Gaining knowledge about investments and savings is crucial for individuals to ensure a secure financial future and attain their long-term objectives. With adequate financial literacy, individuals can navigate the intricacies of the financial world, make wise decisions, and strive towards achieving financial stability and prosperity.
Ayush Aggrawal, a recent commerce graduate from Shaheed Bhagat Singh College, University of Delhi, tells MintGenie in an interview about how combining the expertise of influencers with his own due diligence allows him to make well-informed choices that align with his financial aspirations.
Throughout his college years, he actively engaged in projects and societies, honing his financial acumen and leadership skills. Moreover, he has interned in finance and accounting firms, conducted research, and assisted in internal audits.
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 holds diverse meanings for individuals, and its importance varies from person to person. Personally, I view money as a tool for achieving financial security, pursuing my passions, and making positive contributions to society. It won't solve all your problems, but it will certainly give you better options.
However, I don't consider it the sole determinant when making crucial life decisions, such as choosing my field of study or career path. Instead, I strive to strike a balance between financial stability and personal fulfillment.
When selecting my academic and professional pursuits, I prioritise areas that align with my passions and strengths, ensuring that I find intrinsic satisfaction in my endeavors. While financial well-being is essential, it is not the primary driver in my decision-making process. Rather, I seek a harmonious integration of financial prosperity and personal contentment to lead a fulfilling and purposeful life.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Living in Delhi has been quite an adventure, and my major expenses are accommodation and food, which together make up around 30 to 40 percent of my monthly budget. Renting a place in the city can be a bit pricey, but I found a decent flat share to split the cost. Food expenses include groceries and occasional dining out with friends.
The rest of my budget is allocated to personal health, exploring the city, and investing in my hobbies. Staying healthy is crucial to me, so I reserve about 15% for gym memberships and healthcare. Exploring the city's vibrant culture and attractions takes up around 10%, and I try to set aside 10% for personal projects and investments.
To manage my budget, I use a simple spreadsheet where I track my income and expenses diligently. I analyse my spending patterns regularly to identify areas where I can cut back or optimise. It's all about balancing the fun and necessities while ensuring I'm financially responsible.
What are the things you want to spend money on?
As a college graduate, my top investment priorities are professional courses for continuous learning, skill development, and enhancing my career prospects. Next, I'd focus on personal health with gym memberships and fitness classes, as it directly impacts overall well-being and productivity.
Additionally, I'm eager to explore new experiences and places, allocating funds for travel and cultural events, which broaden horizons and foster diverse connections. By investing wisely in these areas, I aim to ensure long-term benefits in my personal and professional growth, leading to a fulfilling life journey.
Do you save money? If yes, how frequently and what do you do with this money?
Saving money has become second nature to me now. Every month, I make it a point to set aside a chunk of my earnings into a savings account and SIPs. I find SIPs a cool way to let my money grow while I focus on adulting. But wait, there's more! I also build my own emergency fund for those rainy days - you know, life's full of surprises! So, whether it's a spontaneous trip or a sudden expense, I've got my back covered.
My mantra is to balance enjoying life while securing my future - 'coz you never know when you need a little extra dough! So, that's how I roll with my savings and investments!
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 carries significant meaning as it allows me to utilise my skills, grow professionally, and create a positive impact. Finding the right company to work for requires careful consideration of two key factors.
Firstly, the company's culture and values must be in line with my own. A positive and inclusive work environment fosters teamwork, creativity, and personal development.
Secondly, I prioritise a company that invests in its employees' growth and well-being. I seek opportunities for continuous learning and advancement, and a company that supports its workforce, ensuring a fulfilling and sustainable career path.
These crucial factors will guide my decision-making process, enabling me to contribute effectively and thrive in an environment that aligns with my values and aspirations.
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?
Investing money is crucial for a stable financial future, allowing wealth growth and inflation protection. However, it involves inherent risks and requires a prudent approach. I believe in a balanced and diversified portfolio.
Most funds will be allocated to stable fixed-income sources through mutual funds for consistent returns. The rest will be carefully invested in the stock market, considering low to high-risk opportunities for growth.
I'll explore options like National Pension System (NPS) and Public Provident Fund (PPF) accounts for tax advantages and long-term growth. Additionally, a smaller portion will be allocated to highly volatile assets for potentially higher returns despite increased risk.
This approach aims to strike a balance between risk and reward for a sustainable investment strategy.
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 commerce graduate, I believe I have a foundational understanding of saving and investing. I've studied various financial concepts during my academics, such as personal finance, investment strategies, and risk management.
However, I recognise that learning is a continuous journey, especially in the dynamic world of finance. I constantly seek to enhance my knowledge by staying updated on the latest market trends and exploring different investment opportunities.
Do you follow social media influencers and follow their investment advice?
As an individual who embraces the digital age, I do keep an eye on social media influencers, such as CA Rachana Ranade and Pranjal Kamra, who share valuable investment advice. However, I firmly believe in responsible decision-making and never blindly follow anyone's recommendations. Instead, I treat their insights as an additional perspective and inspiration for my own research.
I thoroughly investigate potential investments, analyze market trends, and consider my personal financial goals before making any decisions. Combining their expertise with my own due diligence allows me to make well-informed choices that align with my financial aspirations.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Absolutely! I talk to my parents about money frequently, and I truly believe in learning from their experiences. They have gone through diverse financial situations and have gathered invaluable wisdom along the way. Their advice has proven to be instrumental in shaping my understanding of money management and making responsible financial decisions.
I consider them my reliable mentors when it comes to handling finances and trust their guidance wholeheartedly. After all, they've been through it all, and learning from their successes and mistakes is a surefire way to set myself up for a stable financial future.