Radhika Gupta, CEO and MD of Edelweiss Mutual Funds, recently shared why she doesn't own luxury cars, even though she can afford them. Gupta explained that while she likes expensive cars, their depreciation in value concerns her. Instead, she currently drives an Innova.
On a podcast, Gupta shared that growing up in a middle-class family, she used to feel insecure about not having fancy, designer items. However, now as one of the country's youngest CEOs, she no longer feels the need to prove her worth by buying expensive things.
"I can't get myself to buy a luxury car. I can afford it, but I can't buy it," Gupta said on the podcast. "Every time I tell myself 'I'm going to get a bonus, I'll buy myself a fancy car [but] I think a car is a depreciating asset. I don't drive and even if I drive it out of home, 30 percent of the value will be gone."
"Eighteen years ago, when I graduated from college and people would say 'Oh! You don't have a fancy handbag?' I would feel insecure about it. Now, if someone says: 'Why are you driving an Innova?' I'm at a point that I can say, 'My place, my life'. I think it's because I don't have anything to prove [to anyone]," Edelweiss MF boss highlighted about her relationship with money.
As per an estimate by the Times of India, Gupta comes with a net worth of about Rs 41 crore