Anushka Rathod is a popular Finance influencer with over 1 million followers on her Instagram. She was on the Forbes 30 Under 30 Asia and India list. She recently authored a book called The Money Guide, to spread awareness about financial education in India. Her posts on insurance, taxes, investing and credit cards have been widely recognised and shared on social media.
Modern Diplomacy catches up with Anushka Rathod to understand more about her book – “The Money Guide”, her investing journey, personal financial mistakes and financial education.
Why did you choose to write “The Money Guide”? How are you encouraging the youth with the book?
I chose to write “The Money Guide” because traditional finance books are often perceived as black and white—boring and intimidating. Additionally, content on finance is scattered across various sources, making it difficult for people to find cohesive and actionable advice. My book aims to change that by offering interactive and actionable content. I’m encouraging the youth by covering important lifestyle topics such as credit cards, budgeting, and financing a car. These topics come with Excel calculators, enabling readers to apply what they learn directly.
In the age of social media, where everyone is influenced to travel more, eat out more and spend more on their desires – what are some pro tips for saving?
Pay yourself first: Determine how much you can save based on your income, and transfer that amount to a separate account as soon as you receive your salary. Then, you can spend the remaining amount as you wish.
Avoid lifestyle inflation: As your salary increases, resist the urge to increase your spending proportionally. Instead, try to save and invest a larger portion of your income with each increment.
How do you research tips for finance to create your videos ? What are your sources of information?
My audience asks a lot of questions, and many of my videos are responses to these inquiries. For news-based content, I stay updated by reading regularly from reliable financial news sources. This combination of audience interaction and continuous learning helps me create relevant and informative content.
Your book has a lot of illustrations. Why did you choose to include illustrations and visuals in the book – “The Money Guide”?
I included illustrations and visuals to make the book less intimidating and to encourage readers to finish it. Personal finance is an essential topic that everyone should understand, and visuals help in breaking down complex concepts, making them more accessible and engaging.
What are 3 financial mistakes you have made despite being a personal finance influencer?
Not planning my company’s structure: This oversight led to paying more taxes than necessary.
Not utilising my credit card rewards to the fullest: Missing out on potential savings and benefits.
Being slow in deploying my savings to investments: This delay resulted in missed opportunities for potential growth.
How can financial education be better integrated in schools?
Financial education can be better integrated into schools by incorporating comprehensive and practical lessons on essential financial topics. Basics of investing, insurance, and loans should be part of the curriculum to give students a solid foundation in managing their finances. Additionally, a primer on how taxes work and how to file them would be incredibly beneficial. Even if students do not end up filing their taxes themselves, having this knowledge would help them understand how to plan their finances, recognize when to seek professional assistance, and know what to expect from the process.
By teaching these subjects in a structured and engaging manner, schools can equip students with the tools they need to navigate the financial aspects of adult life. Integrating financial education into the school curriculum can empower the next generation with the confidence and skills necessary to make informed financial decisions and achieve long-term financial stability.
