In our race towards money, are we losing the sense of balance in our lives need?

Shefali Hajee, 42, an entrepreneur, a mother and a dedicated leader, believes that one of the things our previous generations were exceptionally good at, was finding a balance between your needs and aspirations. And those are the rules, she strives to live by.The clarity of thoughts she brings to the table is admirable. Shefali started the garments production business alongside her husband 27 years ago and exudes passion as she talks about it. “I find this work very interesting and challenging. There is not a dull moment in my day. Pricing is my biggest challenge.I have to make sure that while I am trying to reduce my cost of production, in the process, I don’t end up making something of inferior quality.” Integrity is embedded deep in her value system, but at the same time, her practicality is intriguing.

Talking about work pressure, she’s convinced that no deadlines will be met by putting her workers at stake.

“I cannot be a capitalist and not care about my workers, but I cannot be a socialist and keep ignoring the targets. I need to balance it out.”

Shefali says you have to learn to prioritize as a woman, take decisions and stick by them. “I took a 5-year sabbatical when my son was born because I know these precious years will not come back. We can earn more money later. Even today, my staff knows that if something at home needs me, I will leave immediately”.Shefali strongly believes that the younger generation attaches too much of importance to money primarily because their needs are such.

“My dad taught me the importance of regular savings and simplicity.

Youngsters these days, relate happiness to money, designer clothes, international trips, bank balances, etc. and that is where things are going wrong.” When asked about her son’s outlook towards life and money, she softens and is confident about the values they have instilled in him.“My husband and I have invested a lot of time and effort in making our family the way it is. And yet, we never shied away from following our dreams.” This part is quite evident as she tells us all about her husband getting back into his acting/modelling career after a break of almost two decades. “I had found my love in this business; it was time for him to go back to his.We had worked very hard to create a family and keep ourselves secure; now is the time to rekindle our dreams”. And just like that, Shefali took charge of the business by herself.It is now time for her also to step out of her comfort zone and take some calculated business risks, she muses.

“I have never been very pro-loansbecause you are basically spending money that is not yours; that is someone else’s. We have loaned some money for a house and a shop, but we have paid back most of it

Also, since our son was around, I did not want to involve us in a lot of risks.” But now is the right time for her to take some risks and fulfil her dream of setting up an online brand in the coming years.The need for money is quite overrated, as per Shefali. She feels that your standard of living mustn’t fluctuate as per the increasein your income. “We want more, need more and then if we cannot achieve it, we are stressed. But what’s the use of such money that causes stress? Isn’t money supposed to make you happier?” For Shefali,

it is all about the balance- between saving and spending, home and work, investments and spending etc. And for this reason, she likes to diversify her investments.

While at it, she also doesn’t believe in investing in vehicles that promise exceptionally high returns because she sees a lack of security there. If there is an amount of money available, “I will invest a bit of it in shares, some of it in PF/LIC and some in Government tax-saving schemes. I will diversify. But wherever I invest, it will preferably be for a longer-term. I don’t invest for short-term gains.”For years now, Shefali has handled their family’s finances on her own, but there isn’t a complete dependency on a single person for advice. Her response is as straightforward as her,

I’d rather go the DIY route because it is your money after all; you ought to research and form your own opinions. Of course, there are some people whom I consult like an investment advisor or a family member,

but the final decision is mine alone.” Shefali is not against investment advice, but she wants the advisor to be attuned to her needs and risk-taking abilities. She wants to be encouraged to take risks, but such decisions need to be justifiable with the stock/fund’s past performance, sector, and your investment objective.Shefali’s judging parameter for having lived a financially sound life is also simple- “I have been stress-free about money most of the time, so I’d like to believe that I have made the right choices mostly.” She’s a woman who likes discipline and continuity in life because these things help her feel safer. Hence, a lumpsum investment isn’t her thing; rather,an SIP is what she believes in.Another investment Shefali vouches for is insurance- life/medical/travel/business, all of it. She wants to sleep in peace at night, she says, and having her life around her insured provides her with that. “There are contingencies/medical situations that you cannot plan for, but should be entirely ready for. What if a fire strikes our warehouse? What if we need medical attention while on travel? Both my husband and I firmly believe in keeping ourselves insured.”And that’s

the advice she wants to give to her son too, to be able to deal with money in a stress-free manner but at the same time be regular with savings.

Sounds simple, but quite profound. “I miss those times when going on a holiday used to be just about spending time with your family and not about the destination or how much you spend. Those were simpler times.”

• Youngsters today are more pro towards happiness that is related to money, that said having investments to secure your future is equally important. The first and foremost way would be to avoid impulsive buying and being spendthrift. Along with this inculcating a disciplined investment routine would also be vital.
• To keep a balance between expenses and saving, diversifying your investments is also important. Investing in risk-free assets like government bonds, PPF, National Pension Scheme and investing in risky avenues like mutual funds and shares can help one build a diversified portfolio. The portfolio would range from risk- free low return investments to high- risk high return investment.
• Taking Loans : If you are well aware of your investment, you can take loans that would help you to plan your returns in future and not pay all at once. At times loans are also helpful to keep your hard-earned savings intact while you keep paying off your loans in small instalments.
• Choosing an advisor : An advisor can help you to select funds according to your life goals. They can help you built a portfolio that would further help you achieve your dreams at the right time while also assisting with your money management. Investing in certain assets would be backed by past performance, sectors you would like to invest, and the risks of the investment.

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.