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Of Temples & Fixed Deposits…

Beautiful piece by our Pathshala member Pradip Chinnakonda.

He comes to the Pathshala all the way from Valsad Gujarat because learning is a way of life and means to ultimate success and happiness.

The title that he has given the article is


People feel safety and comfort in Bank FDs OR they believe that their money is safe in the banks. Why?

I will answer that later…

Let us go into history first – Somnath temple was believed to have been built around 4th century AD. In those days there were no banks, so people use to deposit their earnings / Savings mostly in the form of gold coins or ornaments in the temples. Maybe in those days also there were thieves around but nodoby dared to steal from the temple. So people felt that temples were the safest place to keep their earnings / Savings. And maybe this lasted for almost 600 years.

In the 11th century, Mahmud of Gazni first invaded and looted the Somnath temple. It was rebuilt and looted for 17 times. Even then people used to deposit their earnings / Savings in the temple. WHY?

Because of cognitive bias.

It was hardcored in the people’s mind that their earnings / Savings were safe in temples. Because their forefathers did the same thing and they just followed what their forefathers did. Without considering the current situation prevalent then!

Now, it was common sense that after being looted for 1st, 2nd, 3rd time, people should have tried to find some alternative to safeguard their earnings /Savings. But, they still had faith in the temples. Of course, few might have found some alternative, maybe digging a pit and burying their gold coins and ornaments. But, I think they were very few or else there was no point looting the same temple for 17 times.

Similarly, today we see so many Mahmud of Ghaznis in the guise of Vijay Mallya, Nirav Modi who have looted the banks and fled the country. Somnath was looted only 17 times, but we don’t know how many times our banks have been already looted. But, people feel that their money is safe in the banks. Just like the people of Somnath felt that their gold coins and ornaments were safe in the temple.

So, for those who believe that bank FDs are safe, your safety is limited to only Rs. 1 lakh. Think twice!

It is high time that you come out of this bias and start exploring other alternatives to park your hard earned earnings / Savings.


Name : Pradip Chinnakonda

In Financial services since last 8 years catering to around 350 families in Valsad and Vapi. Basic objective is to help clients understand their financial circumstances and how to reach their short term and long term goals.

Very fond of reading books, blogs, articles and on sports – cricket and tennis , finance, human behaviour, current affairs etc. Off late, developing a habit of writing too, on a regular basis.

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. 

Stories Timeless


If a healthy seed of a giant tree is planted in a flower-pot, the tree that will grow to be a miniature version of the giant tree. This miniature version is known as bonsai.

It is not because of any fault in the seed, because there is no fault in the seed. It is only because the seed has been denied the real base to grow on.

In personal finance when you give your investments just a few years of “time” your base is like a small pot and the investment will mushroom into a bonsai.

But by providing the “investment” 10 to 15 years of “time”, you change the base from a pot to a field.

Now the investment gets the right kind of base to compound and create enormous wealth.

Dharmendra Satapathy

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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


Hand of the Advisor

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London Metro

The metro in London impressed me hugely. Crowded and narrow streets on top with an efficient transport system flowing beneath the surface offering huge opportunities to travellers.

India impresses me even more. Crowded roads, heat and grime above and a structurally robust growing economy beneath offering huge opportunities to investors.