At BrilliantRead Media, we always strive to bring to our community some of the finest stories from India and around the World. As part of this endeavour, we invited yet another passionate entrepreneur – Nita Menezes for an exclusive interview with us. Nita is an accomplished Leader, Entrepreneur, Change Enabler, Mentor, Speaker, Finance Consultant. She is the Founder of Financially Smart and Co-Founder and CEO at MoneyPrastha.com. Let’s learn more about her truly inspiring journey, her background and her advice for our growing community!
Excerpts from our exclusive interview with Nita:
We are aware of your contribution to the ecosystem, talk us through your background and your journey as a women entrepreneur, please;
I started my journey, with some traditional investments like Bank Fixed Deposits, Life insurance policies, etc. But very quickly, I realized that there were many products available in the market and many advisors but very few who actually provided a holistic view and advice. The process and paperwork were so tedious, both to invest and receive your money.
Most advisors were interested in making a sale rather than understanding my needs. I also came across many people who had fallen prey to Ponzi schemes with unrealistic returns and lost the money they had invested ( some even their own retirement kitty). This was the time I decided to do a deep dive and understand more about Money.”
I pursued my Fellowship in Life Insurance & my Certified Financial Planning – CFP ^CM from the Financial Planning Standard Board of India… I understood the importance of having a Financial Strategy – a Blueprint that can help one achieve Financial Freedom. I realized the costly mistake of mixing investment with insurance and not investing in equity to generate wealth.
It was clear that if one wants to generate wealth, one needs two important ingredients other than money – 1. Investment in Equity & 2. Time for your money to Grow.
I worked with a Financial Planning firm and consulted HNI clients including Surgeons, Corporates, Entrepreneurs, and Celebrities for almost a decade. I found out that there are not many women in the Financial Industry and there is a great need to help more women take active roles in their financial lives.
Women normally depend on others in the family to make financial decisions on their behalf as they are confused with too many options or find it too complex. And that’s where I saw a great opportunity to create a meaningful difference in the lives of many more women and also in society.”
Financial Literacy should not be restricted only to High Net-worth Individuals and with the aim to create a meaningful difference in society and the financial planning industry, I decided to take the plunge into Entrepreneurship. My supportive family and a few of my clients and friends stood by me.
Giving up was never an option and my knowledge and experience in the industry gave me the confidence that I can and will make an impact. I had secured a kitty for the initial period of set-up so that I could work on my dream to make a meaningful difference in the lives of people and help them to be Financially Smart.
I started doing a lot of research, updated my knowledge, worked on social media, writing, and technology skills. Financial Literacy is important and fintech is necessary for the implementation of the acquired knowledge. I always wanted to reach out to help people make smart and informed decisions and smart choices. Simultaneously, I created a business plan, reached out to friends, existing contacts, relatives, and their references. During the pandemic and subsequent lockdowns, I embraced technology.”
I was always on the lookout for ideas where we can solve the problems of our clients, reduce paperwork, make investing simple and provide them with the tools and knowledge to make smart & informed decisions. I knew that collaboration is the key to success and if we want to scale up, we need to get in more hands.
That’s when I met my Co-founders who were like-minded and shared a common vision. They were equally passionate about creating a digital fintech platform and that’s how MoneyPrastha was born with a vision to reach out to all those who are serious about their money.
“MoneyPrastha” and “Financially Smart” are unique names; talk us through more about it, please. Our audience would also love to know what kind of problem you are solving?
Our life is the sum of decisions we make on a daily basis and these decisions lead to making smart financial and life choices. Thus, financial literacy is very important for every individual who wants to manage their money well. It is also important to inculcate healthy and wealthy habits from an early age.
That’s when I thought of the name “Financially Smart ” for those who are keen to enhance their knowledge and are smart enough to stop working for money after some time and learn how to make their money work for them.”
Financially Smart is an Edu-tech platform that aims to spread financial literacy. Our platform helps make the complex jargon of the financial world simple and coaches you to be Financially Smart through our videos, courses, and content.
There was also a need for a simple, efficient, and convenient platform that takes care of all your implementation needs and can help you get a holistic view of your current portfolio so that you can make smart and informed money decisions. “MoneyPrastha” (Sanskrit word for Platform) – Your Platform for your Money was the name which perfectly fitted in.
MoneyPrastha is a Fintech company with a human approach and we provide you with a step-by-step guide to create your own goal-based optimized portfolio solutions. The platform has been received very well so far and we are confident of it being accepted widely by both, experts in the finance industry and those who want to invest.
The platform provides you with a Personal CFO – an AI-powered Smart Assistant to those who are new to investing and also gives options to Do-it-yourselfers who are keen to make investments based on their research and understanding.
Last week, one of our CFO clients called in to share that our MoneyPrastha app saved him an hour of his daily work, as it was simple to navigate, he could have a holistic view of his funds and his Company funds and he could complete his transactions in a jiffy. He was thrilled that he could compare funds and make quick decisions based on his goals.”
Another Client loved the curated financial news feature available on the app. Many advisors also loved our web-based version and our app and the convenience it provided to them and their clients as their clients could also download their reports at the click of a button and the advisors could spend time on more fruitful activities.
Thus MoneyPrastha is your app for all your money needs whether you are a teenager or a youngster who is new to investing or a seasoned professional who needs unbiased research and is looking for convenience and the tools to transact efficiently. We believe that Personal Finance is more Personal than Finance, that’s why we also provide you with support which is just a call away.
MoneyPrastha is your Personal CFO – that can help you save more time, save more money, give you peace of mind, and yes make your life easier by providing you convenience at the click of a button.
What attracts you towards entrepreneurship instead of a corporate career?
Entrepreneurship gives you the freedom to work at your pace on things you believe in and are passionate about. It teaches you discipline, focus, and the importance of focusing on your strengths and to partner with those who compliment you and create a winning team.
Entrepreneurship is an exciting and challenging journey too. There will be ups and downs, but if you continue to strive hard and focus on your goal you will surely achieve success. Moving from the luxury of having a fixed salary to a fluctuating income often comes in the way of many if they have not planned their finances well. I have always been motivated by the desire for fulfilment and the power of choice.”
Money is just a by-product if you are passionate, dedicated, want to excel in your field, and are able to provide a solution that can help make a meaningful difference in the lives of people.
As Spiderman says,” With great power comes great responsibility” Reading books, meeting and talking to Entrepreneurs who had taken the plunge and understanding their challenges helped me plan my strategy and kept me focused on my goals.
I follow the mantra- Stay Focused, Have a Flexible plan, and be ready to tweak it if need be, but don’t keep changing the Goal.
During this COVID-19 crisis, what are the measures you have undertaken to continue your business without disruption?
The pandemic came as a blow. All of a sudden I was stranded at home with my family and had to do a lot of chores with no house help. But thanks to my supportive and encouraging family, things fell in place. My investment in technology helped me and I could continue my meetings on zoom and google meet. Clients got adjusted to online meetings.
The platform was a result of this change and the need for a paperless office that is more convenient and easily accessible. I decided to work on creating a course and conducting workshops on zoom. Initially, the turnout was not much, but thanks to social media, especially Linkedin, I could reach out to so many people including influencers who appreciated my work and gave me the needed boost to move ahead.
MoneyPrastha was born as we realized the need for a fintech company that has a human touch and can cater to a client’s needs of information, helps make smart and informed decisions, and most of all convenience.
How do you manage yourself and keep on going despite the challenges? What drives you?
I am very passionate about what I do and want to be the best in whatever I do. For me, the happiness that I see when my clients achieve the clarity they seek and the gratitude I receive from them when they achieve their goals is of paramount value.
This passion drives me and the focus has always been to add value to my community especially women and the budding teenagers who are the future of society.
I welcome challenges as opportunities and work to get optimal solutions. In fact, the pandemic came as a challenge, but I stayed focussed, updated my knowledge by reading more books, taking up relevant courses, meeting successful entrepreneurs and mentors who moulded me and the idea of an Edu-tech and a fintech platform took shape.
In your opinion – what is more necessary: An idea or a good team for a successful startup?
An idea put into action with like-minded people who are equally passionate about the idea is necessary for a successful start-up.
The belief of the initial core team in the idea is important so that they are ready to do what it takes to achieve greater heights.
What are the business mantras you have embraced as you sought to establish your success story?
Life is not just the passing of time, Life is not just watching the thoughts tick away, Life is a collection of experiences and their frequency and intensity.
My Business Mantra is – Know your Purpose and once your values are aligned to your Goals, Stay Focused, Have a Flexible plan, and be ready to tweak it if need be, but don’t keep changing the Goal.
What are the three most important lessons you have learned building your startup?
1) It is important to know and define your purpose and set your goals based on your values so that you can remain focused in spite of some unforeseen circumstances that come your way.
2) Always believe in yourself and your capabilities, but also work towards a collaborative approach.
3) Have a positive attitude and approach every challenge as an opportunity.
4) Focus on being a Thought Leader so that people are attracted to you and want to work with you.
Given the rapid pace at which the world is changing, what are the leadership traits that are necessary for success?
Leadership is about integrity, giving valuable insights, and the ability to inspire, influence, and guide people along the way to bring about an impactful change. A true leader is one who stays focused, gets his team aligned to the goals of the Company, and drives them to achieve the common vision.
1) ‘Never Give Up’ attitude – I always strive for the best and want to be the best at what I do. I believe in focusing on my strengths and use them to my advantage. It’s important not to give up in testing times as you may be just 1 step away from achieving success. Just be there and you will see the way. This too shall pass – Good times as well as bad …is what you need to keep reminding yourself.
2) Perseverance – I always persevere to be the best and add value to my community and my clients. Knowledge and skills along with regular practice are most effective when they serve as amplifiers for your natural talents. Keep your focus on your goal and provide a solution to your clients and you will achieve great success.
3) Adaptability – This is a very important trait that is needed for a leader. When plans go awry, you need to ensure that you and your team need to adjust to the circumstances and try to make progress as a team. Stay laser-focused on your Goal. Change the Plan if need be as you may need course correction from time to time …but not the Goal.
Please share with us – what has worked well for you so far?
One thing I have learned is that most people need a Sounding board, a Trusted advisor, and a confidante whom they can talk to. An entrepreneur needs to have his ears on the ground and be a good listener to the needs and challenges of his customers and come out with optimal solutions for them by making their life simpler.
Most people need to be reassured that they are doing ok and are on the right track. Once things are explained to them in a simple way and they are confident enough to make smart decisions or trust someone who can make smart decisions on their behalf they will work with them.”
There is an abundance of work and everything you want. All you have to do is ask, seek and knock. Always seek the best, always expect the best, and never at anytime be content with second best.
It may be difficult for you, especially at times when you think you are scraping the bottom of the barrel. That’s when you have to raise your consciousness and think about abundance. Take nothing for granted, but realize how blessed you are.
You are always positive and motivated, what keeps you going?
My belief in myself and my never-give-up attitude always keeps me going. I believe in being fit and enjoying the moment, whilst planning my strategy and enjoying the journey towards my ultimate goal.
I always share this with my clients too. What’s the point of all the wealth if you do not have the health to enjoy the wealth you have accumulated.
We would love to know your advice for all those starting out as aspiring women entrepreneurs?
The key thing that any entrepreneur needs to work on is yourself. We women are already empowered and it’s now time to take charge of our lives and get into action. If you have the drive and the passion you need to work on the fundamentals of leadership, time management, and work on your ability to adapt and bring the best out in situations.
Focus on what you do best and align yourself with a Business model focused on providing you with the infrastructure and proven systems to elevate you and your services to your clients. Technology is an integral part of the future and we need to adapt that in our idea and check how we can provide solutions to our clients that can help them save more time, make it easier and convenient, save more money, give them more security, and yes more mental sanity.
As you grow your team, you need to have the knack of identifying and bringing people on board who share your vision. When you start off as an Entrepreneur, you need to be versatile and be ready to do all the jobs.
And yes, I would recommend keeping aside an amount (a kitty) for your monthly personal expenses and for your business expenses so that you can sail through the initial months.
Entrepreneurship comes with its glory and challenges. You need to be ready to face the challenges with a smile and keep focused on your ultimate goal and keep adding value to your customers.
BrilliantRead is committed to bringing stories from the startup ecosystem, stories that reshape our perspective, add value to our community and be a constant source of motivation not just for our community but also for the whole ecosystem of entrepreneurs and aspiring individuals.
Note: If you have a similar story to share with our audience and would like to be featured on our online magazine, then please write to us at [email protected], we will review your story and extend an invitation to feature if it is worth publishing.
