'Having My Own Money Gave Me Confidence'

SWARUP MOHANTY, Vice Chairman & CEO, Mirae Asset Investment Managers India shares his experiences when he got his first paycheque and the challenges he faced while building an independent life for himself at the time. He had little money then, so he was unable to save in the initial years, but highlights the importance of starting early

- SWARUP MOHANTY

Can you tell us about your first job and how much was your first paycheque?

I started working in the year 1994, and my first paycheque was just ₹3,200.

Was it enough for your needs back then?

No, it was not, but it was fun managing within that much. Each rupee spent was counted and accounted for. That also meant I had to come up with inventive ways to manage my expenses. That also became a phase of learning.

Do you remember doing anything special with your first paycheque?

I was living with a bunch of friends then, and I already owed them enough money by the time I got my first job. We did have a good dinner together though.

Do you have any regrets about how you spent your first paycheque? Would you like to give your younger self any advice?

No, I have no regrets. At that time, it was the right thing to do because there was only so much to spend. In fact, my friends were a big support system. We ended up supporting each other as we started our independent lives together in Delhi.

Is there any story or experience that reminds you of your first paycheque?

It was more of a relief than anything else. My savings were almost over, I had stopped asking for money from my parents and was desperately waiting for some income to survive in a metro city. So, getting the first paycheque was a huge deal for me.

Do you think earning your own money changed your worldview about how you spend and save?