The most important thing to do to get kids ready for a secure future is to teach them the value of money and how to be financially independent from an early age. Young children now have a tonne of virtual chances available to them thanks to the internet's global dominance. Taking charge of your finances early may position you for big success, regardless of whether you are beginning college or your first job.
Katyani Gupta of the University of Delhi tells MintGenie in an interview about how she believes that the current globalized world has created a number of opportunities for people to invest their money in the stock market, mutual funds, bonds, etc. She sees herself as a hard-working, goal-oriented, and eager learner and is currently pursuing a postgraduate degree in political science. She likes to do mandala art and Madhubani painting in her free time. Listen, observe, and act is her life mantra.
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, having money is essential to meeting my fundamental needs and having a sense of independence. Money is a significant component that can affect my decisions concerning my work, academics, lifestyle, and other aspects of my life, but my own capabilities and interests come first in determining these choices.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Since I'm a student, the majority of my money goes into buying books, stationery, and other reading materials. About 10% of it goes toward dining out and other entertainment. Apart from these, I spend a small amount of money on personal care products.
What are the things you want to spend money on?
Since I am preparing for competitive exams so a large sum of money is spent on buying materials and resources for the same. Being an old-school person, visiting art galleries, museums and monumental places fascinate me, so I would definitely spend small chunk of money on this too. Additionally, I enjoy visiting the local market and purchasing handicrafts, so I would spend some money there as well.
Do you save money? If yes, how frequently and what do you do with this money?
Due to the fact that I am both a student and a tuition tutor, my finances are rather solid, and I can easily set aside money from my earnings. I haven't really thought about how I would spend that money. Currently, I have been saving it for emergency use.
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?
To me, having a job means financial independence and security. It makes me feel empowered. It will help me to live a life full of dignity and social security. It will make me feel satisfied, help me develop my own uniqueness and identity, and it will make me glad to work on the projects I've always wanted to, all of which will keep me motivated and focused on my work.
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?
The current globalized world has created a number of opportunities for people to invest their money in the stock market, mutual funds, bonds, etc. In my case, however, I have very limited knowledge about different ways of investment and the pros and cons. So first I need to research about it and accordingly, I will use my knowledge to invest my money for better returns in the future.
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?
I don’t think that presently I am aware of the best approaches or methods to save and invest money, I have a limited understanding of it. However, occasionally I feel a need to expand my knowledge about saving and investment of money.
Do you follow social media influencers and follow their investment advice?
Yes, I do follow social media influencers because I find their material to be interesting and amusing. However, I must admit that I don't really follow their financial or investing advise since I don't believe it to be genuine and reliable.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Yes, I routinely discuss finances with my parents since I believe they are financially savvy and experienced. Their methods for investing and conserving money are more logical and trustworthy. Since their financial suggestions and methods have been proven and true, I accept and adhere to them as much as I can.
