How Does Money Help You Prioritise In Life?

Aditi Anand is a one-time successful career-woman and cosmopolitan world-traveler, who chose to trade it all in to embrace motherhood fulltime. She has no regrets about her choices; instead she revels in being a part of the world of her two young sons, and savors her “me time”, spent in creative pursuits like music and writing.“It has been quite a journey actually,” Aditi muses, looking back. Her father was in the Civil Services and she spent several years in Chandigarh growing up. Shegot her first job in Advertising company in Delhi.

Marriage saw her moving to Mumbai. She got a transfer and continued to work for the same company for another five years. It was a typical start to married life for this young DINK couple, living in a tiny, barely furnished apartment --building their careers and their life together, brick by brick. In 2001, she had to relocate to Singapore with her husband. Aditi too got a job there.Work took centre-stage in their lives at that time, till they got bitten by the travel bug. They saved money, travelled extensively and spent freely, splurging on high-end watches, bags, shoes, et al. When her husband got transferred to the Philippines, Aditi shifted her role to Philippines in the same organization.Within a year she had her first child.Three years later, it was back to Singapore for the family and Aditi joined one of her previous organization. Within a year, immersed in her career, she had her second child. She went back to work soon after and tried to get back into the thick of things. But this time the usual work didn’t excite her anymore -- she’d left her heart at home with her two little boys. Despite a good support system, she’d started to feel the need to step back.Around that time, her husband got an opportunity to return to Mumbai. The couple decided it was “now or never” and so, after a decade abroad, they were back in Mumbai. Aditi was thrilled, both with the home-coming and the decision to quit work because another, older passion was also calling to her -- classical music –which she intended to pursue again.In Mumbai, her 7-year old son, who’d played Soccer and Tennis in Singapore, took up Table Tennis. Within two short years, he began participating in state-level championships. By the time they moved to London in2014, he was already in the national-level under-10 category. For the next three years, they travelled throughoutEurope and the UK, flying in and out of cities, attending various sports camps and tournaments.Aditi speaks laughingly of this time as being “gainfully unemployed”, being very busy despite “not working”. Fortunately, she did manage to carve out some time to do things she enjoyed. She also got into fitness, doing Pilates and Yoga, taking long afternoon walks. She made the most of the time she had: “me-time at its pristine best”, she sighs contentedly.Then, when they moved the boys to an American school, seeking a more rigorous curriculum, she got involved with the school to understand their system. She became aclass representative, serving on various committees to further the school’s agenda.“I would call myself a fairly ambitious person,” Aditi states. Yet at a point in her career, she realized that it was all going to be “more of the same”; work had nothing novel or exciting to offer anymore. Being with her kids was much more appealing. Like many folks in their late 30s or 40s, she was doing some soul-searching-- about herself, her career and her life. The decision to quit her job was a natural progression from this introspection and her growing desire to be more plugged into her kids’ lives.Even though

she was toying with the idea of quitting her job when her children came along, there was nevertheless a considerable degree of trepidation. She even wondered if she should try to manage both work and home

but decided it wasn’t for her.

She would constantly be torn between work and home, unable to give her best to either. She wanted to “embrace the world of her two young boys”

and be a part of it 24/7, rather than the half hour of “quality time” she could manage when she was working.Aditi describe her middle-class roots:“We were taught to treat money with respect. Nothing was ever denied, but nothing was ever taken for granted either.”“Having said that,” she continues, admitting candidly,” my approach to money and spending has definitely evolved.” In the early years of her career, with no responsibilities and a decent salary, “I went into acquisition mode, buying expensive rings, watches, you name it.” As she hit her mid-30s, shefelt sated; most material desires had been fulfilled, whims and fancies indulged… By the time she reached 40 and had her kids, she was over the consumerist stage, and had entered the maternal phase of her life.Her priorities had changed. Notthat she isn’tdrawn to pretty things anymore, but since between the two of them, the husband-wife team has built a decent corpus of wealth, she doesn’t have to think too much if she wants to buy something likejewelry, for instance.The couple’s investments are organized as a pyramid, with 70% in low-risk instruments (like real estate and term deposits) with guaranteed returns. 20% is in a professionally-managed portfolio. And 10% is in high-risk, high-returns equity.They have professional advisors who guide them on the instruments to invest in. In case of major decisions, they often seek her father’s advice and expertise. He’s very financially savvy and they value his opinion. When it comes to property, the couple decides together.“The single biggest thing is trust,” says Aditi emphatically. “The kind that is inspired in the first interaction; only then can one move forward and take the next step.” Then, of course, they must deliver on their promises consistently.Aditi believes that

the relationship between a client and their financial manager is an emotionally-charged one because the clients put their trust and their hard-earned money in their hands. What the client feels about this representative of the financial company is ultimately what they will feel about the company and its brand.

They’ve invested primarily in medical insurance; they believe in being prepared for any eventuality since illness so often strikes unexpectedly. Their mindset is not geared towards life insurance as such. They’re more in favor of good, sound investments which are a kind of insurance, according to Aditi.“I’m a curious person with a lot of interests,” Aditi declares. “I’m certain there will be plenty to keep me happy and fulfilled in the future. Freelance writing, promoting classical music, working with the kids’ school and being part of the dynamic world of future education, the possibilities are endless.”

• Couples who earn well and spend together should also invest together for their life goal. Moreover, any investment decision taken by a financial advisor should be approved by both the spouses. Couples who invest together succeed earlier in reaching their dream goals. They can partly invest in risk-free avenues like real estate or term deposits and remaining in medium-risk and high-risk assets.
• Investing in Insurance: Medical insurance and Term insurance are a must when both the spouses are working. Medical insurance helps in taking care of the finances in case of any emergency. Similarly, Term insurance helps in dealing with finances in case of the death of any spouse.
• Investing in assets: Couples investing together can opt for an organized investment pattern. They can invest both in risk-free and risk-averse avenues and enjoy both guaranteed and high returns at the same time.
• Taking investment decisions together can help couples grow their investments and help to manage their finances well in the long run.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.