The rise of consumerism and the complex financial landscape of this constantly evolving environment has made financial literacy a must-have skill for everyone. With the economic pressures of student loans, housing costs, and the cost of living, it has become increasingly important for young people to learn about financial management so that they can make smart decisions with their money.
Rainisha Nautiyal of Kalindi College, University of Delhi tells MintGenie in an interview that regardless of the investing path she may choose, researching and understanding the risks associated with each investment will be key to making wise decisions with her money. As an English Honours student, her passion revolves around literature, mostly reading and criticism, while also finding time to enjoy movies, shows, and anime.
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 to me is a mode of exchange that is necessary to maintain a certain standard of living, and in many cases, survival. When it comes to my life decisions, money certainly plays a prominent role in guiding said decisions, but only to the extent where I'm able to maintain my happiness quotient along with a decent lifestyle.
The first factor on my checklist when deciding upon my career was my passion and interest, then came the monetary benefits. I do adjust my decisions accordingly to maintain a balance between the two, but money would not necessarily be a priority every time.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Every month, I spend my money on different needs. Food takes up the majority of my expenses (50%), followed by travel (10%), clothing (10%), skincare (20%), and books and stationery (10%) for my graduation. Additionally, I also spend on feminine products from time to time. In total, I aim to make sure that I can sustain my lifestyle and needs without compromising on either.
What are the things you want to spend money on?
If I could, I would spend more money on travelling since it would be a great way to explore the world and learn about different cultures. I would also like to spend more on clothing, but instead of buying fast fashion, I would prefer to buy sustainable and ethical alternatives.
My spending on food, skincare, books, stationary, and other accessories is also important to me. I believe that by spending a bit more, I can get better quality products that would last longer and therefore help me save money in the long run.
Do you save money? If yes, how frequently and what do you do with this money?
I do make an effort to save money, although I don't have a set system. I try to limit my spending and save money as much as I can. I use the money I save to invest in my future, such as buying books, enrolling in courses and attending seminars. Additionally, I also try to set aside some amount of money every month for emergency situations.
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?
Having a job means having a sense of purpose and financial security, but it is much more than that to me. It is a way to make a difference in the world and have a positive impact on my community. That is why, when I am looking for a job, I pay attention to more than just the salary.
Since I am considering a teaching position, I need to make sure that the institute’s curriculum is compatible with my ideals. The second thing that I would take into account is the stipend they provide. Having a job is more than just earning money; it is about finding a place that supports my values and beliefs.
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 money can be a great way to grow your wealth and create financial stability. I would be interested in investing in the stock market, as it can be a great way to diversify and generate returns. Mutual funds can also be a great way to get exposure to multiple stocks in one investment.
Additionally, I would also consider keeping some of my money in a savings account to ensure that I have access to the funds when I need them. Regardless of the path I choose, researching and understanding the risks associated with each investment will be key to making wise decisions with my money.
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?
Yes, I have an understanding of how to save and invest. I learnt this through my peers, who shared their knowledge and experience with me. I learnt about the market standing of certain companies, the rate of shares and debentures, and the demand-supply system.
I also had an insight into how the stock market works and the various factors that determine the prices of shares and debentures. I am always open to learning more about the stock market and am actively looking for more resources and knowledge about it.
Do you follow social media influencers and follow their investment advice?
No, I do not follow social media influencers and their investment advice. Investing in anything should be done carefully and after thorough research, and not based on the advice of any individual, even if they are a popular influencer.
Investing is a complicated process, and there are many different strategies and approaches to consider. The advice of influencers may not always be appropriate for an individual's particular situation and goals.
Do you talk to your mother or your father about money and learn from them or follow their advice?
I do talk to both my mother and father about money and learn from them. I take their advice into consideration, but I have never had the chance to follow it. My parents both have different perspectives on financial matters, so I feel like I can get a well-rounded opinion if I talk to both of them.