This Mother’s Day, let’s say thank you to our mothers for the invaluable life lessons they’ve taught us.
Mother’s Day is around the corner and it got me thinking about how our mothers were our first teachers. My mother gave me many valuable life lessons. She also taught me much about money management. The lessons served me well in every stage of my life. Let me share the lessons with you today.
Start Saving With Your First Salary
I got my first job in Cisco in Bangalore in 2008. When the euphoria of your first pay cheque hits you, it’s easy to be carried away. You may spend it all and not think of saving for a rainy day. However, my mom encouraged me to start saving from my very first salary. No matter how small your first pay, no matter how small your savings, always save something. Try and save at least 20% of your take-home. A monthly SIP of just Rs. 2,000 for 30 years in a Mutual Fund with an average CAGR of 12% gives you a corpus of Rs. 70.6 lakhs.
Invest In A House
Nothing compares to the security of your own roof over your head. But millennials find buying a home challenging. The costs of homeownership are often high. However, my mom encouraged me to buy my own house and to sign up for a Home Loan to fund the asset as soon as I could afford it. You too can fulfill the dream of your own house with Home Loans at interest rates around 8.6% per annum today.
Live Within Your Means
Credit Cards are great for rewards, cash back and mileage points. However, every time I was tempted to get carried away and max out the vast credit limit on offer, mom held me back. She reminded me that it’s still a loan that needs to be repaid, and borrowing responsibly is a path to prosperity. I took her advice to heart very early on, and to this day always repay my Credit Card balance and loans in full and on time every month.
Follow Your Dreams
Starting BankBazaar meant giving up on the stability of a salaried job. My mom initially questioned if we were ready to risk our careers for entrepreneurship. But once we were ready to start up, mom supported us to the hilt. On any given day, she was at hand to lend a friendly word of advice and listen to our experiences on crafting this wonderful journey we continue to tread.
Support Your Family
My brother Arjun invested much of his savings to start BankBazaar. My mom and dad, too, generously gave to me from their savings. It was their way of saying, “We are there for you as much as we can.” It is only natural that we felt that we were invested in this venture through them, and we look to repay them in any way we can every day.
This Mother’s Day, let’s say thank you to our mothers for the invaluable life lessons they’ve provided us.
#DearMa, thanks for everything.