Frugality is my default setting, says Sunil Shettytext_fields
Mumbai: Bollywood actor Sunil Shetty often takes to LinkedIn to impart wisdom to his followers. The businessman-producer often talks about the industry and other ventures he has explored. Recently, he wrote about his middle-class upbringing and how that made frugality his "default setting."
"Growing up, my family had a very basic standard of living. We didn’t have a lot, just about enough. We definitely did not have the luxuries that we take for granted today. However, my parents, through the way they lived and worked, taught my sisters & I the importance of saving and building for the future. I think frugality was our default setting, and has remained so," he wrote at the beginning of the post.
"Even after Dad started to do better in life, there were no major changes in our lifestyle. He had already gone beyond his means to give us the best education he could afford at the time, so the only real change was we moved homes. When I look back now, I realise how my parents were clear about their approach to money. They saw to it that whatever excess they had, went into uplifting their children’s lives through knowledge and experiences, growing the business, and helping the community," he added.
He then talked about his own life in the entertainment industry as an adult.
"When I entered the entertainment industry and started earning a substantial income, I was wired to treat money in a similar way. There was the occasional temptation to succumb to the allures of a flashy lifestyle, but my middle-class values ensured that I looked at most money decisions from a long-term lens. It helped immensely that Mana too had a similar mindset. And together, we were fairly disciplined with how we went about our spending and investments. We did indulge now and then on a few luxuries, but to date, our wisest investments have been our homes and education for the kids."
His wife Mana Shetty is an established fashion designer, businesswoman, and social activist. They have been married since 1991.
Speaking about their financial plan for the family, he said: "Mana & I prioritise long-term stability over short-lived extravagance. Frugality continues to be my default setting, and that’s allowed us to create a pool of investments across a few different asset classes. Diversification is important, yet I know my boundaries. I do not pursue something I don't fully understand."
He then asked his young followers to approach money with a sense of purpose and responsibility in the early years of their careers. "Enjoy the benefits of financial success, but do it with humility and awareness of the greater good it can achieve in the long run. Plan it like you’re running a marathon. Consistency is key – instead of chasing quick or easy gains, focus on building a strong and sustainable investment strategy that will serve you well into the future."
He also encouraged people to gain financial literacy. "Understanding money, the power of compounding, taxes, and how investments work is an absolute must. Educate yourself about all of this, or get advice from trusted professionals. But learn the art of making wise investments and financial planning."
The actor ended the post by encouraging people to give back to the community and those who helped them along the way.