The Scope

Video: A six-year-old overcomes the trauma of an injection thanks to a virtual reality distraction

Medical researchers are using virtual reality to treat phobias, PTSD and to even train surgeons.

Tears, anxiety, pain. Going to the doctor to get an injection can mean all this for a child, and sometimes for the hapless parent too. Infants do not often remember the pain from an injection but toddlers and older children very often come to associate visits to doctors with the unpleasant jab. The trauma of childhood injections is so common that websites that dispense with medical or parenting advice all have a column dedicated to how to deal with a child’s fear of needles.

Periodic shots for vaccinations are bad enough but what if a child has haemophilia and needs to be stuck with a needle every few days for blood infusions? Clinicians at an Ohio hospital, who have seen hundreds of paediatric haemophilic patients and their parents struggle through the experience, are now witnessing a welcome change. All that is needed was a little virtual reality.

Haemophilic children at the Nationwide Children’s Hospital in Columbus have been enrolled in a pilot study that is testing how a virtual reality game can keep patients engaged while they receive their shots or transfusions. The game called Voxel Bay has been specifically created for children and has been developed by the hospital’s haemophilia team and students from the Ohio State University's Advanced Computing Center for the Arts and Design.

Here is six-year-old Brady Bowman using the virtual reality headset that has been designed to be disposable and lightweight to enter Voxel Bay’s immersive environment of penguins, pirates and hermit crabs. Most importantly, the headset is hands-free to enable the necessary medical procedure.

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There has been a lot of hype about virtual reality for many years but until recently, real life applications of virtual worlds have been elusive. But now companies life Google and Facebook are investing heavily in virtual reality. Google has a simple cardboard headset called Google Cardboard that allows 360 video and very simple virtual reality and now has come up with the more advanced Daydream. Facebook bought Oculus VR , the company that created the Oculus Rift virtual reality headset, in 2014.

While virtual reality is raising the bar in gaming and move making, medical researchers are making use of the investment and interest in the technology to look look at wider applications medicine resulting in a sudden surge in medical virtual reality application – at least in experimental stages. The University of Southern California has a Medical Virtual Reality group that studies and develops virtual reality simulations to be used in psychology, medicine, neuroscience and physical and occupational therapy. The group has a special on virtual reality for mental heath therapy, motor and cognitive skill rehabilitation and clinical skill training. For example, the group has developed virtual patients for rookie doctors and clinicians to practice and improve their skills without the risk of harming a human being in need of medical help. They are also using virtual reality to help treat soldiers with Post Traumatic Stress Disorder.

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Medical researchers are working on virtual reality simulations to treat phobias like a fear of heights or a fear of spiders. Others are developing virtual reality tools that can help patients, especially children, too get used to hospital environments even before they are admitted so that they are not intimidated by being in a hospital. Software developers in Canada are also creating interactive virtual spaces to help surgeons train for complex operations. The technology allows a surgeon to be in a virtual operating room and connects the surgeon’s real hands to the virtual reality version of the doctor so that the doctor can actually run through the movements of an entire surgery. Take a look at Mashable News’ report on the experiment.

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Want to retire at 45? Make your money work for you

Common sense and some discipline are all you need.

Dreaming of writing that book or taking that cruise when you hit your 40s? Well, this dream need not be unrealistic.

All it takes is simple math and the foresight to do some smart financial planning when you are still young. If you start early and get into the discipline of cutting down on unnecessary expenditure, using that money to invest systematically, you can build wealth that sets you free to tick those items off your bucket list sooner than later.

A quick look at how much you spend on indulgences will give you an idea of how much you can save and invest. For example, if you spend, say Rs. 1,000 on movie watching per week, this amount compounded over 10 years means you would have spent around Rs 7,52,000 on just movies! You can try this calculation for yourself. Think of any weekly or monthly expense you regularly make. Now use this calculator to understand how much these expenses will pile up overtime with the current rate of inflation.

Now imagine how this money could have grown at the end of 10 years and overcome the inflation effect if you had instead invested a part of it somewhere!

It is no rocket science

The fact is that financial planning is simpler than we imagine it to be. Some simple common sense and a clear prioritization of life’s goals is all you need:

  1. Set goals and work backwards: Everything starts with what you want. So, what are your goals? Are they short-term (like buying a car), medium-term (buying a house) or long-term (comfortable living post-retirement). Most of us have goals that come under all the three categories. So, our financial plans should reflect that. Buying a house, for example, would mean saving up enough money for up-front payment and ensuring you have a regular source of income for EMI payment for a period of at least 15-20 years. Buying a car on the other hand might just involve having a steady stream of income to pay off the car loan.
  2. Save first, spend later: Many of us make the mistake of putting what is left, after all our expenses have been met, in the savings kitty. But the reverse will have more benefits in the long run. This means, putting aside a little savings, right at the beginning of the month in the investment option that works best for you. You can then use the balance to spend on your expenditures. This discipline ensures that come what may, you remain on track with your saving goals.
  3. Don’t flaunt money, but use it to create more: When you are young and get your first jobit is tempting to spend on a great lifestyle. But as we’ve discussed, even the small indulgences add up to a serious amount of cash over time. Instead, by regulating indulgences now and investing the rest of your money, you can actually become wealthy instead of just seeming to be so.
  4. Set aside emergency funds: When an emergency arises, like sudden hospitalisation or an accident, quick access to money is needed. This means keeping aside some of your money in liquid assets (accessible whenever you want it). It thus makes sense to regularly save a little towards creating this emergency fund in an investment that can be easily liquidated.
  5. Don’t put all your eggs in one basket: This is something any investment adviser will tell you, simply because different investment options come with different benefits and risks and suit different investment horizons. By investing in a variety of instruments or options, you can hedge against possible risks and also meet different goals.

How and Why Mutual Funds work

A mutual fund is a professionally managed investment scheme that pools money collected from investors like you and invests this into a diversified portfolio (an optimal mix) of stocks, bonds and other securities.

As an investor, you buy ‘units’, under a mutual fund scheme. The value of these units (Net Asset Value) fluctuates depending on the market value of the mutual fund’s investments. So, the units can be bought or redeemed as per your needs and based on the value.

As mentioned, the fund is managed by professionals who follow the market closely to make calls on where to invest money. This makes these funds a great option for someone who isn’t financially very savvy but is interested in saving up for the future.

So how is a mutual fund going to help to meet your savings goals? Here’s a quick Q&A helps you understand just that:

  1. How do mutual funds meet my investment needs? Mutual Funds come with a variety of schemes that suit different goals depending on whether they are short-term, medium-term or long-term.
  2. Can I withdraw money whenever I want to? There are several mutual funds that offer liquidity – quick and easy access to your money when you want it. For example, there are liquid mutual funds which do not have any lock in period and you can invest your surplus money even for one day. Based on your goals, you can divide your money between funds with longer term or shorter term benefits.
  3. Does it help save on taxes? Investing in certain types of mutual funds also offers you tax benefits. More specifically, investing in Equity Linked Saving Schemes, which are funds that invest in a diverse portfolio of equities, offers you tax deductions up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act.
  4. Don’t I need a lot of money to invest in MFs? No, you can start small. The returns in terms of percentage is the same irrespective of the amount you invest in. Additionally, the Systematic Investment Plan (SIP) allows you to invest a small amount weekly, monthly or quarterly in a mutual fund. So, you get to control the size and frequency of your investment and make sure you save before you spend.
  5. But aren’t MFs risky? Well many things in life are risky! Mutual funds try to mitigate your risk by investing your money across a variety of securities. You can further hedge risk by investing in 2 to 3 mutual offers that offer different growth stories i.e. a blue-chip fund and a mid-cap fund. Also remember in a mutual fund, your money is being managed by professionals who are constantly following the market.
  6. Don’t I have to wait too long to get back my returns? No! Mutual Funds, because of the variety of options they offer, can give you gains in the short or medium term too.

The essence of mutual funds is that your money is not lying idle, but is dynamically invested and working for you. To know more about how investing in mutual funds really works for you, see here.

Disclaimer: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

This article was produced by the Scroll marketing team on behalf of Mutual Funds Sahi Hai and not by the Scroll editorial team.