Three Women Entrepreneurs Share Tips For Good Money Management
- IWB Post
- August 31, 2018
Mutual funds or properties or jewelry? Which one would be the right investment? This state of confusion kicks in at least once in our lives. Three female celebrities, at the top of their game, share some money management tips, which have helped them utilise and multiply their money.
For Bollywood actors’ favourite Pilates trainer, Namrata Purohit, investing, re-investing, and saving is the key to perfect money management. “I think it’s important to invest in different things and spread or hopefully dilute the risk,” she told Elle India.
Purohit kickstarted her career at the age of 16 and years later runs 10 studios around the country. She realised the need to save at a very young age. As a child, she would religiously collect coins in her piggy bank. “I used to trade the coins I saved with my grandmother for some notes and would then buy myself some treats or goodies with that. My mother taught me the importance of saving money and spending it wisely,” she shared.
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2,274 Likes, 12 Comments – Namrata Purohit (@namratapurohit) on Instagram: “Limitations only exist if you let them…. #NoLimits ! . . . #Pilates #Pole #PoleFitness #PoleDance…”
Namrata’s education in commerce in college and Master’s in economics helped her understand the financial market, risks, loans, bonds, and mutual funds. “We also specifically studied the Indian financial market. Besides, I keep talking to friends from the finance field or just people I believe are good at understanding the markets. I feel like I learn a lot from them,” she said.
Another believer of savings is successful vlogger Scherezade Shroff Talwar, who started her career at 16. Sherry shared, “At that age, you don’t think of savings. Plus, I was living with my parents. When I grew older, I understood the value of money and realised I didn’t have much left. So, around 6-7 years ago, I decided to save and started off small.”
Sherry then consulted with a close family friend about investments who encouraged her to also do her own research. “Initially, it was overwhelming and I was very scared,” she admitted. Today, she invests in mutual funds and SIPs — “nothing dangerous or unpredictable.”
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“I grew up in a regular middle-class family where money wasn’t something that was consciously discussed. We weren’t spoilt though. Also, in the 90s, apart from toys and things like that, there wasn’t much to spend on, unlike today, when two-year-olds have iPads,” she said. In the future, Sherry wants to understand the stock market and how shares work. “I’ve always been curious about it. Right now it’s an alien concept to me, and I hope to look into it when I have more time,” she shared.
Divyanka Tripathi, television’s favourite leading lady, has picked up various suggestions oninvestments from various people in her life. The award-winning actor from Ye Hai Mohabbatein shared, “When Banoo Main Teri Dulhann was ending a few years ago, I happened to bump into actor Surbhi Tiwari for the first time. She appreciated my work and gave me some good advice. She told me to buy a home, as actors don’t get loans easily.”
Since then, Divyanka has been a property investor.
During her next show, Mrs and Mr Sharma Allahabadwale, her co-actor Rajesh Kumar gave her another piece of advice: to invest in gold and silver out of each paycheck. “I did that and it truly turned out to be useful during my ‘no work’ period. Actors don’t get any major benefits considering the amount of struggle we go through, especially between shows, while waiting to get work. We pay heavy taxes but we are not even considered an industry. So it’s important to help ourselves,” she said.
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Divyanka learnt the basics of money management from her father, Narendra, and is proactively involved in all her accounts-related work. “He’s a businessman. Back in the day, I used to sit in his medical store and help him at the cash counter. He taught me that one shouldn’t procrastinate when it comes to official paper work and money matters,” she shared. Taking his words seriously, Divyanka says she makes sure to pay her taxes on time. “If there are any loans, I try doing backward planning about how to pay them off at the earliest.”
H/T: Elle India