An Actuary’s musings on Life & Financial Independence-Sumit Ramani

An Actuary's musings on Life & Financial Independence-Sumit Ramani

Sumit Ramani | 1:56:06 | 30-March-2023

In this episode I have an in-depth conversation with Sumit Ramani – Actuary and Co-Founder of ‘Protect Me Well’.
In a touching homage to his parents during the interview, Sumit shared his unique journey to becoming an expert in the field of finance. We lamented about how financial companies have made financial products too complicated and we laughed as he shared some interesting anecdotes. From the people, instances, and books that have influenced his own perspective on money, to how he imbues responsible financial literacy in his young daughter, we’ve covered it all in this super-interesting season finale!

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Key points in this episode:

Sumit sheds light on the relatively lesser-known Actuary profession and Actuarial Science.
How Sumit used his actuarial skills to help a gaming company design their gaming engine.
How his father, a wise and well-read medical doctor, instilled some great values in him including admirable conflict management skills.
Sumit’s other passion, fitness, and how he makes time for it every day despite his busy schedule.
Importance of financial independence, and the difference between retirement and financial independence.
How investing is more of a behavioral game than a skill game and shared his thoughts on common money mistakes people make, especially in insurance.

Quotes:

“Money is what you can’t see. Everything else is an expense.”
“Unless you want to die with a debt of favours, it’s a good idea to pay it forward.”
“You could be the brightest in the world, but if the world doesn’t know you exist, there is no point. For you to influence a large set of people the world should know you exist.”