Saving money is essential since it gives you financial independence and stability and protects you in times of need. From adults to youngsters to teens, saving money and hence, eventually moving towards financial independence is essential for everyone. And in today's rising world it is being supported by young people who no longer consider a work as their main source of survival and advancement.
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. Khushi Gupta of Vivekananda Institute of Professional Studies tells MintGenie in an interview about how she regards investing money as a better and safe alternative than keeping it in your bank accounts. The country and it's laws, politics, rules have held her interest since she started exploring the political science subject in sixth grade. Additionally, music and reading books have been her key interests since always.
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?
Growing up I realized the importance of money and how it is a necessity in a world that's slowly becoming materialistic. I realized that the price is getting higher for living a comfortable and luxurious life. As someone who's still in grad school, I don't have a source of income, which makes me conscious about my spending as I categorize it as someone else's.
If not the most important, money is definitely a key component in making life decisions related to my future. When choosing the field for my career, I gave due importance to my interests and capabilities while not forgetting the money aspect.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
My money majorly, about sixty percent is spent on recreational activities, like reading books, occasionally going out with friends, family etc. Being from the law background, twenty percent of it is spent on bare acts and case materials while the rest is saved.
What are the things you want to spend money on?
As someone whose interests are limited to reading books and exploring heritage places and gardens within the city, my want to spend money is limited as well, as it is covered by the allowance that I get. If given an option, I would want to not think too much before spending my money.
Do you save money? If yes, how frequently and what do you do with this money?
Studying in a college that has a rich lavish lifestyle, and getting a monthly allowance from my parents, I learnt to save as much money as I can. Even though it gets spent on trying to match that lifestyle, I still learnt to save and budget from my allowance. At times I also use that money on giving gifts or treating my friends and family.
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 associate having a job with independence. As a student, I cannot wait to stand on my feet and earn money that I can call my own. It will a means for me to live life the way I want, while learning in a society that I am able to give back to. Even though I am an adult, my parents have the most control on my life and having a job would mean taking 80 percent of that back.
In an idealistic world, where there will be no job crunch and a crippling underemployment, the two factors I would consider, are a healthy, working environment with equal treatment and no gender pay gap and a pay scale equalling my qualifications and accomplishments.
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 think investing money is imperative in times like these. A single source of income is not enough for people to live a comfortable life. I regard investing money as a better and safe alternative than keeping it in your bank accounts. If in future I have a certain amount of money set aside, I would definitely invest it in the stock market and mutual funds. I would also invest it in government schemes and real estate.
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 a I don't have a my own source of income and function on an allowance, I don't have a thorough understanding of investment but I did learn saving the most I can at my level. I'm trying to learn investment and saving from my father and mother respectively. I constantly try to imbibe all that I can by watching my parents and they help me as well whenever needed.
READ MORE: Your Questions Answered: Planning Insurance in your 20s; Investing for college students; Analyzing beginner’s portfolio
Do you follow social media influencers and follow their investment advice?
Social media is not all that it seems to be so I try to stay away from it as much as I can. Therefore I don't follow it for investment advice. Also having a first hand source of information at home has majorly helped me.
Do you talk to your mother or your father about money and learn from them or follow their advice?
My main source of learning investment is my father. I watch him open CNN and CNBC every morning when the market opens to buy or sells stocks. He's made me invest in various stocks and mutual funds as well. He teaches me about the market and is preparing me for when I can investment my own money.