Although Gen Z is the first generation to have grown up with smartphones in hand, there is still a lot of room for improvement in their financial literacy. The members of GenZ community have frequently demonstrated a desire to take charge of their financial situations by making time to learn about money in fun and engaging ways. In order to better grasp what our young people think about these important concepts, we seek the thoughts of students and young professionals on saving and investing.
Aayush Jha of SRM Institute of Science and Technology, Ramapuram tells MintGenie in an interview about how he views job as a place where he is able to learn and grow through exposure and experience. He is currently pursuing a bachelor of technology degree in computer science, with coding and listening to individuals that inspire him as his core interests. He enjoys playing the guitar occasionally and has a strong enthusiasm for music. Additionally, he endeavors to learn things that will benefit him in the future on a continuous basis.
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?
As far as I’m concerned, money is the essence of life. I view money as a symbol of power, love, joy, and so much more. My definition of money is not just that it is used to purchase goods and services in exchange for a monetary value, but that it is also a tool for gaining self-esteem or freedom or a sense of control over your destiny.
Even though money can be a source of destruction, corruption, and greed when used improperly, but anything can be harmful when used in the wrong way. Money, definitely is not the most important factor in my life but it is far ahead than second most important.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Since I’m a college student living away from home, almost half of my money goes on renting an apartment and buying food. I use the remainder to cover other expenses such as gym fees, outings, etc. as well as making sure I have enough savings for investing and emergencies.
What are the things you want to spend money on?
My spending is mainly on books and traveling in addition to the necessities, like foods and sufficient clothes. But rather than spending money on unnecessary things, I prefer to invest it and would like to do the same in future.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, my goal has always been to save money and put that money into investments. I have been doing this since I was in school but started putting those savings into investments since I got into college.
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?
According to me, job is the identity of an individual. It’s a place where I am able to utilize my skills to their full potential. I should be able to learn and grow through exposure and experience while I do my job. And at last I should be able to meet my financial needs with the money I'm earning through the job.
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 believe in investing money. I have been investing money for quite some time. I invest in stocks and mutual funds. I do keep some money in savings accounts, but it's a very small amount that can cover emergencies.
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 someone who believes in the power and value of money, I spend a lot of time learning how money works and how to invest. In addition to reading financial books, I have taken stock market courses. I have invested in stocks and mutual funds, which will be beneficial in the long run.
Do you follow social media influencers and follow their investment advice?
I do follow social media influencers. Despite not being my primary source of advice, I like to stay updated with what's going on in the social media world. Books, self-analysis and great investors are the main sources of advice I follow.
Do you talk to your mother or your father about money and learn from them or follow their advice?
I do have conversations with my parents about the importance of money and savings. From an early age, my parents made sure that I learned the value of money. I still follow their advices today.