Financial independence is a supreme power: Says Padma Shri winner

A Padma Shri recipient, winner of a People’s Choice award, Miss World 2000,  actress, singer, American TV star… You know who she is. Priyanka Chopra . But do you know what she thinks about money? 

Professionally, it is difficult to sum up Priyanka Chopra in one word—she is a Bollywood superstar, pop singer, TV star of the popular show Quantico, debutant in Hollywood’s upcoming movie Baywatch, former Miss World, and now a regional movie producer. However, when it comes to her own money management, the one word that she uses for herself is “ant”. “When it comes to an everyday situation, I am like an ant. I keep putting money aside because I know that if I want to splurge, there is a big mountain of money that I can use.”

Here are five money lessons that she stands by.

1. Financial independence is a supreme power

The first money lesson that padma shre winner learnt from her mother was the importance of being financially independent. Her mother had played a important role for in her financial independence her Mother always said that when a woman is financially independent, she has the ability to live life on her own terms. According to the her that was the best advice that she ever got. No matter where you go in life, or who you get married to, you have to be financial independent. You don’t know which curve balls life will throw at you. Hence, you need to have the ability to take care of yourself and people whom you love. Earning itself doesn’t make you financially independent. When you know how much money you have, where it is and what it can do, it’s easier to take decisions. (How to invest like warren Buffet?)

2. First save, then spend

“This habit of saving first and then spending was inculcated even before she started earning—when she used to get my pocket money. she used to save her pocket money. She was not a miser. She used to keep putting money aside because she know that if shewant to splurge, there is a big mountain of money that she can use which gets accumulated,” says Chopra.

One must always save a part of what one earns. The target need not be very high target in the beginning. The equation should always be income minus savings is equal to expenses. You can do this by putting your savings on auto-pilot by letting a fixed amount be invested every month.

3. Seek professional advice

Chopra is among the busiest stars in the Indian film industry. Since her work leaves her with little extra time, she depends on a team to manage her finances. “she have a good team who takes care of all of that. she leave it to the people who actually know what they are doing.she have a really amazing team, which includes her business managers over there (in the US) and over here (in India). Her mom heads it. So, she don’t even get into the nitty-gritties,

The money that you earn and save needs to be managed productively. So, if you don’t have time or don’t understand money management, seek professional help. Your financial planner or adviser will not only help you make appropriate investment decisions but also reset the financial discipline that you need to achieve your goals. A dedicated financial adviser whom you trust can bring clarity and stability to your money life.

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4. Be regular

Be it your studies, career, or investment, your efforts need to be consistent to get results. “If you consistently ace every exam or every test you take, you will keep on getting A+. If you study for all small tests, and get an A+ for all, eventually you will come first in class. Anything you do, you can’t lower your standards; eventually you will win. The plan is not the big win; the plan is winning today, right now,” says Chopra. Incremental investments need to be made regularly. To grow wealth, money needs to be added bit by bit. Be disciplined in investing. Besides keeping money aside consistently, take a relook at investments when needed.

5. Keep track of your money

In the initial days of her career, Chopra used to keep track of her money by jotting down details in a diary. “Initially, mom and I used to have a little diary where we would write what is coming in and what is going out just to keep track because there are months where you get a lot of money and then there are months where you get nothing. So you have to be able to make sure that you even-out for the entire year. This was especially so in the beginning for me,” shares Chopra. Whether you have a regular income or not, begin with writing down all expenses. You could use a diary, and Excel sheet or even apps. If you track your cash flow, you will be able to track down unnecessary expenses.

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The Money in The Pot of Butter

Vinit had to go on a long travel. He hid his money in a pot and put butter over it. So nobody could see what was there under the butter in the pot. 

Then he took the pot to his neighbour house Sumit and said, "Please keep this pot of butter for me till I come back." He did not say anything about the money in the pot. 

A month passed. Two months passed. But the vinit did not come back. Sumit thought, "I'm afraid the butter in the pot is bad."
And he took all the butter out of the pot and saw money there.
He took the money for himself and put many small stones into the pot in place of the money. When the vinit came back, he asked sumit for the pot. He carried it home and took out all the butter. He wanted to take the money. But he found only many small stones under the butter. (Money Mysteries: Know Yourself Before You Invest.)

Vnit was very angry. Then one of his pranjal came to see him. "You look angry, my friend! Why are you angry?" asked his friend.
"Oh, I am a silly man!" And Vinit told his friend the story about the pot of butter, the money and the small stones. 

"Well, I can show you how to get your money back. Let us go to the forest." 

And the two friends went to the forest, caught a monkey there and brought it home. 

"Now you go to your sumit and say, 'Please let your son come with me to the market. He can help me to carry food from the market."
The man did so. The sumit sent his son to the man. But they did not go to the market. The man went home with the sumit’s son and locked the boy in his house. 

The pranjal said, "Now go to your Sumit with the monkey and say: 'Here is your son." 

The man did so. The sumit was very angry. 

“Take the monkey away and bring back my son!" he said.
"Why, this is your son! If money can turn into small stones then a boy can turn into a monkey." 

The Sumit understood everything. He brought the money and the man let the boy go back to his father. 

The Vinit thanked Pranjal very much. He wanted to give him a part of the Money. But his friend did not take it. "We are friends, aren't we?" he said. "And friends always help each other. But never take money for that. Never, never!"

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