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Money-wise and raring to save

Young professionals from the city are savvy when it comes to money matters, says RESMI JAIMON. Investing, saving and spending are all in their portfolio

Today's Richie-rich are the young professionals earning mega bucks. With plenty of expendable income they are into investing, saving and spending in a style that's unique.

Not till the recent past would a young professional dream of buying a property in a prime location, purchasing the latest vehicle and using a range of the latest gadgets. But preferences and attitudes regarding money have changed radically over the last few years. So then, what's a young professional's agenda when his/her hands are full of currency notes?

Saving and Investment

Real estate, LIC policy, Post Office savings, Mutual funds are the more prominent investments among the young professionals. Sujith Xavier, a software engineer with Infosys Technologies Limited feels, "Mutual funds yield profit and the risk is minimal. However, investing in real estate would be the best bet." Those opting for multiple LIC policies are also on the rise, especially the IT employees who prefer long-term policies such as pension and mediclaim plans.

For marriage

Saving for marriage is an alien concept to most of these youngsters. They are willing to accept these changes in life as it comes. Young men have less interest in this matter while for girls the parents save their daughter's earning for the marriage. Parents of young men show more interest in investing in property. Anish Mathew Albert feels, "Saving may seem to affect your lifestyle or present enjoyment but if we are ready to sacrifice now the future will be bright."

To learn to balance earnings and savings is the right choice, as pointed out by a majority of the young professionals.

Account book

Keeping track of one's earnings and expenses helps. "Maintaining an account book helps me keep track of my expenses," says Mahesh P.R. He believes that one must make an in-depth study related to shares and mutual funds, before making a decision to invest in these areas. Parental role in choosing savings and investments is dominant in Kerala households. Youngsters feel protective and respect the parent's knowledge of investing their hard-earned money wisely. Deepthi Padmaja says, "Till now the savings which I have made is only due to the wise interference of my parents. It's high time I get self-motivated and started thinking about investments in a better way." Close family ties play a prominent role in the final investments a young professional does. "In my family we discuss matters related to investments and any other money related matters openly. Everyone's opinion is taken before making a decision," says Mahesh P.R. A high educational qualification or an MBA degree is not the key to have a say in money related matters at home, but it definitely helps. Ajay Prasad opines, "Being an MBA helps me understand the real estate scenario better, analyse the value appreciation potential and calculate the benefits. It certainly is a plus point in understanding of the investment dealings."

Chill-out

Entertaining friends at five-star hotels, buying gadgets like Digicam, XDA, MP3 player, holidaying, spending on gifts tops the interests of today's youngsters. Unlike in the metros, the entertainments events here are comparatively less for one to shell out thousands in a day. While the demand for branded clothes and accessories are on the rise there are high-income professionals who are not overly keen on such tags. They prefer going for ordinary clothes and accessories. When it comes to gadgets, they prefer the latest but keep an eye on their pockets. Spending on gifts for occasions is of great thrill to a large percentage of the youngsters.

Young travel enthusiasts now venture abroad to see the world. Says, Ajay Prasad, Management Consultant with an MNC, and who is planning a vacation abroad, "I plan to take an international trip a year and plan to spend around Rs.1 to Rs.1.5 lakhs each time." So the motto for these youngsters seems to be, `Enjoy life to the fullest'. And why not since they save for a rainy day and invest smartly for the future, they are entitled to spend their money at will.

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