Episode 16 - Money management with Monika Halan

Money Konnect

Money management forms an integral part of our lives. While you hear about money all the time, you might not always find enough material to read and understand it. Considering the low level of financial literacy in India, there is an imminent need for simple and relatable content on money management. In this Edelweiss Money Konnect podcast episode, Radhika Gupta, MD & CEO of Edelweiss AMC has an insightful conversation with Monika Halan, Consulting Editor with Mint and author of the best-selling book ‘Let’s Talk Money’. Listen and learn the five golden rules of money management.

Key takeaways:

Separate your savings from your spending: You need to have your own cash flow system where your earnings, spending, and investments can be easily separated. By separating your cash flows, you will have a better view of your money which will help you manage it well.

You need an emergency fund: Inarguably, saving for the long-term is good. However, you must always keep aside some money, maybe in a fixed deposit or a suitable debt mutual fund, that will come to your rescue in the time of emergency.

You need sensible insurances: Protection is as important as growth. Everyone needs to protect their life and their assets. Fortunately, there are a whole range of insurance products that can help you protect the assets that are most important to you.

You need to understand that real estate is not always a winner: Historically, real-estate has generated sizable returns for its investors. However, it is important to assess the costs before you invest in real estate. It might not be for everyone.

You are not giving your money a chance to grow if you are not doing an equity allocation: Equities are a great vehicle for long-term growth. Undoubtedly, investing in direct equities has a very high degree of risk. Which is why you should opt for the mutual fund route to get the desired exposure to equity investments.

You can watch a video of this podcast on our YouTube channel and learn about more such interesting investment principles on the Money Konnect Podcasts available on the Edelweiss Mutual Fund website, Spotify, Google Podcasts, and Apple Podcast. We hope you enjoyed this podcast and will tune in to listen to more such podcasts on money management.