TV star Romit Raj: How I invest my money

TV actor Romit Raj of Gharki LaxmiBetiyaan fame shares his money secrets with Rediff.com. Romit also plays the role of KD's (Ronit Roy's) assistant in Adaalat.

You first salary and how did you spend it?

My first salary was Rs 500 for acting in a Bengali serial. I refused initially thinking it was too small an amount but accepted a cheque of Rs 5,000 which was basically payment for 10 days' work.

That moment, I realised one thing that whatever the figure, it is always important to value it. I bought a sari for my mom, watch for my brother, aftershave for my dad and making of Kabhie Khushi Kabhie Gham for myself.

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Your first investment and how is it faring now?

My first investment was in mutual funds which I feel is really important. Sooner you get disciplined in saving, the better it is for yourself.

Money lessons you learnt from family/parents/friends?

What I have learnt is that money saved is money earned; keep it simple in life as it's you and your family who need to be comfortab#8804 you enjoy luxury only when it's required.

Your money mantras...

Money mantras are many; firstly you need to have a balanced portfolio. Secondly it's always better to drive a small car, first hand than buying a high-end second hand car. Never live on credit cards. Investing today will secure your tomorrow. Don't think about spending on good days and not being prepared during crises.

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Do you use credit cards? If yes, what kind of checks do you keep while shopping? Credit card dos and don'ts for you...

I use credit cards only where I don't want to carry cash in my wallet. I always make card payment before the due date so I don't pay any interest.

Are you a conservative or risky investor?

I am a very conservative investor. I have always heard people losing money in shares so it's best to invest in FD, SIP (mutual funds), LIC and gold ETFs.

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

I manage my own money and I also take advice from my financial advisor.

Do you think friendship and money should be kept away from each other?

I feel if you can help friends with money you should go ahead. In tough times it's great if you could help anyone financially. But please don't talk about it publicly after helping your friends.

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How do you plan to shop/invest this Diwali?

I am very confused as to what I should do this diwali. Will the gold prices rise? Will the Sensex fall? When would realty prices correct themselves? Too many thoughts going on in my mind right now...

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?

I don't like jewellery but yes I like gold watches like Rolex; they look awesome. I feel it's best to buy gold ETFs and deposit in demat account because it's safe and easy transaction.

Money lessons for children...

Please value money as your parents are working really hard earning it. It is okay if you don't have an expensive mobile pho#8800 it is okay if you don't have an iPad 2. It's okay if your parents are telling you to live a simple life. Study hard as wisdom is what will make you a real human being in this world.