In a world where financial literacy is often overlooked, Soha Ali Khan shares the financial wisdom her parents taught her.
Bollywood actress Soha Ali Khan recently shared valuable financial lessons that she learnt from her parents, the graceful actress Sharmila Tagore and the late cricket legend Mansur Ali Khan 'Tiger' Pataudi.
Three lessons, she said during a podcast with Quiz Master Siddhartha Basu on Quizzitok(external link), have shaped her approach towards money management.
Her parents' teachings offer a blueprint for anyone seeking to build a secure financial future.
1. Don't take money for granted
Soha underlined the importance of understanding the value of money, a lesson instilled in her from a young age.
'We were made aware of money's value.' This awareness, she explained, prevented her siblings and her from taking financial resources for granted.
'Because my father lost so much in life, he didn't take anything for granted, particularly money.'
2. The power of small, consistent savings
Soha recounted a powerful example about her father illustrating the long-term benefits of consistent saving.
'When someone gave me Rs 500, he said, "You can either take this now or I'll give you Rs 50 every August for the rest of my life".'
'I handed the money (back) to him and he actually kept giving me Rs 50 every year until I was 25. That was a lesson in investment and savings.'
What Tiger Pataudi was explaining to his daughter is a version of the systematic investment plan.
Just as regular, small investments through SIPs can accumulate into a substantial corpus over time, Pataudi's philosophy highlighted the importance of valuing even small amounts and saving consistently; small, regular contributions can build wealth over a lifetime.
3. Hands-on money management
Soha also shared an anecdote about Sharmila Tagore that shows the importance of being involved in day-to-day expenses, regardless of one's financial standing.
'She knew the price of vegetables and managed the hisaab-kitaab diligently,' Soha says.
This, she explained, showed her mother's practical approach towards money management and her understanding of household expenses.
It underscored the idea that even those who are financially comfortable should be aware of their spending habits and maintain a hands-on approach towards their finances.
This lesson, Soha indicated, reinforced the importance of being grounded and responsible with money, irrespective of one's income.
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