainable manner.As the game continually sends new information to the player, the enjoyable atmosphere makes the information sink in in the players’ minds and turn it into new financial knowledge which is retained very well and is forever accessible to the player.
What is the logic behind this?
Research firmly indicates that information gathered in a friendly and enjoyable atmosphere is better retained and better utilised.
What made you come up with Gamification  in Personal Finance?
A Rotary Club in Kolkata  had 28 members, all active people with considerable financial resources at their command.To attract investments, institutions like banks, Mutual Fund houses and insurance companies etc. often asked them for speaking slots at their meetings.The club agreed as they felt that some of these speakers, who were important people themselves, would eventually become members of their clubs. However the presentations made little impressions on the Rotarians and very  little investments occurred as an outcome.Even the little that did occur was not actively looked into and pursued. One day however, another Financial Advisor asked for a slot to play The Volatility Game, an investment oriented computer based team game with the Rotarians and the club agreed.Throughout the game the audience remained curious and engaged. They saw videos of the life of a common man . They saw the history of the financial markets’ ups and downs, the associated facts and figures, and watched how it impacted the life of the man in a city.As the rounds of the game proceeded the audience absorbed the concepts of the power of compounding, its huge importance in the long term investment process, important financial ratios and their meanings, the concept of investments helping in nation building and such diverse ideas. The 90-minute program was a resounding success and the net outcome was within about three month, almost all the members were invested.
What happened to the Rotary Club and the Financial Advisor?
This Rotary Club now had a solid program and became the centre for Financial Knowledge dissemination all over the country .
With the Financial Literacy as mission  the Advisor became the chairman of the Financial Literacy Committee of that Rotary district. The momentum spread over the country and continent.Gamification is a great way to make ideas, presentations and products interactive and user friendly.
The watchword is: “Play & Grow Rich”, “The best is yet to come.”
26 out of 28 members are his clients in the club
What is in for the IFAs now?
I have now opened the game for the IFAs to take it to their clients and investors.
This will ensure that their business will grow, number of clients will increase, existing investors will invest more. IFA’s and trainers can conduct this game at corporate level. There are game software, PPTs, videos and maser classes every month for the members to learn and grow over and above regular programs across India to attend any time any where.
What IFA need to do get the licence to conduct this game for their investors?
They have to become the member of Financial Freedom Fraternity- which continuously help them to expand, learn, and update.
This is one time life membership currently available at Rs 23000 plus GST. The Fee goes up from time to time. Because the number of games under the Volatility Game series is growing.Currently we have 15 games. Once you become a member, the future updates and game come to you free. Its only a one time contribution of the life membership fee . After this you become a part of the elite group of Presenters, Trainers and Growing IFA segment. Profile is update on www.volatilitygame.com
You also launched the international version of the game? What is that?
Yes now Volatility game is also available for Australian Financial Advisor. We launched the same in March 2018. We have extensive marketing plan to spread Volatility Game across Australia in Oct 2018. We will also launch the US and UK Version in 2019-20
What would be your final comment for the readers?
Each IFA who become a member of the Financial Freedom Fraternity will grow at the rate of 100% every year. The number of clients and Asset Under Management Will grow. Business will be come a joy and life becomes interesting when work becomes a joy
Should you wish to subscribe to his service kindly fill up the appended form
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Should you wish to personally connect with  Mr Kanak Jain, please find his coordinates below:
Mobile:  9831020826
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Jobs

The biggest challenge for people in jobs is “how long”?

People in the forties are in their last job.

Retirement at 60 is a big joke.

Life extends till 80.

Retirement journey is longer than employment journey.

Unless you compound your investment by injecting years into it, the fuel of your life will end before the road ends.

When a car stalls because of no fuel in the middle of the road and if there isn’t any fuel station, the car just rusts and is junked into the scrap yard.

Plan well. This isn’t a joke.

Dharmendra Satapathy

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Happy Easter

Dharmendra Satapathy and the NextLevel-Education Team

wishes its friends every prosperity and contentment on occasion of Easter. Let us learn how to Invest correctly. Let us gather knowledge that enables us Invest fruitfully in our great nation’s Economy. Let us find financial knowledge, for only knowledge ensures growth and happiness. 

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Financial Education Is No Longer An Option

Ravi worked in the same organisation for a decade. He wanted stability in his life. He wanted to be in control of himself and of things around him. He did not wish to keep changing his job. He wanted stability in his life.

However, in that one decade of his working for the organisation, his CEO changed thrice.

Each time the CEO changed, some of his peers also changed, the culture of the organization also changed.

In essence while he firmly stood his ground the environment around him changed and he just couldn’t do anything to prevent it.

Thus in a sense he worked for three different organisations in that one decade although he never ever resigned and changed his job.

Try as hard as we may, we cannot control change. If we don’t change the world around us will. In either case the only survival strategy is to learn the art of adaptability.

Likewise in personal finance too, many investors seek stability. They shun change. Who wants to rock the Apple cart? If everything seems so stable then why should I learn new things?Who knows what will happen if I try something new?

Fixed deposits were great products many years ago that provided stability and good returns. But over time, the returns have fallen considerably even though they are stable.

Still most investors of Fixed Deposits did not change even as returns changed.

New investing opportunities like equity investing appeared but the love for stability, control and guarantee prevented adaptability and adoptability.

While stability in the short term was still a possibility with FDs but it no longer provided long term stability because their low returns meant that very little wealth got formed in the long term which actually made the future more unstable.

People do not realise that it is “returns” and not “the lack of volatility” that makes the long term future stable.

Since the environment and surroundings change even if we stay put and stick to our grounds, it means we cannot stop change and our only strategy of survival is our ability to adapt ourselves by learning about new investing strategies.

In this context it is essential and very crucial to learn about equity products, to learn about the markets, to learn about the real and perceived risk etc. But come what may we have to learn, adapt and adopt.

Please contact your Financial Advisor immediately and get educated in personal finance. It is an urgent requirement because in investing “time” is the singlar most crucial ingredient. Lose time and you’re sure to lost future stability.

Dharmendra Satapathy