If we realized how crucial financial literacy is for young people, a lot of the world's issues might be resolved. It should go without saying that financial literacy equips students with the knowledge and skills necessary to manage money properly since it is crucial to their long-term financial well-being. It not only provides them with the information to live and prosper in life, but also the power to succeed.
In this series, we aim to collect the views of students and young working professionals on investing and finance. Samridhi Sharma of Ludhiana, Punjab tells MintGenie in an interview about how having a job means doing what you enjoy with the additional perk of a monetary incentive. As a 21 years old economics graduate from the University of Delhi, her interest lies in the field of law and policy. She loves re-watching old sitcoms and can be found vibing to music any time during the day.
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?
Money for me is an incentive that your hard work brings. Money, in my opinion, is a tool that may help you achieve your goals since there are no free lunches in this world. But, at least at this point in my life, it is not the most crucial element I take into account. This is partially due to the luxury I enjoy, which gives me the freedom to give other things, like maintaining a work-life balance or achieving my long-term professional objective, higher priority.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
The major proportion of my money at the moment is incurred on food expenses. I do not have to worry about my rent and travel expenses at the moment because those are covered by the company I’m working with. Another significant portion of my money goes into paying for the resources I am using for the preparation of my entrance test.
What are the things you want to spend money on?
I do not have a particular set of things that I want to spend money on always, but I wish to have enough to be able to buy whatever reasonable things I come across and like without hesitating.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I do save. I am a big saver in fact. I read this book called “The Richest Man in Babylon” a long time back and one of the lessons of that book that stuck with me was that a part of what you earn is yours to keep. That part for me has been at least 10% of what I earn. Although I have not started doing anything with my savings yet, I plan to invest in some securities some time in the near future.
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?
Having a job means doing what I enjoy with the additional perk of a monetary incentive. The job description and the type of work I'd be doing on a daily basis, as well as how well that corresponds with my long-term aim, are the two things I'd take into consideration.
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?
Contrary to what my current practice is, I would definitely like to invest any extra amount I have in my hand. For now, I am focusing on learning about the market more thoroughly to make an informed decision.
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 think that I have an understanding of how to save and invest and a significant portion of that knowledge was acquired during my time working as an intern at MintGenie. In addition, I think I gained knowledge from the finance books I've read.
Do you follow social media influencers and follow their investment advice?
No, not really. I like to use social media only for its "social" aspects rather than to learn new things. I do this for two reasons: first, I take managing money seriously, and I want to separate my time spent resting from that spent genuinely concentrating on learning. Secondly, I am not a fan of information that is shared on social media platforms because a lot of times people post information that is half true and half conjecture. Relying on a good source is vital before forming an opinion about something.
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 saving but have not gone for advice in any specific situation. My opinions and decisions are a product of how they have conditioned me throughout my life so they definitely do have an influence on how I handle my finances.
