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Money management makes you confident, say experts

  • Taking money-related decisions can bring in more confidence into your life
  • Here are three experts who tell you the importance of money management, mistakes you should avoid and how to plan your money journey

Taking money-related decisions can bring in more confidence into your life. Here are three experts who tell you the importance of money management, mistakes you should avoid and how to plan your money journey.

'Pay attention to your money'

Pay attention to your money. But don’t let it become your goal. It is a means, not an end, says Shinjini Kumar
Pay attention to your money. But don’t let it become your goal. It is a means, not an end, says Shinjini Kumar

Shinjini Kumar, country business manager, global consumer banking, Citi India

How important is money and money management?

Money talks, but it can’t sing. So it is my responsibility to manage my money and to build myself the ability to be a relevant and creative member of society. To take an example, all of us make daily decisions about spending our money. Do we think of the products we buy from a sustainability perspective? In our investment decisions, are we being responsible for our actions and thinking about people affected by our decisions? All of these are important questions to me when I think about money.

What is the one money mistake you made?

I must say I should have started saving earlier. I never thought I would say this. I thought I would live and work forever.

What money advice would you give to women?

Pay attention to your money. But don’t let it become your goal. It is a means and not an end. Also, some of the best investments you will make will be in people, including yourself. So, never miss that angle when weighing decisions.

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'Consult a financial advisor to take the right decision'

Radhika Gupta, Edelweiss Asset Management
Radhika Gupta, Edelweiss Asset Management

Radhika Gupta, CEO, Edelweiss Asset Management Ltd

How important is money and money management?

Money is an important means for both smooth functioning of everyday life and fulfilling your dreams, aspirations and goals in life. If not managed and planned well, it can lead to serious crisis in the long term. Money management is crucial and should be done under the guidance of a trustworthy financial advisor.

What is the one money mistake you made?

I did not pay attention to asset allocation. I started managing and investing money early in life. However, I was not aware of the difference right asset allocation could make to your portfolio.

What money advice would you give to women?

Women should take the initiative to understand money and investments early in their lives. Irrespective of whether you are employed or not, finances and investments should be taken control of. Understand different investment options and their suitability as per your life stage, needs and goals. Consult a financial advisor to take the right investment decision.

Radhika Gupta is the CEO of EAML and the views expressed above are her own.

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‘Prioritise needs and match your expenses’

RM Vishakha, Indiafirst Life Insurance
RM Vishakha, Indiafirst Life Insurance

RM Vishakha, Managing director and CEO, Indiafirst Life Insurance

How important is money and money management?

Money, as a means to an end, is very important and hence, so is money management. Individual needs, desires and aspirations drive the importance of money. If there are alternatives to fulfil this said need, you’ll tend to choose the best ones, if you have resources. Prioritisation of needs and management of available money to match expenses and income becomes a critical skill.

What is the one money mistake you made?

I had once invested in an underconstruction house without adequate research and evaluation which didn’t work for me, as anticipated.

What money advice would you give to women?

It is important to categorise and differentiate expenses, based on goals and objectives. I urge women to prioritise between the critical and the good-to-have expenses based on the situation. Let not the seemingly urgent (short-term non-emergencies) needs take over the important ones. Buy insurance to cover for unexpected contingencies, to minimise emergency expenses that can derail plans. Provide for your retirement and non-income generating life, in assets that are slightly illiquid (PPF, Insurance, NPS to name a few) to minimise scope of trading assets intended for the long term against short term needs

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