You develop a habit of financial independence and discipline by investing early in life. Making an early investment shows you the true distinction between saving and investing. Because you may invest at any age, one should never see being young as a barrier. In order to comprehend what money means to today's youth in a growing world, this series explores students and young working professionals and their perspectives on money and finance.
Yash Maheshwari of Mithibai College, Mumbai tells MintGenie in an interview about how he believes that the job he chooses will take up literally 70 percent of the time of his remaining life. As a BMS student with a specialization in marketing, he is currently doing an internship in this field and looking forward to more growth opportunities in advertising. Additionally, he is quite passionate about music and enjoys singing and creating songs.
Edited Excerpts:
What does money mean to you? Is it the most important factor when it comes to your life decisions like what to study, career and so forth?
For me, money is the one thing that fuels my life, for survival and luxury both. It does affect my life decisions but only upto a certain extent. For example, I never chose my choice of subjects according to the money I am going to make out of that particular degree but yes, when I say upto a certain extent, I have chosen a normal path of doing a corporate job as of now or going for a master's later maybe instead of making a career out of my passion. The choices are a result of my current situation. Will continue my side hustle after I create financial stability for myself.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Being a college student, most of my money is spent on traveling and accommodation. As of now, my money is spent in this way;
Home rent and related expenses - 50%,
Food and groceries - 15%,
Travelling expenses - 15%,
Going out, shopping - 20%
What are the things you want to spend money on?
Some of the things I want to spend my money on are musical instruments, classes, gigs, and concerts to pursue my passion for music. I also enjoy exploring new places, visiting clubs, cafes, and shopping for outfits. Furthermore, I would want to spend money on my electronic devices and leisure activities, as well as on the stock market and investments.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I do save money, especially for emergencies when I'm short on cash, so I can support myself without relying on people. I spend it on the items I enjoy, such as concerts, shoes, or anything else. Now I'm considering putting that money into SIPs and mutual funds.
What does having a job mean to you? What are the top two factors you will want to think about when deciding a company to work for?
I believe the job I choose will take up literally 70 percent of the time of my remaining life. So, definitely, if I want to stick around for a long time in this battleground I need to make sure the job I am doing is atleast a bit likable for me and carries some part where I enjoy working. Advertising/Digital Marketing is something that works for me in that bit, but it can never replace your passion. The top 2 factors that I would look for in a company are its working environment/culture and growth prospects and remuneration.
What do you think about investing your money? If you have a certain amount of money set aside, will you want to invest it in the stock market, mutual funds, or do you just keep it in your bank savings account?
I strongly support the idea of investing some money. Even now, I believe it should be considered a necessity rather than an option. I don't understand finance-related investment stuff that much, but after careful consultation, I will go ahead and invest it in some good options, maybe stock markets or mutual funds.
Do you think you have an understanding on how to save and invest? If yes, how did you learn? If not, are you trying to learn?
As of now, I have an understanding of how to save money but am definitely learning how to invest money better. My parents and friends are the major sources of my learning. They are someone I can trust, and with their experience, they help me learn about it better.
Do you follow social media influencers and follow their investment advice?
No, I don't. I can't trust these influencers when it comes to investing my money. It should be someone who I know personally.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Yes, I do talk about it, and they guide me about it too. They usually have plans going on for me, but I now try to know more and more about what's going on.
