Imagine a life where you have the power to call the shots, make your own decisions, and chase your wildest dreams without being held back by financial constraints. That's the magic of financial independence! It's like having a secret superpower that gives you the freedom to live life on your own terms.
Vani Dua of Shaheed Bhagat Singh College, University of Delhi, tells MintGenie in an interview, a job gives you a chance to thrive and helps you inculcate important corporate skills. Currently in the process of exploring her interests, as an economics student, she is actively engaging in internships across various companies. Additionally, she has a keen interest in reading self-help books.
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 for me is freedom, the freedom to explore new things, the freedom to spend on things I like, and the freedom to just be me. Money helps one discover new things in life. I won’t say that it is the most important factor but money is something that I take into consideration while making decisions. I agree that money is not everything but it is something.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
As someone who likes to read, I would say 40% of my money is spent on books and courses, 20% is spent on exploring new places with my friends, be it cafes, museums or trying new activities, 15% is spent on traveling and I like to save the rest for any unexpected expense that may arise.
What are the things you want to spend money on?
I am someone who loves creating new memories and experiencing new things, I like to spend my money on exploring new cafes and visiting fun places with my friends, I also like to spend on self-help books as I love reading them and also invest in courses to explore my interests in domains like finance and entrepreneurship.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I do save money, I try to save 20 percent of my allowance every month. My parents have always encouraged me to save for any unexpected expense that may arise. When I know I need to spend more in the coming months due to one reason or the other I like to spend it there, otherwise I spend it on buying gifts for family and friends.
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?
For me, having a job is independence. I think having a 9-5 corporate job provides stability and is a good way to start your career while you are still exploring different avenues. A job gives you a chance to thrive and helps you inculcate important corporate skills. The top two factors I would consider when deciding on a company to work for would be location and work culture.
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 your money wisely is very important. As an economics student and very well aware of the cost of inflation, inculcating good savings habits is quite important. If someone is aware of the fundamentals of the stock market, investing in it is a good option. Apart from that, mutual funds can also turn out to be a good investing option.
However, I feel like investing in mutual funds and stock markets should only be done when one knows the fundamentals of each. Bank savings is a safe option for everyone. Investing in different options can be a good way to go about it.
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 much as finance intrigues me, I do not have a proper understanding of saving and investing but I am exploring my interests in it by pursuing a course in stock markets and reading about investing from different websites. I am learning about investing and would like to start trading soon.
Do you follow social media influencers and follow their investment advice?
In this era where everything is so connected, I think everybody is at least a little bit influenced by the advice influencers give. I myself do follow some social media influencers and follow their investment advice. However, I also like to read newspapers and blogs as these are more reliable sources. I feel like one should not follow any investment advice blindly and should weigh their alternatives before investing.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Yes, I do talk to my mother and father about money. My parents are very open about all the expenses incurred, how much they are saving, and where they have invested which has helped me develop a fair idea of how much should be saved and where it should be invested.