For Mumbai-based Pooja Dutta, 39, Founder and Managing Partner, Astute Law, life has been about facing a series of challenges and taking them head on.
When she went to Pune to study law 15 years ago from a small town in Assam or decided to go to Washington DC for further studies, people criticised her for not being wise enough. Her seven-year stint in the US helped her to learn a lot, but it was difficult to cut a deal as law firms there are usually not open to hiring foreign lawyers.
Back in India, she realised whom she knew and where she came from made all the difference. Since she did not have top people in the industry referring her, she realised that her degree from a good university and work experience was of no value. Being a woman made things worse.
During an interview at a Delhi-based law firm, they asked her about everything other than work. Then when she started her own law firm, her partners started to question her authority and that is mostly because she was a woman. Later, she was forced to break all ties with them.
“When you decide to be an independent working woman, people around you will always find ways to pull you down. Every time they tried to de-motivate me, I emerged even stronger. I knew that the best revenge is success and the only way to achieve it is through hard work. I knew I had to prove that it is possible to live your dream without a godfather,” she said.
Dutta believes that she could survive such hardship only because she started investing from a very young age and could support herself in the difficult times.
Initially Dutta was very much risk-averse. She started small by investing in gold because it can come in handy during an emergency. She had also opened a PPF account as it was easy, convenient and for the long-term. Further, she got herself a life and health insurance policy. While in the US, she had purchased a property in her hometown where she plans to settle after retirement. Dutta is looking to invest in real estate in Mumbai going ahead.
Her stint in the US came as a blessing. While working there she had saved up substantially, and when she came back scouting for jobs in Mumbai it helped her pay the student loan EMI and stay afloat.
Today, she regularly interacts with her financial advisor who is advising her on how to invest in mutual funds, stock and suitable tax saving instruments and plan for her goals in the future.
“I do not let money matters be a source of pain. I am unapologetic about my intention to earn money and my desire to earn more, give more, and prosper in every area of my life. I have seen extremely difficult times and realised how important money is. But that said, I have learnt money is necessary for a happy life but it is not a need,” claimed Dutta.
If Plan A does not work, keep Plan B or Plan C as a backup, and keep on trying till it works, explained Shweta Jain, certified financial planner and Founder, Investography. “There are several naysayers who would want to pull you down. So, when a woman fails, she tends to give up. Do not do that. Try something else,” she added
She further advised, whatever you do, wherever you are in life: married, single, with or without children, working or a homemaker, keep 12 months expenses with you in a liquid fund and see the kind of confidence it provides. Be in charge of your finances, so you have the clarity and confidence of doing things your way too.
Delhi–based Geetika Saigal, 43, is someone who went through divorce, left her job as a corporate leader, started a venture that failed, eventually losing all of her life saving to her startup. Her debut book titled Finding Your G-spot in Life became a success and adjudged as Amazon’s Best Seller. The experiences she went through were unique, and the lessons learnt... invaluable. She said, “Losing money does not make you a failure. Not trying does. If you try you may lose. If you do not, you have already lost.”
Saigal had never wanted to play the victim. Upholding that premise, it has been easier to not just survive but flourish in a so-called man’s world. “The bottom line is - it is not easy for anyone. There will be situations and challenges. Instead of giving it too much importance, I have never wavered from keeping my eye on the ball. That helped me keep negativity at bay, stay focused on the professional deliverables and eventually let my work speak for itself. The best way to deal with discrimination is not to accept it, and stay on your course no matter what,” she added.
From her days that she started her career in a multinational firm, Saigal has been meticulous about financial planning,helping her to survive the difficult time when her venture failed. “I have always believed that proper financial planning and saving for a rainy day is important.”
She has been strategic in her financial planning, breaking down her monetary goals into operational expenses, corpus building for a secure future, rainy day planning and creating her future lifestyle. “The three stages of money in life are: create your own life plan, earn and invest and let your money work for you,” she stated.
In her late 20s she bought a flat in Delhi, where she has not been staying because she has been changing cities and that gives her a rental income. The flat has appreciated significantly over time. She cleared off the EMI in less than five years and invested in another property in Gurgaon. Saigal had also started a mutual fund SIP in her early 20s, which helped her build a corpus she could dip into when required. Her company used to cover her for health insurance, but once self employed, she purchased adequate cover. Saigal makes it a point to discuss her finances with the relationship managers at her bank and her father who is financially savvy. Confident of her finances at this point in life, her focus now is to achieve financial freedom in order to spend her golden years in a fulfilling manner.
For Priya Philip, a single mother and a self-made entrepreneur, life changed overnight at 35, when she lost her husband. At that point, her children were aged two and seven and she had practically no time to grieve as her children’s future was of utmost priority. Unfortunately, there are no books that tell one how to handle calamities or such crises. “Raising small children, handling financial crises and coping with business challenges cannot be described in a few words. It was a long, every-minute-of-every-day type of a battle. I just had to pick myself up and get my act together, as a woman, mother and an entrepreneur. My family’s emotional back up bolstered me to overcome the difficult situation.”
She realised that work-life balance is definitely a must and since then, has been juggling two roles —motherhood and entrepreneurship with panache. Even today, she works for almost 12-14 hours. The biggest challenge is time management and prioritisation. She has learnt to compartmentalise her life, and at times got very ruthless on priorities. “Having gone through this, today I feel satisfied that both my children are independent, well grounded and on a good path of progress. We three share a unique equation,” she said.
She has also learned to handle failure along with success; how to keep inspiring and motivating the team through thick and thin. These qualities and competencies, crucial for successful entrepreneurship, have been her biggest lessons. Philip, MD, Interics Design, has built a flourishing brand in the exhibition design space.
For Philip too, the stress was on achieving financial freedom. “Money is important, a tool that you must learn to use. It definitely affects many decisions and also gives you the power of choice. Money can give you a good life and exposure to the world,” she concluded.
Reality might strike any time and the best way to tackle it is to remain prepared. Otherwise it is even difficult for the tough to get going.
anagh.pal@outlookindia.com