Celebrated cricket commentator and analyst Harsha Bhogle in an exclusive interview to Cafemutual says that he’s not too keen on making lots of money and that there are other things in life that excite him much more. In a ‘beyond-cricket chat’ with the Cafemutual team, Harsha speaks about his finances, how he manages them and his take on investments
Unlike salaried people, celebrities such as sports persons and film stars do not have a regular or fixed source of income or a fixed retirement age. Given the uncertainty in your source of income, what are the challenges in managing finances?
You always ensure that there is enough that is not speculative, that there is always enough on call for an emergency. But I have been luckier than most in being on my own and haven't needed to worry a great deal!
Who manages your financial affairs?
I have a couple of relationship managers with banks who suggest investments and ensure that we are going okay. But I have learnt that eventually you must be the master of your own investments and that is why I’m still a bit all over the place!
Who helps you make investments?
My wife and I plan together but the bank relationship managers do help.
How do they help you? How important is their role in your life?
Yes, they have been helping me for a few years now. They help in that they know of opportunities that we are unlikely to know; they check out opportunities. Eventually you have to lead life on trust!
Have you invested in any stocks, mutual funds or insurance? Any experience you can share with us?
All! People seem to tell me that I’m under-insured, but I think I’ve passed that need now. I tend to stay invested until I’m told that an investment is likely to under-perform or till I need the money.
Which is the best investment you have made till now?
Seriously, my marriage. From every point of view. Everything else follows a life built on trust.
Any investment that you repent making?
No. Maybe one or two that I’ve should have invested in. But no, I’m not in love with the idea of making a lot of money. There are many other things that excite me and so I don't lose sleep over investments.
Are you a financial savvy person?
Clearly, no! It is something I would have liked to be better at. But it is not on top of my list of priorities.
Do you now feel financially secure after having a well charted financial plan for yourself and your family?
Yes, I do! It is important to feel that way, such that you feel confident about making the right decisions in life.
Do you find it challenging to implement the goals you have set for yourself?
Yes, sometimes, because I tend to drown in bouts of laziness! Maybe it is because I tend to do too many things at one time. There is a misplaced pride in doing that!
Are you a saver or spender?
Most times saver! I guess it’s in my DNA. But I find it easier to spend on others than on myself. And peculiarly, I find it easier to spend larger amounts than smaller ones!
If a budding cricketer, who has just joined the Indian cricket team, were to seek your guidance on managing his finances, what would be your advice?
I would tell him to put aside as much as he needs to enjoy his success and assume that is all he has. Put the rest away in fairly secure investments, assume they no longer exist. I would remind him that he has a vulnerable life; that a better player or an injury could be round the corner, that India forgets very quickly and that he must make the most of his earning years. I would also advise him on not acquiring extravagant, untenable spending habits; for a day will come when the habit remains but not the means to sustain it.
