“I am proud of my decision to invest with Wealthy.”

The son of a farmer from Chandrapur, Mr. Tode (60) worked for 36 years before his retirement as a DGM from NTPC. While many other employees of PSUs (Public Sector Units) would have invested in traditional products like FDs and Annuity, Mr. Tode invested a portion of his retirement corpus with Wealthy after the Sensex crashed. At the time of this interview, his investment has grown by nearly 28% in the last five months.

His journey shows that age or background do not alone decide successful investing. We find out more about this. 

1. Today, a lot of people are running away from the stock market and investing in safe assets like gold or FDs. What gave you the confidence to invest a part of your retirement corpus in the stock market?
   Currently, FDs are not as attractive as they used to be. I have parked about Rs. 15 lakhs in Senior Citizens Savings Scheme (SCSS). And the rest I have invested in Mutual Funds. Because gold is hard to predict, it is not advisable for small investors.
   Besides, I was not afraid of investing in stock markets via Mutual Funds.
   

2. Please tell us about your first salary. When and where did you earn it, and what did you do with it?
   I joined NTPC in Dec 1983 as a trainee and got a stipend of Rs. 550 in January 1984. Later, my salary was increased to Rs. 800. At that time, I had only Rs. 20 in my SB account and I still have that passbook with me. Since I also had a lot of family responsibilities at that time, I gave most of my savings to my family.
   
   Mr. Tode (2nd from right) with his family in Chandrapur

3. Your father was a farmer while you were a salaried employee of a public sector company. Do you think a background like this discourages people from investing outside FDs?
   Most people didn’t think anything beyond FDs, and they still don’t think so. Under the present circumstances, investing in FDs is not a good option at all.
   

4. What advice did you get from your parents regarding money? And what advice have you given to your children?
   Being a farmer, my father used to advise me to invest in the Post Office Savings Scheme and other conventional products. But I tell my children to diversify their portfolio and not just restrict it to FDs. I tell them to park only a small portion of their money in FDs and the remaining in Mutual Funds, real estate, or gold.
   

5. What has been your experience with Wealthy? How has Wealthy helped you in your investing?
   I would like to thank Team Wealthy for taking care of my investments. I started small about 4-5 months ago, but I increased my investments later on. Since my investment has appreciated and given me good returns, I am very satisfied with Wealthy.
   

6. According to your experience, how should one choose an advisor or Wealth Manager for money?
   Usually, I ask the person to make an investment plan which I get cross-checked with my friends.
   

7. What are some of the investing decisions that you regret? Similarly, what are some habits or decisions that make you proud?
   The results of my investment in real estate have been mixed. While my decision to buy land and build a house here in Chandrapur has proved to be good, I haven’t seen any good returns from my real estate investments in plots of land in Nagpur.
   
   Around five years ago, I also invested some money in bonds of a famous NBFC but the returns were only marginal. At that time, I didn’t know enough about investing. Eventually, I didn’t get the returns that were promised to me.
   
   Most of all, I am proud of my decision to invest with Wealthy.
   
   Mr. Tode's house in Chandrapur

8. You are today leading a retired life in Chandrapur. What are your current goals or requirements for your portfolio?
   After seeing my returns with Wealthy, I am aiming to get returns in the range of 10 - 12% per annum which I was getting when I was employed.

9. Where have you invested your wealth? What is your asset allocation?
   Out of my retirement corpus I have roughly invested around 80% in mutual funds ,15% in FDs and the rest 5% I have invested directly in the stock market.

10. What is the most important lesson in managing money you have learned?
    According to me, the most important thing is to consult a financial advisor before making any financial decision.