Actor Taapsee Pannu, of Manmarziyaan, Pink, Naam Shabana fame, feels money management is a reason to feel confident.
“It is important for both men and women. You won’t have to depend on anyone else and you are entitled to make your own decisions for your happiness without worrying about your future."
For Pannu, ever since she got her first pay cheque, her father has been managing her finances and her bank account.
While she considers herself to be an experimental investor, her father she says is a risk-averse investor. “He doesn’t get into risky zones where there is no guarantee of safety of money whereas I am very experimental; I like to invest in businesses where I have an intuition it will grow into something bigger," she said.
Pannu, her sister Shagun and friend Farah Parvaresh run an event management firm, ‘The Wedding Factory’, which organises marriages. She has also acquired a team in Premier Badminton League called the Pune 7 Aces.
“My father believes in saving more than spending. In fact, sometimes he wants me to live poor so I can die rich!" The actor said she has found a middle path for herself where she spends on things that keep her happy and also her investments. “I first thought of money management when I started earning enough as a way to support myself and then I thought it’s time to take the next step, to think of starting some business myself," she said.
Her money advice from her father is to diversify investments. “Don’t put all your investments in one basket. It is always better to try out different types of investment schemes and opportunities."
Pannu’s portfolio includes mutual funds, fixed deposits and properties. “My father has deliberately kept it this way. All I know is my bank accounts barely have any money which makes me feel like I don’t have much to spend at any given time," she quips.
When it comes to spending, Pannu likes to splurge on clothes and food and does not bother about the price tag as she says these are life experiences.
Understand the power of compounding, says Jheel Goradia
For 24-year-old Jheel Goradia, a street artist, the importance of money management stems from the uncertainties that lie ahead in the future.
“My parents advised me that no matter how little you make, save some for the future. Bigger goals such as a house, new car and starting a new business are coming up," said Goradia.
Goradia who has been based out of Abu Dhabi for a year, plans to return to Mumbai next month considering the market there is not conducive for her business.
She plans to start a business in Mumbai, which would deal with designing quirky stationery, branding and wedding cards. She plans to add more verticals in future. “I have been saving up since the first day I started working so I am hoping I will save enough to start a business of my own." Goradia, who is a risk-neutral investor, said, “I save first and then spend the rest. I have kept my investments in different instruments so that my money is safe."
Earlier, when she was earning in Mumbai, she would invest 25% of her income—around 10% of her monthly income would go to the bank and 15% in investment. “I had thought I would be saving more than what I was in Mumbai when I move to Abu Dhabi. If you convert my earnings in Abu Dhabi to Indian rupee, I was earning more than I was in Mumbai. However, as I live here alone, rent and groceries become an added expenditure."
How does she manage to save and invest then? She first started focusing on money management when she received her first salary and started living on her own. “I gave my first pay cheque to my mother who put it in a bank account for my future," she said. “Start a budget, stick to it and establish fund money, emergency and long-term saving accounts." Goradia has invested in mutual funds, fixed deposits and public provident fund. “I also invest in shares but that comes with a risk. I wish to invest in real estate someday. Once my savings are ample, I would like to invest in properties," she added.