It is crucial to educate yourself about personal finance. According to Sonam Srivastava, Founder, Wright Research today,money represents the ability to invest in oneself, create new ventures and help others.
In an interview with MintGenie, Srivastava said that money is a means to an end, and what is truly important is how we use it to shape our lives and those of others.
Edited Excerpts:
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 would be to start early and invest in your future. Investing early in your career can help you build wealth over time. Living within your means and avoiding overspending on unnecessary things can help you save for important goals like buying a home, starting a business, or retiring comfortably.
Additionally, paying off high-interest debt, like credit card debt, should be a priority to avoid financial pitfalls. Building an emergency fund is also essential to provide a safety net during unexpected events like job loss or a medical emergency.
Lastly, it is crucial to educate yourself about personal finance. Reading books, attending workshops, and seeking advice from financial experts can help you make informed decisions about how you save and invest your money. By following these principles, you can build a solid financial foundation for your future. Remember, every little bit counts, and small steps today can lead to significant financial rewards in the future.
Q. What does money mean to you?
As someone who has devoted her career to investment research and portfolio management, money is essential to my life. However, it is not just about accumulating wealth, but rather about using it to create opportunities and improve the quality of life. To me, money represents the ability to invest in oneself, create new ventures, and help others.
Moreover, money is not just a personal tool; it also has a broader impact on society. The power of money can be leveraged to create positive change, such as funding social enterprises, supporting education, and advancing scientific research. Therefore, as someone who understands the potential of money, I feel a sense of responsibility to use it for good.
Ultimately, money is a means to an end, and what is truly important is how we use it to shape our lives and those of others. For me, the true value of money lies in its ability to create opportunities, make a positive impact, and contribute to the betterment of society.
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.
When I began my career in the financial industry, it was very much a man's world. I remember walking into meetings and being the only woman in the room, feeling like I had to work twice as hard just to prove myself. However, I refused to let that stop me from pursuing my passion for finance.
As a woman in a male-dominated industry, I faced many challenges, from overcoming biases to proving my expertise time and time again. However, I saw these challenges as opportunities to learn and grow, and I never let them deter me from my goals.
Today, as the founder of a successful robo-advisor, I am proud to be a role model for other women in finance and hope to inspire more women to pursue careers in this exciting field.
Q. Share with us a piece of advice you always follow when it comes to money.
One piece of advice that I always follow when it comes to money is to be disciplined and focused on my long-term goals. It can be tempting to make impulsive decisions with money, but I have learned the hard way that those decisions often lead to short-term gains and long-term regrets.
Instead, I try to approach money management with a clear sense of purpose, setting realistic goals and sticking to a plan that will help me achieve them over time. This requires discipline and patience, but it has helped me build a strong financial foundation that I can rely on for the future.
Q. How do you think men and women differ from each other when it comes to handling money?
In my experience, men and women approach money management differently, and the two have several key differences. For one, women tend to be more risk-averse than men, which can sometimes make them more conservative investors. Men, on the other hand, maybe more likely to take risks and chase big returns, which can sometimes lead to bigger losses.
Additionally, women often prioritize long-term financial goals, such as retirement planning and wealth accumulation, while men may be more focused on short-term gains and instant gratification. This can sometimes lead to different spending habits and investment strategies.
Of course, these are generalizations, and there are always exceptions. However, I do believe that understanding these differences can help both men and women make better financial decisions and achieve their goals more effectively.
Q. What do men need to learn from women on the money front?
Men could learn the importance of balance and planning from women on the money front. While men may be more inclined to take risks and chase big returns, women tend to approach money management with a greater degree of caution and focus on long-term goals.
By learning to strike a balance between risk and caution, men could benefit from the stability and long-term growth that comes with strategic planning and disciplined investing. Additionally, women are often more skilled at budgeting and saving, which can be valuable skills for anyone looking to improve their financial well-being.
Overall, I believe that men and women can learn a lot from each other when it comes to managing money and that a more balanced approach can lead to better financial outcomes for everyone.
