Money is a necessary commodity, thus it's crucial to learn personal money management skills from a young age in order to become financially literate. Youngsters must be exposed to conscious financial literacy beginning in early age in order to grasp the fundamentals of money management and become a financial educated youth. Involving teenagers in day-to-day financial problems, beginning with family expenses, helps open their eyes to some financial elements. It encourages them to try to save money and to be more responsible with their spending.
To better understand what young people think about these important concepts, we seek the perspectives of students and young professionals on money matters. Aditya Subramaniam of St. Xavier’s College, Mumbai tells MintGenie in an interview about how he personally feels that having a purpose to go on at the professional end of your life is very important.
He is currently pursuing Master’s in Physics with a specialization in Astrophysics. Describing himself as a huge movie enthusiast, he has a major inclination towards music, someone who is constantly seeking for the next instrument to master. And, as he likes to puts it, he is too extroverted for his own good.
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 translates to me more as a responsibility than as a reward for the work put in. As privileged as it sounds, it has not been the central aspect of my life and decisions. Ideally, I would like to earn/save enough money so as to not think about it actively. I am not obsessed with it, but I wouldn’t mind having a little more than I require.
As far as study and career is concerned, yes, it is very important and major family meetings are held to checkout the expenses. But it isn’t debilitating in a way that I cannot study a particular course or choose a lesser paying but more stable and fulfilling job if I want.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Since I am a student, most of my money is spent on course books and relevant courses that will help my career. 50% of my money goes there. I still live with my parents so thankfully I don’t have to spend anything for survival and lifestyle. Other than that it’s all minor expenses on looking and feeling good. Since I am a freeloader at home, a lot of it is spent on groceries.
What are the things you want to spend money on?
My field is such that I require lots of knowledge resources and most of them are expensive. Since I really like what I do, I would spend money on getting better at what I do. I would absolutely love to buy and play more musical instruments, I own a few, but NOT ENOUGH! I would like to invest some of it into projects that are helpful to my immediate surroundings and society at large. Also, unlimited snacks.
Do you save money? If yes, how frequently and what do you do with this money?
I wish I saved more to be very honest. I binge watch investment and compounding videos on the internet but I am yet to put that into practice. I do not spend a lot on trivial things, but I don’t consciously save enough either. Any savings whatsoever, is purely good fortune.
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?
As much as the free thinkers of the internet would like me to believe that I can do anything and I should be my boss, I am pretty laid back on this aspect. Having a job is anything fulfilling to work on, with suitable compensation. I personally feel having a purpose to go on at the professional end of your life is very important. When deciding for a place to work on, I would look at job stability and stimulating work environment.
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 in some form or other is something you cannot live without in the 21st century. Almost everyone invests, some profit through investing in good places and others learn through their experiences. I have been keeping my money in a savings account as of now, but with active income I would start investing in other places after being educated on them and doing my end of proper research.
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?
My father is really good at long term investment and my go-to guide for any finance related queries. My mother has the superpower of saving more money than she earns. They are the first people I get my attitude towards money from. I have a rudimentary practical knowledge on saving and investment thanks to them and I am expanding my knowledge base here from the internet.
Do you follow social media influencers and follow their investment advice?
Yes, I do follow a couple of social media influencers and I have tried their advice on investment, but I am still a novice at best.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Yes, always. As mentioned earlier, they are my go- to source for any investment related advice and I frequently turn to them for guidance and support if I take any wrong step in this direction..