Q). Your Profile?
Answer: I am medical student, studying for a professional degree. I stay away from home in a hostel within my college campus. My course involves lot of money because besides the fees, hostel expenses etc. there are many other expenses such as books, journals, reference books, equipments etc., all of which involves lot of money.
Q). Are you into investments? If yes, then what type of investment?
Answer: Yes. Presently I have SIP’s started in my name in which regular/monthly investments are done.
Q). How did you know about SIP?
Answer: As I have said earlier, the course which I am pursuing involves lot of expenditure. But since I was very keen to pursue it as my career, my parents, grandparents etc. all have been very supportive and encouraged me to go ahead. But I used to be apprehensive about how would my elders manage the huge expense. It was then that my mother comforted me and said without having a definite plan they would not have been able to go ahead with funding for the course. Later, during the discussions about managing finances, she briefed me about the SIP’s that my parents were investing in regularly since some time and told me that since this was a regular investment which they have been doing, they definitely count on it to give good returns which they can utilise for funding my education.
Initially, I did not know about the nitty-gritties of SIP’s. But my mother’s briefing about it kindled an interest in my mind and I asked my parents in detail about this form of investment. They took me straight to the office of Add-On investments and there over a period of about 2 hours Shashikant Patole Sir explained in detail about how the SIP’s work in the Indian economy today and how it benefits the investors. Needless to say I was hooked, but of course, I thought I could not do much about it at that point of time because I am only a student, not earning and in fact, completely dependent on my elders for my basic survival also. But perhaps Patole Sir sensed what was going on in my mind. Right away he offered a suggestion/solution for me to have SIP’s in my name, though I was not earning anything on my own.
Q). What suggestion/solution was offered?
Answer: Patole sir asked me what were the kind of expenses that I incurred in my daily life in the college/hostel etc. As I was saying them he listed them and made a chart of the same. Then he showed me the chart and told me to analyse the same and decide where all I can cut down expenses, without compromising on a decent living. On analysing the chart, I was surprised! I myself found out that I could definitely cut down my expenses by about Rs. 1000-1500/- per month, without having to do any major compromises. He then said that if I can save this money every month then that is only required to start a SIP in my name too. I was bowled over by this idea and was extremely happy. He further suggested to my parents that if I did save money from my expenses, then they could contribute an equal amount as an incentive and thus multiple SIP’s could be started. My parents too readily agreed, and that is how my first SIP started. Over the period of time, my elders have been kind enough to increase the quantum of SIP’s in my name and I too have acknowledged their support and encouragement by being judicious in my patterns of spending the money which is given to me as ‘pocket money’.
Q). What has this whole exercise taught you? What would you recommend to young people/students like you?
Answer: It has taught me many things,
- Money is truly liquid. We can mould it whichever way we want. Doing it the right way is important.
- Saving is Earning.
- Saving/Earning money boosts self-confidence.
- Teaches to respect hard-earned money
- By adopting simple and correct methods money can be made to grow.
- SIP is a very good way to sustain and grow your money.
- Start SIP early if possible, it will definitely help you out in the long haul of life.
- Get in touch with a smart financial advisor like Patole Sir to understand the way to start investing early and earn maximum benefits.
Q). What are your future plans?
Answer: Of course at this juncture, my future is to study hard and do well in my chosen field and then finally achieve my dreams. In the process, by understanding how my elders have been managing their finances to help me achieve my dreams, I have learnt that even my efforts, even if it is in very small ways can contribute to the efforts that my elders are putting in. As I said before, I have learnt to respect money. I have learnt that managing finances is in itself an art and once you do that, things work out in your favour. So my dear young friends, Trust God, Support your Elders, Make efforts yourselves and you will see the magic unfold. Do not wait for tomorrow. Today is the day, Go for it.
