Kaun Banega Crorepati was a show which changed the face of the Indian television in a huge manner. The show’s host, famous Bollywood actor Amitabh Bachchan’s presence gave not only new dimensions to the show that was being aired on television but also gave opportunities to the common man to become a part of the bandwagon. While Kaun Banega Crorepati, also known as KBC, went from strength to strength, it saw its popularity rise when Harshvardhan Nawathe in 2000 became the first contestant to win the coveted prize of Rs.1 crore. There were many contestants who came and took a good amount of prize money back home as well. KBC also gave us various financial lessons which we can implement.
Here we take a look at some of the financial lessons that you can learn from this television show:
Set goals: Harshvardhan Nawathe, who was the first crorepati from the show later used his winnings to fund his education and get a degree in MBA. Apart from that, he also invested his money in a mix of debt and equity instruments. He used the rest of the money to purchase a house for himself. You can see that with whatever money you earn on a monthly basis, you can achieve them with proper planning. You can see that the money you earn on a monthly basis can help you achieve your goals with proper planning. You should be clear regarding about both your long and short-term goals and invest accordingly.
Using financial help if necessary: The show came with lifelines in order to help the contestants in case they got stuck on a question and required help to find the answers. KBC, however, showed that it was also important to use the lifelines correctly otherwise it could result in one losing their hard-earned prize money. For example, the audience poll showed that an option can be the correct answer based on popular opinions. In real life also you can make a financial decision based on how the investment has fared in the past. Similarly, the jodidar was another lifeline where one could take help from their family members. In real life too you can ask your family members to give their financial inputs when it comes to taking certain financial decisions.
Taking risks: The game would become riskier as the contestant advanced further. It was important that the player knew where he/she stood and took the right decisions in risky situations. Similarly, in real life, you must be sure about the risks you would like to take. Before you decide to make a financial investment, which might be risky for you, you must consider all the possibilities and consider what you stand to lose and how much you might gain. Take risks only after you have studied all the eventualities and have the financial capabilities to deal with the loss. It is ok to not take risks if the situation demands.
Take expert advice: There was a lifeline introduced later in the show called ‘the expert advice’. In this, the player could take the assistance of an expert to help him/her with the answer. You may surely take inputs from your loved ones regarding an investment, or study the market to take a financial decision, but it is always recommended that you do take the help of a financial advisor when it comes to investing. The financial advisor with his/her knowledge will be able to guide you in a proper manner and ensure that you do not make mistakes which would come back to haunt you later.
Knowledge: The players needed to have a certain amount of knowledge to win a good amount in the show. The more you knew, the more you stood a chance of winning a good prize money. In real life too, having a thorough knowledge of the financial market is beneficial. If you don’t know how the markets function and invest without having any knowledge of it, you will lose more than you gain. Hence, it is important to study the market and its movement minutely and then invest.
Learn to quit: The contestant would quit if he/she felt that he had absolutely no idea about what the correct answer would be and taking a risk would be futile at that point in time. The player would thus quit and walk away with whatever he/she has won rather than take a risk and lose a sizeable amount of money. In real life, you can stop investing in a tool if you are unsure about the returns or have achieved your targets. Quitting at the right time is also a part of a smart financial decision you can take. If you are unsure what the returns would be and you know that investing further may result in losses, then it is always a good decision to take a step back and quit.
Hence, these are some of the financial lessons that you can learn from KBC and implement in your real life. You must be sure about your needs and thoroughly knowledgeable in order to ensure that you do not commit any financial mistakes. You must know the amount of risk that you can take and know when to quit. Do not think twice about taking help from an expert. By being smart and patient, you can make a lot of brilliant financial decisions.