Mridula B.'s Story of Homemaker to Finance Whiz

eet Mridula B., a 68-year-old resident of Mumbai, former physiotherapist turned homemaker with a spirit that embodies lifelong learning. Mridula's proactive nature comes through in her daily routine, adhering to a well-structured timetable that keeps her days bustling with activity. Whether tending to household chores, pursuing personal interests, or delving into newfound passions, "I try to keep myself busy every day," Mridula shares. "I have a timetable, and I try to stick to it. I'm really happy with the way I spend my time."

The onset of the COVID-19 pandemic introduced a period of isolation and uncertainty, pushing Mridula to seek connection and learn beyond the confines of her home. It was then that a friend introduced her to GetSetUp, "During COVID time, you really needed some interaction with the outside world. GetSetUp became my window to the world beyond my doorstep." From yoga classes to meditation sessions, she initially explored topics aligned with her interests. However, it was the finance classes that truly piqued her curiosity. "I never thought I would attend finance classes," Mridula admits. "But GetSetUp made it so accessible and engaging. They patiently taught us the basics, something our children might not have the time to do. I gained confidence and even started managing my own online transactions."

Through GetSetUp's finance classes, Mridula learned about investments and mutual funds and gained a sense of empowerment, “So, I had never tried anything on my own, by myself. I had many inhibitions regarding this—what would happen if I typed the wrong number? Or if I entered something unnecessary that could create a problem? Despite these concerns, I activated my savings accounts online. However, after attending various sessions on GetSetUp, my interest grew, and I felt more confident. That's how I started with online transactions. I could do so many things because of GetSetUp, I must say. I made it a point to attend all their finance classes, which were surprisingly interesting for a housewife like me. I'm sure many other homemakers, especially ladies, were in a similar position. During COVID, it became essential to know how to manage finances, how to invest wisely, what percentages to consider, and what constitutes a safe investment. Thanks to GetSetUp, I now know better than my husband in these matters."‍

Her newfound knowledge and skills are a source of joy and empowerment, showcasing how it's never too late to learn something new, "Now I can ask my husband questions about investments and surprise him," she chuckles. As she gets into detail about the start of financial investment journey, expressing the common uncertainty many face when navigating the complex world of investments, she shares, “First, when I joined, I learnt how to use the iPad and my iphone efficiently, since this helps you get started with many things. Soon thereafter, my first financial class I joined was on Mutual Funds, how to beat inflation? Because we never ever consider that. How much income tax you are paying and how much your investments are actually earning after taxes," As she delved into various topics, from the basics of mutual funds to the intricacies of tax savings and the advantages of gold bonds, she shares "After listening to the sessions, I started investing in gold bonds. I learned that about 10% of your total investment should go into gold bonds. So now I have a financial advisor, but now I question him basis all I have learnt in the GetSetUp classes. 'Why here? Why not here? What is the advantage, how much percentage are you going to plan, and what are the growth funds?' I was not aware of debt funds. What is safer? This has made a great difference to me as far as investments are concerned. Yes. So it's kind of a boost to your self-confidence as well. You know now where the money is going and how your finance advisor is also dealing with your money." . Mridula's exploration into the realm of financial literacy through GetSetUp has not only broadened her understanding of investments but also reshaped her perspectives on wealth management. Delving into the intricacies of financial planning, she discovered the nuanced differences between various investment vehicles and their impact on securing a financially stable future.

Mridula also reflected on generational preferences in investment choices, noting a traditional inclination towards tangible assets like gold and real estate. "See, usually our generation likes to invest more in gold, the physical form, I learnt why you should not have gold in its purest forms like coins and biscuits, though it seems beneficial, it is not. You should go for the bonds," Mridula explains, shedding light on the effectiveness of different investment strategies and the limitations of such investments in terms of liquidity and practicality, particularly in the context of managing assets across borders when children reside abroad. She also shares how she learnt the significance of diversifying investments through fixed deposit schemes and special senior citizen plans. "Initially, I was not aware of the LIC's investment plan for senior citizens, a separate plan supported by the government. These are all secured investments, crucial for beating inflation and increasing your wealth.” Mridula further credits her financial enlightenment to the Guides at GetSetUp, specifically mentioning Mr. Hingorani and Mr. Chandiramani for their detailed and supportive teaching methods. "He is so particular about everything, time-wise, everything. Both of them are very interesting and form a very supportive team,GetSetUp has made financial learning so simple for me. I suggest more people to join these classes as there are many different topics discussed  tailored to individual needs.”

Mridula's experience on GetSetUp underscores the importance of financial education, particularly for older adults who may not have grown up with these concepts. Her advice to fellow learners is clear: embrace curiosity, seek knowledge, and don't hesitate to ask questions. It's this proactive approach that has allowed her to redefine her relationship with her finances.

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