Meet Dr Mani Pavitra, gold medalist doctor who quit practice to train millions in financial literacy

Financial education, neglected in schools and families, leaves many households vulnerable to financial imbalance during times of distress, uncertain circumstances such as Covid. It is said (public domain) only 24 per cent of women in India meet the minimum level of financial literacy as defined by the Reserve Bank of India. Shifting people mindset and attitude towards money, from the quick rich fix, to planning, strategy and improvisation, is Hyderabad-based Fortune Academy, an online edtech platform co-founded by serial entrepreneur Dr Mani Pavitra. In an interview with Bizz Buzz, Pavitra upholds upskilling with the core knowledge of the subject so as to cut down the noise created by unqualified financial advisors active on social media

How did Million Mom campaign lean towards finance education after tackling mothers health?

As a doctor I could interact with very few people at a given time while I wanted to create a big impact, and simultaneously reach out to many people. I realised, this could be possible only in the roles of a speaker, influencer or authority figure. That is the reason I chose to train people in different aspects. I did not open Fortune Academy on day one. I was carrying out Million Mom campaign along with dental practice. I understood how social media helped me reach out to four million people in a short time. While interacting with these new mothers, the most spoken about topic was about finance. No matter how talented or successful a woman is, what happens here is they feel guilty asking money from their husband. This means their family finance is not balanced as the need of the woman is not taken into consideration. They are given money only to take care of the family’s needs.

How did you gain the understanding about financial training?

Before Covid, I was working for Mary Buffett, a financial trainer. I was in middle of the Million Mom campaign when I attended their session as I wanted to learn the right place to invest money so as to reap better returns as the campaign was completely self-funded. As they wanted to set up physical presence in India they asked me if I would be interested to run India operations. But, I had my dental practice, convention centre, banquet hall and other businesses too. As I am a State topper, gold medalist, my parent were apprehensive about my move of leaving behind dental practice. I took that critical decision of selling the clinic and joining Buffett online school as India training head.

When Covid hit India, lockdown affected many. Did that happen to you too?

Yes, it did. Before lockdown hit in 2020, we were holding training at physical schools. With the lockdown in place, all events came to standstill, and they shifted everything back to online. I did not plan on starting Fortune Academy, but during pandemic I started receiving messages to carry forward training as most women were facing money related problems. I understood that we need courses that are native and addresses grassroot level issues. Moreover, the fees at Buffett School was high, so taking all these factors into consideration, I founded Fortune Academy.

What are the courses conducted under Fortune Academy?

The parent company is Frequency Training LLP, under which, Fortune Academy is registered. I identified a gap in the market and came up with training individuals in sales, marketing and investing. Investing is for professionals, doctors, self employed and any employee, homemaker. Marketing and Sales is specifically for entrepreneurs. Entrepreneurs in India are busy handling operations but they do not know how to market their product. We have participants from across India and the foreign land. In my entire journey of Fortune Academy, I have interacted with two to three lakh people, other than two families who had dedicated family budget in place, for the rest the concept of finance does not exist. Under the parent company, we have other businesses like a creator space where a studio set up is available to shoot podcast, reels and so on.

For a serial entrepreneur like you, has any situation been challenging?

I am someone who loves to create solutions. If I identify a gap in the market and there is a challenge that is unmet then I set up a company to handle that issue. But, when we want to start something and we are not well equipped the entrepreneur’s family will be the first to discourage. Like others I too faced the same challenge. Imagine, I had to sell my dental practice which was doing really well. I come from a family of doctors where my parents and grandparents are doctors. I was not only running a single dental clinic but a group practice. It wasn’t an easy decision. I am also a Pratibha Puraskar awardee in the 10th grade. It wasn’t easy for my family to digest my decision to completely quit dental practice.

What are the eligibility criteria for enrolling as a member of Fortune Academy?

Eligibility to join Fortune Academy is spending extra hours, dedicate time, and show result. Firstly, they have to join the weekly held free webinar. We choose candidates as I am particular about the candidates I work with. Till now more than one lakh students have joined Fortune Academy. We have six trainers onboard, Indian and International. My strength is mindset, time management and behavioural change, whereas for investing, real estate, sales, marketing, and business, we have different trainers. The monthly fee is Rs 1,500 for 21 days. Depending on the subject and programme, the fee varies.

Going forward, what is your plan for the Academy?

I want to set up a physical space to impart financial education. Here, people can contribute their stories, challenges, scams, hold discussions around money, and so on. The museum-like space will be created in Hyderabad, and will expand it to other cities after I find the right partner. We are witnessing 20 to 30 per cent growth y-o-y, in membership. We are a profitable venture and we have employed eight people. Every week 1,000 people, from cities and small towns, attend our webinar, while 10 to 15 enroll as paid members. Our target is to take the count from 1,000 to 3,000 by the end of this year.

How has the mindset towards investing evolved over a period in India?

When I started the Academy, less than two per cent of Indians were investing in stock markets. Post pandemic the number has increased to four per cent. India is predominantly a real estate market. Actually, investing in the stock market is easier for people as even with Rs 100, one can get started investing in stocks. The problem is that people do not want to gain the knowledge or do their research. Currently 17 per cent of the households invest in Indian stock market. In the last five to six years there has been a dramatic shift. It is important to have multiple streams of income no matter who they are. This awareness has exploded due to Covid.

How has Fortune Academy helped in growing their member’s money?

Wealth takes time to build. If someone assures fast money I suggest women to run far away from such advisors. Women should build the skill first. If they are confident in a wealth manager’s skill, then why not build your own skill and invest confidently in a business or stock market after learning. Every woman who joins us has turned into a success story because of their will and our mentorship. Typically when a woman comes to us their earning is around Rs 10,000 to Rs 30,000. We help them double their income, increase their savings, and then take it to Rs 1.50 lakh income per month. The two non-negotiable for people who join us is building business with strong focus on automation and AI.

You started off the Academy for training women in finance. How many women have come forward till date?

Typically I started off the initiative for women, but most of them got their husbands, and husbands paid the money for themselves. Initially, I had 98 per cent of men join my session. I had to alter my strategy, and ask these men to get their wife for the session. Slowly we were able to bring in more women. In the last one year I am seeing more women coming in. Most of the women who join voluntarily are employees, doctors, and entrepreneurs. Mainly, we help people by bringing shift in mindset and attitude towards money. Money is not about getting rich quick, as it needs planning, strategy and improvisation.

These days, in metros and towns, we get to see many hompreneurs, solopreneurs earning from small businesses. Has earning money brought in awareness about savings, investing?

Frankly, women had been deprived of money for their own needs. So, once she starts earning her expenses are on lifestyle. That is the sad part. I see two types of women, one are those who do not earn and are struggling to ask for money, and are going through guilt, fear. The second category of women who are earning are into making rich lifestyle instead of building assets. When it comes to savings, most of the women put it in fixed deposit, buy gold or lend it on interest. After losing money in the lending business these women most often do not discuss it with their husband. Only after facing such challenge, they step up, approach us, and try to learn from us.

What is that one notion around investing that needs to fade now?

Majority of Indians do not want to learn, they want shortcuts, they look for stock advises, leading many to lose money. We are into training not giving stock tips or not an investment advisory company. Attitude of get rich quick is the easiest way to fall prey to scams. Fortune Academy teaches basics of investing, based on income how much should be invested, and so on. We give raw information for people to make the right decision.