Money has both micro and macro connotations. According to Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises, women have started delving into the macro aspects, while men can do well to understand the finer aspects of money, such as reducing household expenses.
In an interview with MintGenie, Saluja said women must invest in different instruments that include health and life insurance too.
Edited Excerpts:
Q. What money advice would you give to young girls, students and newly working women?
Write down your financial goals and make plans to achieve them. Include investments in different instruments in your plan. Buy health and life insurance as you will get the best deal when you start young. You can keep enhancing the cover at different life stages. Every day when you step out, read your goals aloud and remind yourself that you are making progress towards achieving those goals.
Q. For some reason, finance is still considered a man's industry, take us through the beginning of your work in the financial industry and the challenges you faced.
Being a woman from the world of medicine and entering into finance was both exciting and challenging. My academic background gave me respect and a solid grounding, and I was able to break the cultural stereotypes. That said, I have been a part of the Religare Group, first as a member of the Board and later as the executive chairperson. I have received complete support from my team members. Together, we have overcome all challenges and celebrated our victories.
Q. Share with us a piece of advice you always follow when it comes to money.
Rather than working for money, I always attempt to make my money work for me. In my career, I’ve seen many people struggling to manage their finances despite enjoying reasonable professional success. We are lucky to be living in an era where we can leverage our money to provide us with a fulfilling life. The key, however, is to get off the treadmill chasing money and get on the wheel to drive your wealth.
Q. What do men need to learn from women on the money front?
Money has both micro and macro connotations. While women have started delving into the macro aspects, men can do well to understand the finer aspects of money, such as reducing household expenses. Often, men don’t focus on the same and leave it to their spouses to handle it. If they can also focus on financial affairs at home, it will free women’s bandwidth and allow them to contribute more towards augmenting the household’s wealth.
