Last 21 years have witnessed major changes in the way Indians save, spend, borrow and invest their hard-earned money. From being relatively risk-averse and investing in traditional products like fixed deposits and insurance products, we are now in an era where people are willing to invest in products like mutual funds, SIPs and ULIPs. And it is not just the investment patterns that have changed over this two-decade period, but the way people borrow and spend money has also seen a major shift. There are people who spend on expensive cars because they feel it reflects their personality, and there are others who spend on expensive overseas vacations every year. In terms of borrowing habits, many take loans not only to buy or build their own homes but also for buying phones, meeting their regular expenses, going on vacations, and evengetting married!

That does not mean the older ways of saving and spending have ceased to exist. They continue to thrive along with new-age tools and have become a part of, what financial advisers call, the diversification exercise.

So, in our 21st anniversary issue, we bring you over three dozen case studies of individuals who spend, borrow and invest money in their own ways, with their own goals and reasons.

In the following pages, one would find the story of Bengaluru-based Swathi Padmanabhan who continues to believe that insurance-linked products are the safest option for investment. At the same time, one would also find the story of Tasneem Mithaiwala who left her full-time job to become a professional trader in the stock markets. There are also stories like that of Arum Kumar Thokchom, from Imphal, who prefers to invest in real estate and of Farhan Fayyaz Shaikh, a youngster from Mumbai, who opts for the century-old safe haven of gold as his investment tool. These are the stories that would give one a sense of the diversity that still exists among Indian consumers in terms of their preferences, risk-taking ability and appetite. These stories would try to paint a picture of why some people invest in mutual funds, SIPs and ULIPs while others like to continue to stick to FDs and PPFs, and why some others are taking even more risk and are trading daily in the equity market.

But the purpose of these case studies is not only to showcase who invests where. They also serve Outlook Money’s long-standing endeavour to make investments more meaningful for everyone. While some of these stories would serve as lessons for those who find themselves in similar situations, these stories would also attempt to provide a plethora of circumstances that one can face as an individual or an investor, and present options that one can avail under those circumstances. For example, the story of 31-year-old Deepak Malhotra would serve as a guide for someone who wants to buy their own house in a few years, while the story of Amit Kumar showcases how he made use of the chit-based committee system, for contributing towards his sister’s wedding.

So here are the stories of these 39 individuals who have shared their experiences in the hope that others would find some values, some lessons, and perhaps some warmth in them.