Mira Kapoor’s Parenting Secret: Why She Teaches Her Kids Financial Literacy. (Source: Instagram/@mira.kapoor). Mira Kapoor is making sure her children — Misha and Zain — are financially literate from a young age. From hosting bake sales to investing the money their grandmother gives them, Mira Kapoor’s kids are not just being handed wads of cash; they are learning how to make money work for them in the long run. Speaking at an event in Mumbai, the wellness entrepreneur shared how regular conversations about finances look like in their household.. “Talking to her about money, whether nani has given her an envelope, ‘What are you going to do with it?’ ‘Is it going under your pillow or should it go in the bank?’ If given to the bank, what happens to the money inside? She recently opened a bakery booth, and I helped her understand how much money she has gotten as a loan from me, how much she needs to make a profit,” she said at the Vogue Values: Women of Excellence, quoting a conversation with her daughter.. According to Mukesh Pandey, Director of Rupyaa Paisa, money saved can be efficiently allocated to long-term value and stability.. Investing in a mutual fund, a retirement plan, or a high-yield savings account can build the foundation for financial independence.” Budgeting allows youth to sort personal finances and chip money saved into skill-based courses, trainings, certificates, and even build starter capital for entrepreneurial ventures,” he said. This is important because many young people need not only to save but also to build emergency funds to address unexpected challenges with confidence.. According to Pandey, our financial journey requires more than earning and saving money; it demands a strategic plan for managing that wealth, mitigating risks, and making informed choices. In the era of economic instability, cyber-attacks, and constantly evolving investment opportunities, financial literacy will prove to be your greatest asset.. Understand the power of budgeting. (Source: Freepik). Here are five fundamental financial principles to protect your money and help you achieve financial independence.. Have a budget. A properly designed budget is the backbone of financial stability. The 50/30/20 rule should be practised in making money management decisions. This rule allocates 50 per cent of income to necessities, 30 per cent to discretionary spending, and 20 per cent to savings and investments. Use digital tools and fintech applications to track your expenses and better money management.. Story continues below this ad. Build an emergency fund. An emergency fund can come in fathomless handy when you have to make healthcare visits, or there is a loss of income. Financial experts recommend maintaining three to six months’ worth of living expenses in a highly liquid, interest-bearing account. This ensures you don’t resort to high-interest debt during a crisis.. Learn Credit and Debt Management. Strong credit (generally
