Young adults are the future of our society, and sound financial planning is critical to their success. It helps them to budget and save for the future, as well as plan for college, retirement and emergencies. With sound money decisions, youngsters can make the most of their resources, avoid pitfalls and create a secure financial future.
In order to comprehend what money means to today's youth in a growing world, this series explores students and young working professionals and their perspectives on money and finance.
Hardik Makhija of ESIC Medical College and Hospital tells MintGenie in an interview about how he tries to look for a balance between these two things, a way to have some fun today and a path to set himself up for success tomorrow. He aspires to become a great doctor one day, dedicating his life to helping those in need. During his free time, he can be found devouring books or honing his badminton skills.
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 is often considered an important factor in many people's lives, as it can provide a means to achieve personal and financial goals, such as buying a home, starting a business, or retiring comfortably. When it comes to life decisions like what to study or career choices, money can play a significant role; however, it's not necessarily the most important factor.
Many people choose careers based on their interests, passions, and skills, rather than solely based on their earning potential. Ultimately, the importance of money in decision-making varies from person to person and depends on individual circumstances and priorities. While money can certainly provide financial security and stability, it's not always the most important factor in leading a fulfilling life.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
As I am a hosteller, I tend to spend my money on food, travelling to college, books, and other necessary daily usage items. Approximately 20% is spent on travel, which includes my daily journey from home to college and weekend travel with friends; 30% on books and other stationary items; 40% on eating out with friends; and 10% on miscellaneous expenses.
What are the things you want to spend money on?
I want to be wise with my money and make smart investments that will pay off in the long run. At the same time, I want to enjoy life and treat myself to the things I enjoy such as good food, nice clothes, and give back to my friends when they need help. I'm looking for a balance between these two things, a way to have some fun today and set myself up for success tomorrow.
Do you save money? If yes, how frequently and what do you do with this money?
Saving money is an integral part of financial planning and can be extremely beneficial. I find it difficult to save money even though I know how important it is. I want to be able to save enough money for my future needs and emergencies. I am hoping that by becoming more disciplined with my spending and setting clear financial goals, I will be able to save more money in the 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?
A job is one of the most important parts of one's life. It can either bring mental peace or degrade it. It affects one's relationships with family and friends, as a hectic job can take away from the time spent with loved ones. On the other hand, a job that brings joy and satisfaction can help one grow and flourish. There are two important factors to consider when evaluating a job would be if it brings satisfaction and excitement to my life, and does it pay enough to meet my financial needs.
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 is a great way to grow your wealth over time, but it requires knowledge and due diligence. There are many different investment vehicles available, such as stocks, bonds, mutual funds and more. While I'm currently not investing, I am aware of the potential to benefit and understand the importance of doing research and understanding the risks involved. I plan to invest in the future when I have a better understanding of the different markets and can make an informed decision on which investments are best for me.
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 have learnt the basics of investing through social media, friends and other resources, though I have not yet started investing. I am trying to gain more knowledge and understanding of the fundamentals of investing so that I can make informed decisions about my investments. I try to save every month and once I am confident enough, I will begin making small investments. I want to be able to take advantage of the potential returns of investing in the stock market, but I want to make sure I do it the right way.
Do you follow social media influencers and follow their investment advice?
I do not believe in the idea of following social media influencers for investment advice. Their advice may be influenced by sponsors and not represent the true opinion of the influencer. Additionally, investment decisions should be made based on personal research and an understanding of the market. Therefore, it is best to make informed decisions without relying on the opinion of social media influencers.
Do you talk to your mother or your father about money and learn from them or follow their advice?
I often talk to my parents about money, as they have been managing it for a long time and have valuable insight and advice to offer. I always take their advice on board and try to learn from their experiences. I am grateful for the guidance my parents have given me and continue to rely on their advice when it comes to money.
