As we embark on a personal finance journey, the word money 1st comes to mind –
What does it mean to each one of us ?
For me, it was a necessity to get the right things in life to get a good life.
I went about asking this question to a few of my close friends and family and was surprised at some of the various responses :
1. A friend who is a housewife said : I cannot relate to it, this is for my husband to take care.
That was a normal response.
2. Another friend who is a working executive said – about 28 years old – it helps me to get an identity of my own. A sense of independence and achievement.
That’s what lots of us feel who are working or self-employed.
3. Spoke to a older relative who had managed the family’s finances for over 3 decades :
It is of extreme importance to know the business of money. Stocks, bonds and all that. There is no other way in life.
Was told very emphatically.
I was indeed impressed with her answer…at that age and of that vintage (about 60 years – non-working)
4. A daughter of a dear friend is studying in the city and I am her local guardian :
She said something interesting again : When I stayed with my parents it was cool, now I try to find food items of daily use at a wholesale outlet or try to get some bargains.
Youngsters learn fast don’t they ? She said I must save….things are becoming so expensive. I was impressed with what I heard.
5. A leading doctor professional responded : I think managing money is more important than earning a lot of money. I work hard but somehow the money just slips and by the month end I feel that there is hardly left to save. But I do manage.
She had a good standard of living but savings was low.
So the various responses got me thinking – is there a structure a girl/ woman /lady could follow to manage her personal finances…be it a student, working executive, professional, a Senior management executive or a Senior Citizen itself ?
I browsed the net and looked up and found that there is not really a structure they could follow in the Indian context…there is lot of information available but no structure like a Do it Yourself (DIY) …so should I work towards making a structure is what I thought ?
And I think I am going to discuss about that in my next byte…
Cheers for now and happy investing …..