Meet Neha Akhtar, a Career Coach and 1% Club member, who left her job and built a business with her savings. Born in a small village, Neha moved to Hyderabad at the age of eight when her father passed away. Her mother prioritised kids’ education despite many challenges, which had a significant influence on her life. 

Neha took up family responsibilities early, helping her two younger sisters with their education. And in later years, she financially supported their weddings as well. Read further into her financial journey to know how she transformed her personal finance and family’s situation. Edited Excerpts

When did you start saving and investing? 

I took my first job as a data entry operator at the age of 16 in 2014, earning Rs 3500/month. This experience made me realise the importance of saving a part of my earnings for future needs. My desire to support my sisters’ education and my own career aspirations led me to explore different savings options. I began investing in Fixed Deposits in 2017 and in my business. I also started learning about different investment opportunities to ensure growth and stability.

Incidents that shaped your investment journey?  

There have been several interesting incidents and peculiar experiences in my investment journey. Early in my investing days, I invested in a real estate project that seemed very promising. However, due to bureaucratic delays and legal issues, the project’s completion was postponed multiple times. While frustrating it was, this incident taught me valuable lessons about the importance of due diligence and understanding regulatory environments before investing in real estate.

What’s your current asset allocation? 

70% – FD, 

10% – Gold,

10%- Emergency Fund

10%- Savings Account

I used to invest around 40% in Mutual Funds earlier but closed in 2021. So from 2021, I have invested  most of my income only in Fixed Deposit 

I had allocated a significant portion to mutual funds because they offer diversification and professional management. I invested in a mix of equity and debt funds to balance growth and stability. Returns from mutual funds helped with my sister’s education and their wedding expenses. 

I also invest in physical gold and gold ETFs for liquidity and security. Also, I maintain an emergency fund equivalent to six months’ worth of living expenses. This fund is kept in a high-yield savings account for quick access in case of unforeseen expenses.

Any financial goals you are working towards?

My Short-Term Financial Goals are:

1. Expand Unique Career Hub: My Goal is to increase the reach and services offered by Unique Career Hub within the next 12 months.

2. Increase Emergency Fund: I also plan to cover 12 months’ worth of living expenses within the next 6 months.

My Long-Term Financial Goals are

Retirement Planning: Goal: Ensure a comfortable and secure retirement by age 60.

Actions: Continue contributing to retirement accounts like PPF, diversify investments, and regularly review and adjust my retirement plan.

Have you bought insurance policies? 

Yes, I bought a Health insurance policy worth Rs 10 lakh for myself and my family. This helped my mom’s bypass surgery the previous year. All thanks to 1% club, I made this decision after joining the community.

When did you join the Masterclass and 1% Club?

I have been following Finance With Sharan on Instagram since 2020. I stepped into this program when 1% club conducted its very first webinar on Sep 17, 2022, at 12:41 PM. And I am super proud to have made this decision without second thoughts about investing in my Financial literacy journey. Many thanks to the whole team of the 1% club for making this happen. It has truly helped in my financial journey. I got to hold on to my expenses and started investing more than I could do which helped me in my sister’s wedding. 

What improvements have you made in your finances after joining the club? 

After joining the club, I learned several valuable lessons and made significant improvements in my finances. I allocated 70% of my savings into Fixed Deposits. This decision provided stable returns and liquidity, which proved beneficial for significant life events such as my sister’s wedding and funding my business, Unique Career Hub. I learned the importance of setting clear financial goals, such as saving for emergencies, funding education, and planning for retirement. This helped me prioritise and allocate my resources effectively.

Also Read: This 1% Club Commando’s Portfolio Has Grown 67% in 4 Years. Here’s His Story

What motivated you to start – Unique Career Hub?

My inspiration came from my early experiences teaching neighbourhood children and giving Quran tuitions. My passion for education grew over the years, and while working as an HR Manager, I noticed many candidates struggled with communication skills. This motivated me to start Unique Career Hub to help people achieve their career goals.

How does your Solopreneur Venture help people?

My business, Unique Career Hub, helps people by providing e-learning solutions focused on enhancing communication and presentation skills. We cater to both freshers and professionals who struggle with confidence and effective communication. Through our online coaching sessions, we offer personalised guidance and training to help individuals improve their overall presentation skills, making them more competitive in the job market. Our goal is to empower 1 million students to overcome their challenges and achieve their career aspirations.

One thing you would like to tell women who wish to be independent like you?

Embarking on the path to financial independence involves educating yourself on personal finance and investments while setting clear goals for both short-term needs and long-term aspirations. Establishing a budget that suits your lifestyle, building an emergency fund for unexpected expenses, and starting early with wise investments are crucial steps. Engage with supportive communities, seek mentors who can offer guidance, and confidently advocate for yourself in negotiations. Ensure your future security by consistently contributing to retirement savings, carefully assessing risks in your career and investments, and maintaining perseverance and resilience in pursuing your financial goals.

Disclaimer: The above content is based on the information provided by Neha Akhtar. The 1% News doesn’t independently verify non-public data reported by interviewees.