{Money Diaries is part of The Quint’s initiative to develop an understanding of personal finance, money management, and investment strategies as a way to boost the financial literacy of those most in need.
In this section, we tackle the ever-present stigma around money. We ask young Indians basic questions about their educational qualifications, how much they earn, if they know the industry standards, and how they spend and invest their money.
This month: A journalist who earns Rs. 40,000 per month in Delhi.}
1. What is your highest educational qualification? Does your industry expect a degree and, if yes, how did you pay for your higher education?
I have achieved a post-graduation diploma from the Asian College of Journalism, Chennai. In my view and experience, most media houses ask or expect a degree from IIMC or ACJ. But it is not a compulsion. The tuition fees for a 10-month course was Rs. 5.5 lakhs back when I graduated in 2017.
My parents shelled out Rs. 2 lakhs. I took an education loan for the remaining Rs. 3.5 lakhs because I did not want to be a financial burden. Fortunately, I have paid off my loans by paying Rs. 10,000 per month from my salary for the first two years of my job.
2. What was your first job, and how did you get it? How much did it pay?
This was my first job. I got into Business Standard after a teacher put in a good word for me before college placements began. It paid Rs. 36,000. In 3.5 years, it just grew to 40,000. Inflation rose more than my salary ever did.
3. How do you ask for an increment/raise at your work?
We generally do not ask for an increment/raise. We follow a rating system or module in our organization. The seniors assess our performance, and they decide our increment accordingly. Even if you get promoted, you hardly see any monetary raise reflecting on your salary slip.
I have realized that the best way to hike our salary is by switching jobs. Staying in the same organization does not necessarily mean your loyalties or hard work will result in a financial raise.
4. Growing up, did you have to worry about money? How did you learn about money management?
Both my parents work in PSU jobs. So, money was never an issue for me while growing up. I learned how to manage money from my dad. He taught me about personal finance, way ahead of my age, and showed me the ropes of compounding money by investing it in the stock markets and other asset pools.
He used to explain to me, "You must spend your money only after saving and investing in blue-chip companies". The earlier I would start more I could make and save that will help me both on a rainy day or even for my retirement.
5. How do you build your financial safety net? What is your idea of investment?
I believe no other avenue gets you as solid a return as the stock markets. I believe in investing in quality stocks for the long term. I will not talk about cryptocurrency, bitcoins, NFTs, etc. There is plenty of controversy around them.
I started investing in good-quality stocks in the first month of my job. Even after paying off my loan, going on multiple trips, and spending so frivolously on food and clothes, I currently hold a portfolio of around Rs. 8 lakhs with Rs. 5 lakhs being the principal amount that I have invested in about 4 years.
(This article on personal finance is part of The Quint's 'Save and Grow' campaign)
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