Many young individuals find it more convenient to delay making any investment decisions until their financial situation is, hypothetically speaking, more solid. However, the level of risk an investor can withstand depends on their age. Young individuals may afford to take on greater risk in their financial activities since they have years of earning potential ahead of them.
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.
Navyveen Bhasin of Lucknow, Uttar Pradesh tells MintGenie in an interview about how she likes to keep herself updated with the current market trends and financial news through books and online courses. She completed her bachelor’s degree in economics from the University of Delhi this year and aims at being more proficient in the subject by pursuing a master’s degree. Additionally, she likes to keep herself updated about the affairs around the world.
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?
I regard money as the solution for ‘almost’ everything. Living in times where you’ve to give money even for using the loo, it would be unfair to say that it’s not important. It is defining factor for your standard of living as well as your position in the society. Despite its importance I consider myself fortunate enough to not mold my passions around money. Money is not the topmost factor I would consider while making my career choices.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
As I am a student, I receive a monthly allowance from my parents. It generally goes towards the items of my personal use. Currently I am not burdened with rent and food expenses. About 60 percent of my allowance is spent on my books, clothes etc., 10 percent on fuel and I am able to save about 30 percent of it.
What are the things you want to spend money on?
I wish to have a certain standard of living for my family and myself where I don’t have to be resistant in spending on things that give me happiness. I also aim at spending money on travelling and exploring my interests.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I’ve made it a habit to save on regular basis. I consider myself a frugal person and I think that’s the correct way to be. It is extremely crucial to save a part of your income to be prepared for unforeseen circumstances. Additionally, I invest a part of my savings in the stock market.
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?
A job provides a sense of purpose to life. It gives goals to work towards every day along with its financial benefits. Having a job makes a person independent and creates a personal identity. The profile and growth prospects are the defining factors of any job and are the two prime considerations for me.
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 am a strong advocate of investing one’s money. It helps in achieving long term financial benefits and growth of one’s hard-earned money. However, despite the pros of investing, it is risky and should be done only after thorough study of the financial instrument. I am currently learning and experimenting with the workings of the Indian stock market.
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?
Yes, I do have an understanding of saving and investing money. I have learned a lot about investing from my father and am currently studying various financial instruments through online platforms. I also like to keep myself updated with the current market trends and financial news. Books on finance and investment help in making improved financial decisions and give latest insights to provide an enhanced viewpoint on the economy in these complex and high-risk times.
Do you follow social media influencers and follow their investment advice?
No, I do not. I think that the advice or information provided by social media influencers is not authentic but biased, for their personal gains. These influencers are not certified to make financial recommendations. Many young investors today are into making decisions based on social media. Money is extremely important today and risking it on the basis of a stranger’s advice could be disastrous.
Do you talk to your mother or your father about money and learn from them or follow their advice?
I have acquired the habit of saving and investing from my parents. Being a young adult, I am always keen to learn and understand the financial decisions my parents make. I have grown up learning the importance of saving money for contingencies. One advice that my father has always given me about investing is to “not put all your eggs in one basket”.
