It's important to educate yourself on financial topics such as investing, retirement planning, and debt management. According to Meenakshi Dawar, Fund Manager, Nippon India Mutual Fund, women are likely to be more measured and balanced in their spending and investments.
In an interview with MintGenie, Dawar said that having a plan and an investment goal is very important. Prioritize your investments, managing your money is your responsibility.
Q. What money advice would you give to young girls, students and newly working women?
My advice to young girls, students, and newly working women is to start saving as soon as possible. Even if it's just a small amount each month, it's important to get into the habit of saving and investing for the future. Having a plan and an investment goal is very important. Prioritize your investments, managing your money is your responsibility. Please don’t outsource that job to anyone.
Additionally, it's important to create a budget and stick to it. This will help you stay on track with your financial goals and ensure that you are making the most of your money. Finally, it's important to educate yourself on financial topics such as investing, retirement planning, and debt management. This will help you make informed decisions about your finances.
Invest time in learning, unfortunately, money management is not taught in our schools and colleges so you will have to put in that effort. Seek the help of personal finance experts. When you start early you have time to explore, make mistakes and learn from them.
Q. What does money mean to you?
Money is a means to achieve your goal. Having enough wealth of your own means freedom to decide what you want to do, when and how. Money to me means security, freedom, and opportunity. It gives me the ability to provide for myself and my family, pursue my dreams, and make a positive impact in the world.
Q. Take us through the beginning of your work in the financial industry and the challenges you faced.
I was fortunate enough to join this industry post my education. I always enjoyed finance as a student. The excitement and opportunities that this industry offered kept me engaged. The biggest drawback of this industry is the underrepresentation of women. So, you have to therefore put in more effort to get integrated into the ecosystem which is so dominated by men. I honestly believe that women in this industry can do as well as men. The industry doesn’t require any skill that women can’t attain. In fact, in my experience, I have seen that women in the industry are far more balanced in assessing risk, which is a critical success factor.
Q. Share with us a piece of advice you always follow when it comes to money.
One of the famous quotes by Warren Buffett is, “Do not save what is left after spending but spend what is left after saving”. I can’t emphasize more on the importance of savings. My advice is to always live within your means. Don't spend more than you make and save for the future. Live within your means and you will be able to build a secure financial future.
Q.How do you think men and women differ from each other when it comes to handling money?
Handling money has three aspects
2. Spending and
Your earning is the source of money, the habit and tendency to spend is a function of your personality and lifestyle and how you manage your savings depends upon your knowledge and awareness about different investment instruments and your risk appetite. Maybe women are more measured and balanced in their spending and investments. Although, I think there are far more variables at play than gender.
Q. What do men need to learn from women on the money front?
The things that I have learned from women around me, which is good learning for everybody, is that they are more rational in their decision-making, have the ability to keep emotions at bay, and can take long-term calls. Women are often more disciplined when it comes to money management, and they understand the importance of planning for the future. They should also learn from women the importance of communication when it comes to money matters.