Understanding Financial Crisis || Acharya Prashant

Full Video: Unlocking Success: Why Financial Literacy is a MUST-HAVE in College! ||Acharya Prashant, NIT-J(2023)

Transcript

00:00Sir, which is more important to sustain economically, financial literature or value education that

00:06you talk of?

00:07Two big financial crisis that we have faced in this century were both caused by top end

00:15finance professionals, very, very smart people.

00:19And they caused the economies of the entire world to sink because they didn't have values,

00:24they didn't know what is valuable.

00:26More than financial literacy, we need to be value literate, otherwise you can be financially

00:32very smart and yet a huge idiot.

00:35You want to buy a car and you already have a car, you want to sell it.

00:39Now it's one of the classical problems in finance management.

00:44Value education is when you try to see whether you really need a car.

00:50It might turn out that you want a new car just because your brother-in-law has bought

00:55a new one.

00:56Financial management does not go into that.

00:58Once you have seen that an object is really valuable, after that comes the role of financial

01:04management.

01:05But you cannot have a good financial sense without any sense of values.