Buying a house was the best decision of my life: Shefali Zariwalaa

Shefali Zariwalaa, Actor, shares some money tips

Your first paycheck?

My first pay check was from my first song Kaanta Lagaa. It was a humble beginning and I still remember the happiness I felt when the cheque was handed over to me. It went straight into my account and I remember being very frugal with spending that money.

Most expensive purchases till date?

My most expensive purchase was my first house. I bought my own house in the year 2008 and it was the best decision of my life.

Who manages your money and where do you invest?

My father is a chartered accountant, he advises me. I also have a financial advisor who helps me with my investments, but I always research myself before making a decision. I regularly invest in mutual funds and systematic investment plan (SIP). SIPs are great when the market is volatile. I also believe in not putting all my eggs in one basket, so have a diversified portfolio. Also, my Public Provident Fund, bank deposits and gold investments are paying off really well.

Your advice about money?

It's something I read in 'Rich Dad Poor Dad ' by Robert Kiyosaki. Most people struggle financially because they do not know the difference between an asset and a liability. "Financially successful people acquire assets. The others acquire liabilities that they think are assets." So learn to know the difference.

Your money mistake?

Definitely investing in the share market. I haven't been good at it. It's not my thing anymore.

Next big purchase you are planning?

Real estate. Decent rental returns. It is low risk and higher return in the longer run. But of course location is paramount. So waiting to find the right property.