'The perfect way to ruin a friendship is to lend money'

Film and television actor Arif Zakaria shares his tips on money and relationship mantras.

Your first salary and how did you spend it?

I don't clearly recall, but my first salary was from a college stage production. I think a sum of Rs 200 and I spent it buying clothes.

Your first investment and how is it faring now?

My first investment was in LIC with a policy, which I surrendered years ago. It fetched me a good return.

Money lessons you learnt from family/parents/friends?

The most important lesson you learn is to invest from a very early age. You must studiously invest for the long term.

Your own money mantras...

Always live well under your means!

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Do you use credit cards? If yes, what kind of checks do you keep while shopping?

Yes, I use two credit cards and I am very stringent in their usage. Not for once have I gone beyond the limit. I also believe you must pay your credit card dues before the due dates as the interest they charge is killing for late payments.

Credit card dos and don'ts for you...

Tough one, really! But to each his own. I am a studious shopper and conservative spender which has helped me thus far.

Are you a conservative or risky investor? Your most risky investment till date...

I have bought some real estate presently. I have bent over backwards for this and I hope it pays in the long run.

Do you manage your own money or do you trust your money to your money manager?

Usually I manage my own money simply because I have never had so much to employ a money manager.

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Do you think friendship and money should be kept away from each other? Any incident (your own on of any friend's) you can recall when money spoiled relationships?

This is true. The perfect way to ruin a friendship is to lend someone money. I try my best not to befriend business associates and seldom do business with old friends.

Are you crazy about jewellery? Your first gold purchase? Do you believe buying gold biscuits or gold mutual funds are a better bet than buying jewellery?

Considering the price of gold I think gold is a good bet. But I think real estate is the best destination for surplus funds.

Money lessons you teach your children?

Trust in god and the rest in cash!