Money is rarely just about money. It carries our fears, our hopes, our identities. It’s emotional before it becomes financial.
On this milestone edition, our 200th, I wanted to reflect on something more personal. To trace the roots of how I think about money — the mindset, the upbringing, the value system that shaped me long before I ever earned or invested a rupee.
Because before we build wealth, we inherit a worldview.
Sometimes from our families, sometimes from circumstances, and often without even realising it.
That worldview shapes our first portfolio, a mix of beliefs, biases, and blind spots.
Over the years, I’ve worked with thousands of wealth creators, each with their own goals, temperaments, and stories. But one thing always holds — how deeply personal this game really is.
So for this edition, I wanted to pause and look back at what quietly shaped the way I think about money.
Let’s begin!
First, let me take you through the evolution of my money mindset. An overview into my personal journey through two decades of learning what money really means beyond the numbers.
While this visual above captures a bird-eye view of how my views on money have changed through every phase of life, let’s delve deeper into a few pivotal aspects of my financial journey.
Spending and earning
I grew up in a home where money was always part of background conversations. My parents were both bankers. They worked hard, saved carefully, and did their best to give us a stable, secure life.
We weren’t the kind of family that made big purchases or splurged on things. But if something helped us grow, like books, classes, or better education, the answer was always yes! That distinction taught me a lot. Not all spending is equal.
Two conversations around money have stayed with me even now. I distinctly remember my parents talking about how to manage rising school fees for me and my two brothers. A few years later there was a conversation on how to adjust expenses after taking a home loan. The tone was always calm, never anxious. Just practical conversations that quietly stayed with me.
When I started working, my parents helped me buy a second-hand Santro. It wasn’t a fancy car, but for me, it was a big deal. That first taste of independence, thanks to them. So when my first paycheck came in, I didn’t think twice. I gave it to them. It just felt like the natural thing to do.
Until then, money had always been something I saw them manage. That moment was the first time I felt a sense of ownership — and more importantly, responsibility. It wasn’t about the amount. It was about being able to contribute, even in a small way. Looking back, that shaped something fundamental for me. I don’t think of money in terms of what it lets me buy. I think of it in terms of what it allows me to protect and support.
That mindset stayed with me as I entered the world of wealth management, but those early days were eye-opening. I lived in Thane and commuted over two hours each way to Nariman Point, Mumbai’s business hub. I was surrounded by luxury—high—end cars, plush offices, and clients with serious wealth.
It wasn’t just clients either. Many colleagues came from far wealthier backgrounds. Wealth management felt like a club I wasn’t part of.
While others were spending freely, I was saving every rupee. Contributing to the household. Helping repay our home loan. That contrast between where I came from and where I now worked made a deep impression. It shaped my earliest beliefs about money: how unevenly it is distributed, and how differently people relate to it.
Money lessons in the early days of my career
If I think about the biggest shifts in how I approach money, they came from getting things wrong, not from moments of success.
The markets energise me. That curiosity, that movement — it still draws me in. But when I was just starting out in wealth management, I didn’t know how to handle that energy. Everything felt urgent. Stock tips were flying around at lunch, people were doubling down on stocks, and there was always a new sector everyone was chasing. The pace made it feel like you had to act constantly, just to stay in the game. I got pulled into that rhythm. I didn’t have a clear framework. I was reacting, not thinking. And I definitely didn’t understand risk the way I do now.
At the time, I thought volatility was the problem. If something moved sharply, it felt unsafe. But the real problem was that I didn’t know how to size things. I didn’t know what I could afford to lose. I hadn’t thought through the downside.
Then came 2008. I had just left a very stable job to join a new wealth firm. The year before had been full of momentum — markets were strong, optimism was everywhere, and we were excited about what we were building.
But 2008 shifted everything. As Lehman Brothers crashed, we saw the biggest financial crisis of our lives. The correction wasn’t immediate, it came in waves. Just when you thought things had settled, the ground moved again. Strong companies lost significant value. Entire sectors were under stress. And the mood across the industry turned from confidence to caution almost overnight.
It was a tough, sobering time.
Clients were anxious, portfolios were under pressure, and every day was a reminder of how quickly sentiment can turn. It wasn’t just about numbers on a screen — it started to feel existential. There were moments we genuinely wondered if the firm would make it through.
That period taught me lessons I still carry. Not from theory or models, but from watching resilience — both ours and our clients’ being tested in real time. It reshaped how I think about risk, about preparation, and about building something that can withstand uncertainty. Over time, I became less concerned with reacting to every move and more intent on creating a steady, long-term path.
The Dezerv journey: A new beginning
By the time I turned 40, I was in a place of relative financial stability. I had built a contingency buffer that I was comfortable with. When people asked me what spurred me to leave a role at the helm of a company, my answer was clear. While I had identified a gap in the wealth management space that I wanted to solve, I didn’t have the risk appetite earlier. Now, I felt my finances were comfortable enough to take the leap of faith.
This was also around March 2020 — right in the middle of the first COVID wave. A friend of mine reached out, asking me to review his portfolio. He’s sharp, successful — someone I’ve always respected. But what I saw surprised me. The portfolio was all over the place: scattered mutual funds, some insurance-linked investments, and no clear strategy. And that’s when it clicked — there are so many first-generation wealth creators like him, who are thriving in their professional lives but lack access to quality investment advice. That realisation became the trigger to start Dezerv. Sahil, Vaibhav, and I had already been discussing ideas, but this gave us our “why.” It became the spark that lit Dezerv.
Around that time, Vaibhav, my co-founder, began managing my portfolio. It wasn’t a formal decision. It just happened naturally. For the first time, I stepped back. I had a structure I trusted, run by someone who understood my risk boundaries and beliefs. That’s when something clicked: what really moves you forward in uncertain times isn’t constant action- it’s clarity. And that clarity only comes when you’ve built a system that lets you breathe, focus and keep going, even when the ground shifts.
As of today, my portfolio is overseen by my relationship manager, Tushar, who’s at Dezerv. Around 85-90% of my investments are in equities, the majority of which are in Dezerv’s strategies. It’s not just about skin in the game — I genuinely believe in the approach. I don’t have the time to manage it actively, and I trust the system.
Weeks go by without me checking the value. If anyone looks at it, it’s my wife. I’m generally bullish and have a large equity allocation. I believe in India’s long-term story and that compounding will take care of the rest.
My takeaways from the early days at Dezerv: Takeaways for founders
Here’s what I’ve learned — and what I’d share with anyone in the early stages of their founder journey:
- Pay yourself just enough to stay steady –
Don’t underpay out of guilt. Don’t overpay out of ego. Take what you need to live without anxiety. Peace of mind should be paramount. When your personal life is steady, your leadership becomes clearer.
- Know your equity inside out –
Equity gives you unimaginable upside, but only if you understand it well enough. Strike prices, vesting schedules, tax implications — all of it matters more than most people realise.
- Clarity compounds –
In product, in people and in capital. It gives you perspective and raises the quality of every call you make. Especially when the path isn’t obvious, and pressure starts to build.
- Build a system that runs without you –
As a founder, your time is already overcommitted. Your personal finances shouldn’t demand constant input. Build a structure that runs quietly and reliably in the background.
- Liquidity is not a compromise –
There’s no prize for being financially cornered. If creating some liquidity allows you to lead with focus and stay the course longer, that’s not a compromise. It’s a smart call.
My current investment philosophy
Introducing the investment matrix
Over time, I’ve come to believe that every financial decision for me boils down to two questions:
- Will this let me sleep well at night? (Peace of mind)
- Does it hold the potential for meaningful growth? (Growth potential)
These two ideas, peace of mind and growth potential, have shaped how I think about investing. From the early days of hearing my parents talk through financial tradeoffs to building portfolios during volatile cycles to working closely with first-generation wealth creators, I have found myself returning to these questions again and again.
The investment matrix is a simple way to visualise that thinking. It maps different asset classes and approaches across those two dimensions. My investment matrix reflects how my own philosophy has evolved through experience, through mistakes, and through moments of clarity that only come with time.
Quadrant 1: The ideal state
High growth potential, high peace of mind
These are investments that offer meaningful upside without constantly pulling at my attention. They’re professionally managed, backed by process, and give the comfort to focus on other parts of your life.
What sits here for me –
- 75% in public market equities — largely through mutual funds under Dezerv’s Equity Revival Strategy.
- I also have exposure to some of Dezerv’s Alternative Investment Funds (AIFs).
My portfolio is overseen by my relationship manager at Dezerv. I don’t check the value every day. Sometimes, not even every week. That’s a conscious choice. Because the structure gives me the peace of mind to step back.
This approach works when you have conviction in long-term fundamentals, when your risk boundaries are well defined, and when you’d rather spend your time building your business or spending time with family than second-guessing your portfolio.
Quadrant 2: The safety zone
Low growth potential, high peace of mind
My definition of risk is simple — if it affects my peace of mind, I want no part of it.
This quadrant is about security and stability. These are not the investments that grow your wealth dramatically. But they give you the confidence to take calculated risks elsewhere.
What sits here:
- Liquid funds — I keep around 10% of my portfolio in cash equivalents
- Gold — not for returns, but for diversification
- Term and health insurance — simple, no-frills, no investment component
This part of my portfolio is the buffer. It’s not meant to perform. It’s meant to support. I know that if markets turn volatile or if I need liquidity, I have this layer to fall back on. And that helps me stay disciplined with the rest of the portfolio.
This quadrant makes sense when you are planning for short-term goals, during uncertain phases in the market, or simply when you want the mental comfort of knowing your financial base is covered.
Quadrant 3: The calculated risk zone
High growth potential, low peace of mind
This is where the risk-return equation tilts the other way. These are investments with real upside, but they require more attention, more patience, and more willingness to deal with uncertainty.
What sits here: 15% in unlisted assets — pre-IPO holdings and startup investments.
I don’t expect peace of mind from this. The role is to add sharpness to the portfolio. But they are carefully sized, and I approach them with full awareness of the risk. Because I know these will not move in a straight line. Some will surprise me. Some won’t work out. That’s fine, as long as the core is stable.
This quadrant makes sense only once the foundation is in place. These are not core holdings. They are optional layers that can add value, but only if your basics are already sorted.
Quadrant 4: The danger zone
Low growth potential, Low peace of mind
This is the quadrant I actively avoid. If something has limited return potential and still creates anxiety or complexity, I don’t want it in my portfolio.
What sits here:
- ULIPs and investment-linked insurance products
- IPOs pursued for short-term listing gains
- Cryptocurrency without regulatory clarity
- Trading based on headlines or FOMO
These are the kinds of investments that drain time and attention while offering very little in return. They tend to show up most during bull markets — heavily marketed, full of promise, light on clarity.
I stay away. Not because I fear risk. But because I value clarity.
How to make the Investment Matrix for yourself:
1. Maximise quadrant 1: The aim is to anchor as much of the portfolio as possible here, using professional management, clear frameworks, and systematic execution.
2. Right-size quadrant 2: This part of the portfolio isn’t here to grow aggressively. It’s here to provide stability. I size it based on what’s coming up in life — near-term needs, responsibilities, and how much room I want to absorb volatility without overthinking it.
3. Carefully limit quadrant 3: These opportunities are interesting, but they come with uncertainty. I approach them with curiosity, but also with clear boundaries. I never let them dominate the portfolio. They’re meant to complement the core, not distract from it.
4. Ruthlessly avoid quadrant 4: If something feels too clever, too complex, or too dependent on timing, I stay away. Over the years, I’ve realised that anything which creates unnecessary stress without meaningful upside doesn’t belong in the portfolio.
What I am still learning
I’ve been in the wealth management industry for over two decades now, and the way I think about money, risk, and growth has evolved and it continues to.
What worked a decade ago doesn’t always apply today. What felt risky back then might feel essential now.
There are times I revisit decisions I made years ago and see them differently. Not because they were wrong, but because I’ve changed. The markets change. Life changes. And the role money plays in your life shifts with it.
What I’ve learned to trust more than any one strategy is the ability to adapt. To stay open. To keep asking questions. To learn from others — clients, colleagues, markets and sometimes even from getting it wrong.
In summary
For most of us, money starts out as a number. Over time, it becomes the force that drives every aspect of our lives.
Money and how we manage it, tells the story of what we value, what we protect, what we pursue and what we’re willing to walk away from. I’ve made decisions I’m proud of. Others I’ve learned from. But what’s become clear is this: handling money with clarity, context, and frameworks is the cornerstone to wealth creation.
Before I sign off for the week, I wanted to thank you for reading through this special edition – one that is the closest to my heart and the most personal. The one where I’ve opened up about my money mindset and my frameworks, hoping it resonates with each one of you in at least one way or another.
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Disclaimer : Investments in securities are subject to market risks, read all securities related documents carefully before investing. The information, analysis, and views expressed herein are for educational and informational purposes only and do not constitute investment advice, a recommendation, or solicitation to buy or sell any securities or financial instruments. The content is based on publicly available data, internal analysis, and historical context believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy or completeness. The past performance is not indicative of the future performance. Readers are advised to consult their financial advisor before making any investment decisions based on this material.