On my fifth birthday, my favorite aunt brought me a pink-roofed house shaped toy that looked like a tiny version of a doll-house. I shrieked with utter disbelief every time a dog came out barking when I put a coin outside its door and pulled the coin in but as every five-year-old, my attention span got over, and I was pulled off to other gifts like dolls or kitchen sets. But, to make the long story short, that’s where my first encounter with savings started!
When I was starting high-school, I used to accompany my mother to banks where she would patiently wait in lines with slips and money in hand, and I used to sit and watch her antics for several minutes till one fine day she called me to sign a few documents. Only then I came to know about a thing called recurring deposits. An account she had opened for me so that I can understand that apart from just wasting my pocket money, I can also save some of it in a bank every month so that I can get a bulk of amount after a couple of years. From then onwards, believe it or not, I started a journey of saving about seven hundred rupees a month. Saving in it gave me a sense of freedom that at some point in time when the account matures I will have a lump sum of money and it will be all mine!
When I started working, I was all hunky dory with the fact that now I earn enough to buy my clothes and eat at fancy restaurants. The thought of saving money never circled my mind as I was staying with family and for any financial emergency, my parents were always there to help me out. It was only when an acquaintance of ours told me about investing in a life insurance scheme. It was okay for me to nod a yes to him as I just had to link my bank account to that scheme and the money would automatically be deducted from my account every month. Little did I know about the importance of life insurance at that time and how it would benefit my family even when I am gone.
I had a childhood where I had always been pampered and all my wishes were fulfilled some way or the other. But there were a few significant milestones in which I came across a few people who taught me some valuable lessons on some right investment strategies. Not only am I grateful to them, but to say the least, it has also made me financially independent.