This archeologist also happens to be a genius in savings
Apart from knowledge, Akash returned from Europe with a sizable amount of savings
Money matters. Or does it really? Outlook Money brings to you this series through which we explored the under 35's take on money matters. Every generation has its share of distinct events that later gets recounted. Those from the early 1990s India had consumer durables as their object of desire. By the end of that decade and turn of the millennium, fancy cars had taken that place. Gen Z has grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from previous generations. Demographically speaking, those under 25 comprise 50 million of India’s population. This is more than that of the total population of Brazil, Russia, Germany and Canada combined. Being personal finance specialists, it was only natural that we at Outlook Money got curious to investigate what Gen Z thinks about money.
Archeologists have better things to dig for than money
For 25-years-old Akash Srinivas, travel is life and archaeology is passion. He specializes in pre-history and is the recipient of the prestigious Erasmus Mundus scholarship awarded by the European Union. “I study lower Palaeolithic stone tools and try to understand various facets of prehistoric behavior and cognition by studying where, how and why they made, used and discarded these stone tools,” explains Akash.
He did his bachelors and masters in history from India before leaving to Europe to pursue International Masters in Quaternary and Prehistory. He studied in Europe for 2 years, living both in Italy and Spain, returning home to India with a savings of over 15000 Euros, which is approximately a little over Rs 10 lakhs. He is a man of limited needs. Apart from books and travel, he hardly spends on luxuries.
Upon asking what he did with his savings, he says that he has listened to his father’s advice and invested it. “I've invested in a diverse portfolio, with short and ultra short term debt funds, and a myriad of large cap, mid cap, multi cap and small cap equity funds,” he says. He plans to bank on it later when he might need fund for research or personal needs.
Akash has no dependents and is tension-free as he is pretty sure that his financial planner father has taken care of the family’s financial future and has relieved him of financial responsibilities. When asked about the funda by which he lives his financial life, he says “Don't compromise your present at the cost of tomorrow, and don't compromise the future for the wants of today. Basically, it is a middle path approach to not saving too much and not spending it all either, a sense of equitability.” Personally he feels money is not that important and shouldn’t be prioritized. However, he considers it a necessity considering the ways of our society.
He is all set to join Indian Institute of Science Education and Research (IISER), Mohali this January to pursue his doctoral research. “The duration of my studies in IISER will depend on the length of my research. I plan to finish it within the next 3 to 4 years,” he says. As per central government’s norms, he will be receiving a stipend of Rs 25000 per month for the first year and Rs 35000 per month for the next 3 years of his doctoral studies. Upon completion of his PhD, he plans to pursue a future in archaeological research.