At an event in Mumbai, wellness entrepreneur Mira Kapoor shared how she discusses money with her daughter Misha, including concepts like keeping money in the bank and loans for a bakery booth. She emphasized making her children Misha and Zain financially aware from a young age. Financial expert Mukesh Pandey outlined five principles for financial independence.
Mira Kapoor spoke at the Vogue Values: Women of Excellence event about her family's financial conversations. She said, “Talking to her about money, whether nani has given her an envelope, ‘What are you going to do with it?’ ‘Is it going under your pillow or should it go in the bank?’ If given to the bank, what happens to the money inside? She recently opened a bakery booth, and I helped her understand how much money she has gotten as a loan from me, how much she needs to make a profit.” This shows Kapoor teaching her children practical financial literacy through experiences like bake sales and discussions on investing money from their grandmother.
Mukesh Pandey, Director of Rupyaa Paisa, described five core principles for financial independence. First, budgeting: Follow the 50/30/20 rule, allocating 50 percent of income to needs, 30 percent to wants, and 20 percent to savings and investments. Use digital tools to track expenses. Second, build an emergency fund: Save three to six months' living expenses in a liquid, interest-bearing account to avoid high-interest debt in crises. Third, credit and debt management: Maintain a credit score of 750 or higher, keep utilization below 30 percent, and pay bills on time. Fourth, start investing: Diversify across equities, bonds, mutual funds, and ETFs, leveraging compounding returns and asset allocation. Fifth, get insurance: Secure health, life (especially term insurance), and disability coverage, evaluating premiums, exclusions, and claim ratios.
According to Pandey, these principles ensure long-term security. This article is for informational purposes only and does not constitute financial advice.
