They call him the Big Bull of Dalal Street, and days ahead of Diwali, the season that Indians deem most auspicious to invest in assets big and small, guarded or golden, Rakesh Jhunjhunwala spares some no-holds-barred advice on how to splurge wisely.
In an interview with Katrina Kaif on ET Now, he urges investors to go back to the basic principles of investing.
"Real estate is the safest investment" isn't a cliche after all. According to Rakesh, things like jewellery should be last on the shopping list, and the item that should be at the top is a house.
“One piece of advice I will give to every young Indian is that the most difficult thing in urban India is housing. So, the first thing that you should do is try and buy a house. That gives a great sense of security,” he says. “And although I am a shareholder in Tanishq, jewellery should be the last thing you buy. You must not be investing only in jewellery,” he says.
He feels that the youth does not have its priorities in place, and does not grant enough importance to owning property, which is a long-term security measure. "The young generation often does not plan, but having your own house is very important, as it gives a great sense of security," he says. “Don’t be a spend thrift, don’t be a kanjoos (miser). Strike a balance between the present and the future,” he adds.
In keeping with the spirit of Dhan Teras, which is also the eve of the start of a new traditional Indian accounting year, Jhunjhunwala advises investors to entrust their 'dhan' or wealth to the hands of professionals only.
“People seek advice from me thinking that it will help make them very rich. I always say - take professional advice. If I have fever, I take a Crocin, but my mom and wife call a doctor for themselves. Similarly, for investing, you should take professional advice and plan,” he says, adding, "that can help generate wealth in the long term. You need that even to build a house to ensure a secure future.”