With the increase of viewership in Instagram and YouTube, it is great to see people taking interest in personal finance. More and more people are trying to become better in managing their money and that's a great thing to be honest. As of today around 70% of Indians keep their savings in FD and not investing in real estate or mutual fund but this is slowly changing.
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Now one of the reason of this shift is that the finfleunecers are showing them visually. They show how compounding works and how much their portfolio can becomes after 20 years. To be honest no one knows the future but what people know is that they can earn huge money if they remain invested and that is one of the thing people started knowing. And with these online calculators and other things it becomes quite visually appealing. And along with that the gasification of the whole process made people understand it better.
Now the problem is, the investment is sorted because that's way easiest part in the personal finance. The insurance is still the black hole for many. This is because there is so many things inside it, so many moving parts. So the gamification of insurance can truly change how people perceive it.
The problem as of today people face is that they don't know what exactly is insurance for them, it's a waste of money because they don't get anything back. But when they truly understand the benefits of it, it will be a huge game changer for them. As of today the medical bills are going up and up and there is no way it is going to come down in teh future. And that's the reason health insurance is must for everyone out there. And also term insurance is the one which will take care of your family money wise when you are not around and that's why having both really required.
There are a lot of moving parts in the insurance and getting the best one is actually very personal and that's why gasification is required because then you can actually see what is best for you and what not.
