'I was wrongly advised by my bank relationship manager'

Singer Shibani Kashyap shares her money mantras, credit card dos and don'ts, her first salary and investments and what she plans to buy this Diwali with Rediff.com.

Delhi-based musician Shibani Kashyap started out by composing ad jingles. In a career spanning a little over 15 years, the singer/songwriter has composed and sung hit songs for films like Zinda and Waisa Bhi Hota Hai.

Your first salary and how did you spend it?

My first salary of Rs 500 was from a recording company. I started a bank account with that money.

Your first investment and how is it faring now?

Considering that I have started a bank account is symbolic of the fact that I do believe in saving my earnings and so I believe in spending some and saving some. This is what I consider my first investment and it's been giving me returns slowly but steadily.

Money lessons you learnt from family/parents/friends?

Firstly never lend or borrow money. Never deposited cash in the bank.

Your money mantras...

Money mantra is money begets money.

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

While shopping I prefer to use my debit card and I don't keep credit cards.

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

I would like to keep only one credit card because before you know the bill just piles up and the interest rate is also very high. Don't forget to have your signature on the back of the credit card.

Always get a credit card swiped in your presence, keep a constant check on the credit card bills as credit card can be misused. I have personally experienced it. So in a ways I'm quite averse to using it. Also I don't like to follow an auto debit payment system on the credit card.

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

My big investment mistake was in mutual funds because the markets had sunk and I was wrongly advised by my bank relationship manager to make heavy investment in policy of Bajaj Alliance. I have lakhs of rupees stuck in those investments and I am compelled to keep renewing the policy. It's like a (sinking) well. So from now I have been conservative investor and I would never invest in any mutual funds.

A best investment for me is in real estate and fixed deposits.

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

At the moment I am well versed with the market and also try to keep a tab on the market after having been misled by my bank managers. I think one should keep a close watch on market on own. As far as money is concerned I trust only my father and brother.

Do you think friendship and money should be kept away from each other? Any incident you can recall when money spoiled relationships?

Money should be kept away from friendship as it spoils the relationships. I never borrow or lend money. If at all, I would love to give away money for a cause but I would not like to get into the anxiety of borrowing and lending.

How do you plan to shop/invest this Diwali?

This Diwali I believe the markets should become better especially for gold and I would take a decision after I study the market trends closely. Beside I have gifted myself with a nice luxury car this Diwali.

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?

Not much. My first gold purchase from my own money was when I was in college. I bought a gold ring for myself. Yes gold biscuits are definitely a better option.