Money management is of utmost importance in today's fast-paced and ever-changing world. Effectively balancing their money allows individuals to take control of their finances, make informed decisions, and secure their financial future.
Parv Kumra of Maharaja Agrasen Institute of Technology tells MintGenie in an interview money may not guarantee happiness, but it undeniably plays a significant role in shaping our lives and opening doors to new possibilities. As a computer science student, his interests revolve around technology and the field of web designing.
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 is indeed an important factor for me since I was always money-minded even as a child. I made it a point to save a share of my pocket money. But growing up has made me realize that money is not everything. However, it is an important factor when it comes to major life decisions. While money may not guarantee happiness, it undeniably plays a significant role in shaping our lives and opening doors to new possibilities.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
At the moment, my expenses primarily revolve around transportation for daily commuting to my college and exploring new places, which constitutes around 40% of my pocket money. Additionally, around 30% goes towards leisure activities such as dining out, movies, and occasional shopping, while the remaining 30% is dedicated to saving for future goals and unforeseen expenses.
What are the things you want to spend money on?
While I understand the value of saving money, when it comes to spending, I would like to spend on some cool kicks and trendy clothing. Furthermore, I find great joy in treating my loved ones to memorable experiences and meaningful gifts on special occasions.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I always make it a point to save money. In fact, saving money is a major driving force for me. I wish to save money to secure my future and to spend it on my various interests. I also consider saving as a means to achieve financial independence and have a safety net for unexpected expenses or opportunities that may arise.
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?
To me, having a job means a reliable source of income and financial security. It also provides a sense of purpose, personal growth, and opportunities to contribute to society. When deciding a company to work for, two top factors I consider are a positive working environment that fosters collaboration and growth and a company that values work-life balance and offers flexible working hours to support a healthy lifestyle.
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?
If I were to invest, I would prefer mutual funds than the stock market since the latter requires a deep knowledge and entails a higher risk. However, I would also consider diversifying my investments by allocating a portion of my savings to low-risk options such as a bank savings account or fixed deposits to ensure a stable foundation for my finances.
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?
I believe I have a good understanding of saving money, and sometimes I even overdo it. However, I am yet to learn about investing my money and growing it over time. I am eager to acquire the necessary knowledge and skills to make informed investment decisions and ensure my financial resources are working effectively for me.
Do you follow social media influencers and follow their investment advice?
No, I don't follow any social media for my financial knowledge. I prefer to talk to my seniors and parents to get my financial advice.
Do you talk to your mother or your father about money and learn from them or follow their advice?
I usually talk to my father about money matters and follow his advice blindly. This is because my father is not only good at managing his own finances but he even gives other people advice on how to handle their money.