Geetika Bansal’s story is about personal growth and financial awareness. At the age of 40, she decided to take control of her finances, a domain previously managed by her family. Her journey underlines the importance of financial independence, even if it’s later in life.
Geetika works as an associate general manager (AGM) for a company. Despite having a respectable job, she realised that she was not able to make financial decisions confidently.
“All my life I was influenced by my mother & husband and they used to take care of finances. I felt I didn’t have the liberty of planning my own finances. Also, whenever there was a discussion at home, people would not take my opinion as they thought I didn’t know much about finances,” Geetika said.
Before taking control of her finances, Geetika relied on traditional advice from her family. “I was following my traditional track or my father’s advice. I was into keeping a savings account, and it was not growing at all.” This approach changed dramatically in June last year when she started learning finance on her own and from others. She also joined The 1% Club to understand more about investing and taxes.
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Geetika now has a diversified portfolio with fixed allocation to different asset classes.
“I now have a diversified portfolio. 20 percent in fixed deposits, 20 percent in equity, and 30 percent in provident funds.”
She has also invested 20% of her portfolio in property, hoping that the value would increase over time, providing substantial returns in the future.
Geetika’s newfound financial independence had a profound impact on her life. She feels more empowered and respected, both at home and in her professional life.
Lack of control over finances had affected her self-esteem, but once she started managing her finances, her confidence grew. But she didn’t stop at personal finances but also went on to learn about taxes. “I invested my LTCG in property and saved a lot on taxes,” she said.
Balancing work, family, and finances, Geetika also ensures her children learn the value of money from a young age. She encourages them to make informed decisions about spending. “I never give my kids what they want but I don’t say buy this or don’t buy that. If my younger daughter says I want this doll or I want this truck, I say okay you have a limited budget of 500 rupees. Take all the things you can buy in it.”
Also Read: How This Farmer’s Son Fixed His and His Family’s Finances
Geetika’s approach to retirement is also unique. She has no plans to retire soon, as she enjoys her work and the financial growth it brings. “I enjoy my work. I like working. I like to go to the office” she says. Geetika believes in setting higher targets and continuously striving to achieve them.
“There’s no limit. Sky’s the only limit. So I don’t want to limit myself by finding out my FIRE number. I wish that God would give me power and good health so that I could work and keep enjoying my life,” she said.
Geetika’s journey is about financial literacy and independence for women, especially those in their 40s. Her advice to other women is: “Don’t depend on others. Manage your life and finances on your own. You are better than others; it’s just that you didn’t take care of finances.”
Want to learn the art and science of managing your money? The 1% Club can help. Details here
Disclaimer: The above content is based on the information provided by Geetika Bansal. The 1% News doesn’t independently verify non-public data reported by interviewees.
