What Do you Need to Fulfil your Dreams - Money or Motivation?

Moli begins the conversation, “My journey with dance started when I was just five and my mother enrolled me in a neighborhood dance school. I loved it so much I decided immediately that I wanted to be a dancer.” Thereafter, she continued learning dance for several years in Kolkata.

She got married at 21 and moved to Gujarat, and later, Agartala, where her daughter, Oindrila, was born. When they moved to Mumbai, she joined Birju Maharaj’s Kathak workshop. She had studied several dance forms-- Bharatnatyam, Kathak, Odissi, folk, and western styles—at Rabindra Bharati University, where she did her Masters’ in Dance. “But once I started training under Maharaj ji, I didn’t want to do anything but Kathak,” Moli recalls.However, in a middle-class Bengali family, it was difficult to continue to dance after marriage. Moli explains that Bengali children are traditionally encouraged to learn the arts—dance, music, and painting. “But what is acceptable for a daughter may not be so for a daughter-in-law. Our culture urges us to put our family’s needs first and so I did. But I stayed connected with dance by teaching it. Only after my daughter grew up could I focus on myself and my dance.”About the birth of Kalaangan, she says, “Kalaangan was actually born 28 years ago, when I first started teaching, with just one student! When we moved to Mumbai, we bought a large space and officially registered my school as Kalaangan.” She bought the place with money saved from dance classes, some contribution by her husband.With her mother so involved with dance, it was natural that Oindrila would gravitate towards it; she first performed on stage when she was barely three! Moli wanted her daughter to complete her education while continuing with dance. She believes that education is essential; it gives one confidence, an ability to hold one’s own, not least because of the knowledge it imparts. Her husband, from whom Oindrila inherits her love of reading and scholarship, however, wanted their daughter to focus solely on studies.Oindrila studied for an engineering degree while continuing with her dance. Helping backstage at Kalaangan, dealing with students and their parents, managing musicians and technicians, she realized she had good people skills. Three years into her engineering course, she decided to do an MBA where this would be an asset. Juggling two highly demanding careers was tough; it took a toll on her social life but Oindrila says serenely,” I made a choice: to make the most of my life and my talents.”“It was difficult initially,” Oindrila confesses. She was aware that her parents had a difference of opinion about what she ought to pursue—dance or studies. All she knew was that

“I had to keep everyone happy”, so she’d spend her days rehearsing and study through the night. “The battle continues. Even though I’m all grown up now, with a job, my father still wonders why I do shows. They want me to choose.

I like doing both. One provides independence and stability; it’s a culmination of years of sacrifice and hard work. The other brings the thrill and satisfaction of performing before an appreciative audience; that too is reward for the hours spent perfecting my art. I am at peace with my choices.”Describing her attitude to money, Moli says, “Money is important-- I value it. Since my income is not required to run the household, I have enough, but I don’t splurge.” Instead, she runs a branch of Kalaangan, called Prayas, where she teaches dance and English to under-privileged children.Asked about their investments, Moli tells us that she invests in F.D.s and in gold and diamonds. “I don’t like the risk in Mutual Funds. My husband invests in shares and Mutual Funds both.” But she prefers the old-fashioned F.D.s and her diamonds. “I like the security. I don’t want to worry about my money. I’m happy with my investments.”Oindrila, with a mix of the old and new sensibilities that is typical of her, invests in Mutual Funds as well as the safe and sure PPF.After Moli’s husband was hospitalized for dengue a while back, the subsequent drain on their resources spurred them to get a family health insurance plan.
As for the chief influence on their investment choices,

Moli says, “I simply follow my husband’s advice.” She relies on her husband to do the research because she believes he’s better-informed than her.

Oindrila’s smart enough to realize that they need to be more clued-in about their finances. But, for now, she says,” Since dad is so thorough, we leave it to him.” Nonetheless,

on the advice of their financial advisor, she’s savvily made certain investments for tax benefits.

The mother and daughter hold completely differing views on loans. Moli feels loans can be a burden with all the money one ends up paying as interest. She sounds doubtful even as she concedes, “I do realize that they’re useful in certain situations, like buying a house or higher studies. I also know they provide tax benefits. Even so, I’m not much in favor of taking loans.”Oindrila says, “A loan is definitely an enabler, especially for someone like me who’s just started working.” She needs a car, for instance, and if she were to save up to buy it, it’d take her 10 years. Whereas, if she takes a loan, she can buy it right away. “I do have the option to clear a 5-year loan in 3 years or less.”Oindrila’s very proud of the solo trip she recently took to Europe. She funded it herself with money she’d saved. She took travel insurance because she knows it’s imperative while travelling abroad: “It’s an unfamiliar place, after all, and a lot can go wrong—lost luggage, missed flights—but with travel insurance, it’s all taken care of. It’s a relief not to have to worry about any of that and just have fun.”

“I wanted medical as well as lost luggage insurance. I wanted a product with no hidden costs or loopholes, written in clear language, such that even a lay person could understand all the terms and conditions.”

She spoke to some people who’ve travelled extensively, and they recommended the plan she eventually chose—it had good coverage and took care of everything.Like a typical millennial, she booked everything online. “In today’s fast-paced world, people don’t have much time to spare. It’s a big plus for a company to have an online presence; even stuck in traffic, one can get a lot done.”Money according to Moli provides, “Security, and the confidence to live life on my own terms.To Oindrila “Money provides self-confidence and independence. I don’t have to consult anyone if I want to travel or buy a designer handbag. I work hard; I should be able to do what I want.”

• Understanding financial planning and starting early investment can make your goals even easier to achieve. Any dream, whether it’s buying a house, a car, or having your trip to Europe, could be fulfilled within the stipulated time only with proper financial planning. And to support these investments from time to time, choosing the right insurance for you and your family is also vital.
• Insurance: Having health insurance helps to deal with unexpected expenses arising due to any health conditions. At the same time, having life insurance secures your family during your unfortunate demise of the bread earner. Millennials nowadays prefer taking travel insurance when they plan there trip abroad. This helps to recover costs in case of lost baggage or health problems.
• Investment: You can choose to invest in risk-free investments like term deposits or risky avenues like Mutual funds. But as said, more risks bring in more returns, and if you have a long term investment plan then mutual funds serve the best. Simultaneously, some may prefer to save a part in risk-free returns and the other part of their income in risky avenues to get higher returns.
• Investments are crucial for every stage in your life, whether to secure your retirement life or buy your dream home. Every goal needs to have meticulous financial planning.

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.