Story of Karim Hajee and How He Manages the Finances to Run his Retail Business

Karim Hajee, 49, is an entrepreneur and a well-established actor today in Mumbai; but life did not always go as he wanted it to. He camouflaged himself according to the circumstances each time and emerged a better person.Be it when his mother was diagnosed with cancer, or tasting and letting go of success very early on, or later in life when he had to leave his beloved profession to be with the woman he loved so dearly- it might not have been a willing choice each time, but in retrospect, it worked out for the better.Shefali Hajee, his life partner, and he have a son, Kashif, who has recently earned a scholarship to the NYU at Abu Dhabi. He particularly beams at the mention of this.

"You see, I tasted success very early on along with my brother. We were teenagers then, under the blessing hand of our elder brother who has been my godfather all my life. We were performing dance shows, being picked up by famous directors, meeting celebrities - we got used to the success."

Karim insists, if he had a guardian from within the industry, he would have taken better decisions. But for them, they became too choosy and started losing on projects. However, he thought he had time by his side. “That is when I met Shefali and fell head over heels in love with her. I was 22 & she was 16. I instantly knew she was the one.” But these innocent lovebirds did not know about what life had in store for them?“I was too young to even think of stability at the time, but when it came to our marriage, Shefali’s father had a very relevant question to ask. How will you feed and take care of my daughter?” Karim’s family was already in the shoe business and his older brother offered to set up a garments business for Karim, from whatever money they had. But that would mean he had to drop out of acting and pursue this life so that he could fend for his family.

"Honestly, a part of me detested having to take that decision so early on in life. Of course, I understand that the concerns of the family were valid but who wants to think of stability when they are 23-24? I couldn’t let go of Shefali at any cost, so I did what needed to be done, I prioritized."

And thus, started the entrepreneurial journey of Karim and Shefali Hajee- with some fears and apprehensions, but also with a lot of love.

"It took me some time to adjust, but I started seeing the merit in this kind of life. It brought in the regularity of income, stability and discipline in my life"

Both Karim and Shefali put their best foot forward, never compromising and soon the business flourished. “When you are an actor, you are waiting for the next opportunity, for the phone to ring. The income is not steady. But when managing a business, your own balance sheet tells you the money you are making.” With newly infused confidence, Karim started seeing their lives in a new light. He understood the responsibility of the work he had taken on, the people working for him and his responsibility towards their family.

"This business enabled me to lead a stable life and I started seeing the importance of safety. We invested in insurance and good medical care. We planned a child and went on impromptu holiday trips. Those were good times as we were learning and enjoying."

Between the two of them, Shefali has been more investment-wise, Karim admits. “I have only ever made investments in LIC. Not that I regret it.

"But I wish I had known there are better ways that can earn you more returns. Shefali has helped diversified our investments. We invested in real estate, shares, mutual funds, FDs etc."

Karim believes insurance brings him a lot of peace of mind, be it health, life, business or travel. He thinks money is like a dice, if dealt right, it can protect you when you are too old to work and also for various other financial goals. “I am a bit thrifty. I do indulge but I don’t like to spend a lot on luxury. There’s no end to it. Similarly, I am a bit old school about loans. I feel you should indulge in credit only when you are creating an appreciating investment from it, like education or business. It makes no sense to me to buy a car on loan, which anyway is going to depreciate. I’d rather buy the one I can afford today.”Karim is not against taking risks, but he insists one must take a calculated one. And he sure did take a risk again by rekindling his acting career.

"Acting will always be my first love. When our business started dropping in sales, we decided to diversify there. I weighed a few options and then Shefali also encouraged me to give acting another shot."

Things were different now; they already had a set life and there was less at stake. Karim did find it difficult to adjust to the new-age world of acting with auditions, casting directors etc; but he got the hang of it eventually. And what a re-entry it has been!

"I was lucky this time. Have worked with the biggest of brands, biggest stars like Shah Rukh, Hrithik, Priyanka Chopra! I have been and am a part of big-budget movies. What more could I ask for? It’s been possible because of my family’s support."

As Karim focussed on his rediscovered career, Shefali took over the business. “I am earning a decent amount of money, I think. We already have the earnings from the business, our boy has made it to this charming place all on his own; so, whatever I earn here is a bonus of sorts.” But Karim intends to work for as long as he can.Speaking on investment advice, Karim knows there’s someone Shefali consults for their investment decisions, but they have not actively looked for a consultant. Karim maintains, luxury in your mind and money is precious.

"Making good investments is an art I never really could learn. It’s important because the right investment decisions will take care of you for life. I am learning the smart ways of doing things a little late in life, but hey, no regrets! God has been kind."

Prioritising While it is easy to develop a thrifty habit, a person needs to plan for the different stages of a life well before. Living in the present is easy. However, not focusing on the future can have a bad impact on the road ahead. A person should be aware of his priorities at different stages of life, such as funding a house or a car, building retirement corpus or saving for a child’s education. Investing Early for Stability Investing early in life can fetch higher returns as a person can choose to invest in high to moderate risk investments and can remain invested for a longer period. An individual can start investing right from his/her first salary so that by the time he starts his family, he has built a good financial corpus to realise his goals. Diversification Diversifying your portfolio in terms of investment in different assets from term deposits to mutual funds acts as a cushion during extreme market volatility. Term deposits give guaranteed returns with low interests while mutual funds offer high returns but are subject to market risks. Besides investing in different insurance plans such as term insurance, health insurance, etc. acts as support during any crisis, thereby ensuring complete financial stability for the family.So starting with a well planned financial journey at the early stage of life is imperative to avoid any financial constraints during any phase of life.

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.