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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Maulana’s 'gullak' initiative touches 60K students

Read & Lead Foundation President Maulana Abdul Qayyum Mirza with daughter Mariyam Mirza. Mumbai/Chhatrapati Sambhajinagar: In the new age controlled by smart-gadgets and social media, an academic from Chhatrapati Sambhajinagar has sparked a small, head-turning and successful - ‘savings and reading’ revolution among middle-school children. Launched in 2006, by Maulana Abdul Qayyum Mirza, the humble initiative turns 20 this year and witnessed over 60,000 free savings boxes (gullaks)...

Maulana’s 'gullak' initiative touches 60K students

Read & Lead Foundation President Maulana Abdul Qayyum Mirza with daughter Mariyam Mirza. Mumbai/Chhatrapati Sambhajinagar: In the new age controlled by smart-gadgets and social media, an academic from Chhatrapati Sambhajinagar has sparked a small, head-turning and successful - ‘savings and reading’ revolution among middle-school children. Launched in 2006, by Maulana Abdul Qayyum Mirza, the humble initiative turns 20 this year and witnessed over 60,000 free savings boxes (gullaks) distributed to Class V-VIII students in 52 government and private schools. “The aim was to inculcate a love for ‘saving and reading’ among young children. We started by presenting small plastic ‘gullaks’ (savings boxes) at the Iqra Boys & Girls High School, and later to many other schools,” Mirza said with a tinge of satisfaction. Scoffed by sceptics, it soon caught the eyes of the schools and parents who loved the idea that kept the kids off mischief, but gave them the joy of quietly slipping Re. 1 or even Rs. 5 save from their daily pocket money into the ‘gullak’. “That tiny ‘gullak’ costing barely Rs 3-Rs 5, becomes almost like their personal tiny bank which they guard fiercely and nobody dares touch it. At the right time they spend the accumulated savings to buy books of their choice – with no questions asked. Isn’t it better than wasting it on toys or sweets or amusement,” chuckled Mirza. A childhood bookworm himself, Mirza, now 50, remembers how he dipped into his school’s ‘Book Box’ to avail books of his choice and read them along with the regular syllabus. “Reading became my passion, not shared by many then or even now… Sadly, in the current era, reading and saving are dying habits. I am trying to revive them for the good of the people and country,” Maulana Mirza told The Perfect Voice. After graduation, Mirza was jobless for sometime, and decided to make his passion as a profession – he took books in a barter deal from the renowned Nagpur philanthropist, Padma Bhushan Maulana Abdul Karim Parekh, lugged them on a bicycle to hawk outside mosques and dargahs. He not only sold the entire stock worth Rs 3000 quickly, but asked astonished Parekh for more – and that set the ball rolling in a big way, ultimately emboldening him to launch the NGO, ‘Read & Lead Foundation’ (2018). “However, despite severe resources and manpower crunch, we try to cater to the maximum number of students, even outside the district,” smiled Mirza. The RLF is also supported by his daughter Mariyam Mirza’s Covid-19 pandemic scheme, ‘Mohalla Library Movement’ that catapulted to global fame, and yesterday (Oct. 20), the BBC telecast a program featuring her. The father-daughter duo urged children to shun mobiles, video-games, television or social media and make ‘books as their best friends’, which would always help in life, as they aim to gift 1-lakh students with ‘gullaks’ in the next couple of years. At varied intervals Mirza organizes small school book fairs where the excited kids troop in, their pockets bulging with their own savings, and they proudly purchase books of their choice in Marathi, English, Hindi or Urdu to satiate their intellectual hunger. Fortunately, the teachers and parents support the kids’ ‘responsible spending’, for they no longer waste hours before screens but attentively flip pages of their favourite books, as Mirza and others solicit support for the cause from UNICEF, UNESCO, and global NGOs/Foundations. RLF’s real-life savers: Readers UNICEF’s Jharkhand District Coordinator and ex-TISS alumnus Abul Hasan Ali is full of gratitude for the ‘gullak’ habit he inculcated years ago, while Naregaon Municipal High School students Lakhan Devdas (Class 6) and Sania Youssef (Class 8) say they happily saved most of their pocket or festival money to splurge on their favourite books...! Zilla Parishad Girls Primary School (Aurangpura) teacher Jyoti Pawar said the RLF has proved to be a “simple, heartwarming yet effective way” to habituate kids to both reading and savings at a tender age, while a parent Krishna Shinde said it has “changed the whole attitude of children”. “We encourage books of general interest only, including inspiring stories of youth icons like Nobel laureate Malala Yousafzai (28) and environmentalist Greta Thunberg (23) which fascinates our students, and other popular children’s literature,” smiled Mirza. The Maulana’s RLF, which has opened three dozen libraries in 7 years, acknowledges that every coin dropped into the small savings boxes begins a new chapter – and turns into an investment in knowledge that keeps growing.

Retirement - Your Biggest Festival

Updated: Nov 7, 2024

Retirement

During the recent festive season—Navratri, Dussehra, and Diwali—you’ve likely noticed how expenses tend to surge during these times. Expenses do rise significantly during festivals and vacations. Similarly, retirement, often viewed as the grandest festival and vacation of your life, can bring higher financial demands due to increased free time and completing your wishlist. This is why proper retirement planning is crucial. If not planned properly, you would have to significantly tone down your standard of living, post-retirement.


When Should You Start Planning for Retirement?

The simple answer is: as early as possible. Ideally, retirement planning should start the moment you begin earning. Your first salary isn’t just for your present self; it’s also for securing your future.


Let us say that you start working at the age of 25. Your employer is giving you a salary. You plan to work till the age of 55 (for 30 years). Is your salary only for these 30 years? That is not the case. When you are working for 30 years, your employer is paying salary not only for your 30 working years but also for the years that you will stay alive after retirement. It is not only for the expenses from age of 25 to 55 but also for the expenses from age 55 to 85 years (assuming life expectancy).


The Power of Compounding

Many youngsters delay retirement planning, assuming they have time, but starting early allows you to build substantial wealth over the years. You can take advantage of the power of compounding—where the money you invest grows exponentially over time. For example, if you consider a Systematic Investment Plan (SIP) in equity mutual funds, the longer your money stays invested, the more it grows. The earlier you start, the smaller the monthly investment required to achieve a large corpus at retirement. The more you delay, the harder it gets.


Planning with a Financial Expert

Firstly, take help of an expert - a financial advisor. Wealth creation and achieving financial goals is not a do-it-yourself activity. It is sensitive and complicated - the cost of doing nothing and going wrong is massive!


Parameters for Retirement Planning Calculation

Here are key parameters to consider when calculating your retirement needs:

• Current Age

• Target Retirement Age

• Current Monthly Expenses

• Inflation Rate

• Life Expectancy


For example, if you're 30 today, planning to retire at 55 with an assumed life expectancy of 85, and your current monthly expense is 50,000, inflation (around 6%) would push your retirement fund requirement to 7 crores. A monthly SIP of 45,000 in equity mutual funds can help you reach this goal over 25 years.The later you start, higher your monthly expenses and sooner you wish to retire - all 3 parameters would increase your retirement corpus requirement.


Don't Forget Lifestyle Inflation

Retirement is not just about covering basic needs. Like how expenses rise during vacations and festivals due to improved standards of living, retirement may bring luxury inflation as you pursue hobbies, travel, and new experiences. Planning for these lifestyle upgrades is essential to ensure financial freedom.


Start Now

Achieving financial freedom isn’t difficult, but it requires discipline. If you haven’t started yet, the next best time to begin is now.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal.)

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