Thanks to a developing culture that celebrates entrepreneurs and wealth creators, financial independence and financial freedom have become more common in today's society. It is being advocated by young people who no longer see a job as their sole means of survival and growth. Instead, more and more individuals are starting to think that their income stream should not be unidirectional and their money should work for them.
In this series, we seek to comprehend the significance of money to young people and their intentions to learn more about it. Gauri Gupta of Vivekananda Institute of Professional Studies tells MintGenie in an interview about how money can act as an asset as well as a liability in different situations.
As a BA.LLB (Hons) student, she describes herself as a hard-working and diligent paralegal who is exploring not only the field of law but other avenues as well. Her ultimate aim is to be a knowledgeable and successful individual with expertise in the field of Data Privacy Law.
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?
Money is a valuable asset that can be used for exchanging goods and services. For me, money is a commodity that can be used as an asset or can become a liability depending on my life choices. Yes, it is a crucial factor when it comes to my life decisions including housing, educational institutions and career.
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 food. More than 50% of my pocket money is spent on travel which includes traveling back and forth from college. On days of court visits and internships, more than 65% of my pocket money is spent on traveling. These expenses include traveling via public transport.
What are the things you want to spend money on?
I prefer spending my money on clothes, travel, books and food. However, currently I am focusing on saving my money because I firmly believe that saving at the age of 21 years is going to help me long term.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I have recently started saving money. I save money every month in my savings account. I am just saving a small amount of money every month right now. I have not yet decided what I will do with my savings. However, I use them as an emergency fund.
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?
Job is not just a means of livelihood to me. It is a place where I can be who I am and where my ideas are transformed into reality. The two most important factors that would decide the company I want to work for includes their work culture and their employees.
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 have been thinking positively about investing my money for it to become an asset after a particular time period. If I have a certain amount of money set aside, I will firstly keep a safe amount in my savings account and invest the rest in mutual funds. I have been learning about mutual funds from my grandfather and I have invested a certain amount of money in cryptocurrency.
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 limited knowledge about saving and investing, however, I have a long way to go. My foremost goal is to learn everything about cryptocurrency and invest more into the same. All the basics that I have gathered about the same is from the bank employees, my elders and the websites of different banks.
Do you follow social media influencers and follow their investment advice?
I do not follow the advice of the social media influencers per say, but I have been reading the wise words of many of the experts in the modern era. These include excerpts from NSE India, BSE India, money control and economic times.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Yes, I definitely talk to my parents about money and investment. Currently, I am trying to understand their ways of investment and I will definitely follow their advice if it solves all my doubts about their ways of investment.