Sailee Vaidya from Aegon Life Insurance Company in India, shares her thoughts on being financially secure for retirement.
Can you describe your financial state of mind at this moment?
In this picture I see myself as a 27 years old working in the Market Growth and Strategy domain of Aegon Life, India. Being a Chartered Accountant I was perceived as being more financially savvy than the rest, but just a few years back I was equally clueless when it came to making decisions regarding investments. This was because of my risk-averse nature.
Looking into the mirror now, I see a person who has now grown to be a prudent investor with a well-balanced and diverse portfolio.
What financial advice would you give to your younger self?
Firstly, I would advise my younger self to take more calculated risks, as the older you get the more cautious you become. The risk appetite at a young age is magnificent. You only need to tap into it.
Secondly, I would have invested earlier on, even in small start-up projects because at a young age you can make mistake and still sail through. Learning from each failure is a priceless management lesson in itself! No amount of formal education can teach you what experience can.
No amount of formal education can teach you what experience can.
Looking forward, what do you want to achieve and how does that fit into your retirement planning?
Retirement planning hasn't been on my radar so far. However, looking to the future, I have created dedicated funds for my health, travel and higher education, which are my necessary life goals at this point in time.
I wouldn't say I have achieved all the targets I have planned for, but it sure is fulfilling to see my "goal wallets" filling up, bit by bit. I do this mostly through various instruments like government saving funds, fixed deposits, mutual funds, insurance, IPOs, secondary market investments etc.