Wealth Creation is About Effective Financial Management

Ravi Kumar Jha, MD & Chief Executive Officer of LIC Mutual Fund Asset Management Ltd., talks about the joys of providing for his family right from his first salary and achieving financial goals by building his savings brick by crick over his long innings in the company

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Can you tell us about your first job and how much was your first pay cheque?

I began my career with Life Insurance Corporation of India (LIC) on September 18, 1989, as a direct recruit officer in the cadre of Assistant Administrative Officer. Over the past 35-36 years, LIC has been my professional home. My initial six-month training took place at Vishwa Yuvak Kendra, New Delhi, under the Delhi Zonal Training Centre. During this period, I was posted at the Sirohi Branch under Jodhpur division for two-and-a-half months of practical training. The experience was enriching, and the warmth and support from the people of Sirohi left a lasting impression. As far as I recall, my first salary was approximately Rs3,290.

Was it enough for your needs back then?

It was sufficient for my personal needs but somewhat limited when considering my family responsibilities. After completing my training, I was posted to Raipur branch, where I was allotted staff quarters and made it a point to send a portion of my salary to my parents in Ranchi. Despite the modest salary, I prioritised saving by investing in multiple LIC policies, with premiums deducted directly from my salary. Mutual Funds were not a popular mode of investment then.

Do you remember doing anything special with your first pay cheque?

While it is difficult to recall everything, I do remember purchasing some clothes for myself in Delhi upon receiving my first salary. Later, after being posted to Raipur, I bought a small black-and-white TV, four visitor chairs, and a table.

Do you have any regrets about how you spent your first pay cheque? Would you give your younger self any advice?