Your Financial Resource: Meet Minoti Rajput, Senior Wealth Advisor at Secure Planning Strategies

By Emily Merrell

Have you ever felt like you had no idea what you were doing with your finances? You’re not alone. Historically, women haven’t been as involved in the financial planning of their future as their male counterparts. Minoti Rajput is on a mission to help women take charge of their finances so they can focus on the lives they want to live. Minoti is determined to empower women in their financial lives.   

SDS: As a financial maven, you’re such an empowering inspiration for women. What led you into the world of finance? 

MINOTI RAJPUT: A combination of circumstances and affinity for math and organization. I had majored in organic chemistry but did my graduate studies in finance. I was fascinated by the world of economics and personal finance. I was also intrigued by the fact that few women were in the personal finance industry and that sort of made me more attracted to it.

SDS: Historically, women have struggled with handling finances in their households. What does financial security mean to you and how can women strive to achieve it?

MR: In most parts of the world, finance has been a man’s domain and yet women are usually the survivors and often unprepared to manage the complexities of finances. I saw my mother, who was an educated and a smart woman, struggle to manage the finances when my father became ill and she was required to take over. Although she was a strong woman, she paid a price for her lack of involvement and experience. Her experience impacted me and made me determined to be savvy on financial matters.

Financial security to me means having what I will need to live on and to maintain the quality of life I have worked for. Financial security comes from the knowledge that the assets and income one has will be adequate to take care of their needs. One can want many things – but if they have what they need, they will have financial and emotional security. Getting there requires planning and ongoing monitoring. 

Women need to be involved early on. Parents need to educate their children, especially the daughters, about income and expenses, how the family cash flow works and why savings from earnings is not an option but a necessity. This early education creates a strong foundation allowing women to participate in family financial decisions with knowledge and confidence. Every married woman, whether she is employed or has chosen to be a homemaker, should be able to determine her financial security in the event she is suddenly single due to death or divorce. Involvement, education and the right attitude is the key.

SDS: You’ve been nationally recognized as an expert in planning for families with special needs family members. What advice do you have for families struggling to make a plan? 

MR: Special needs planning is complex and challenging. Parents struggle with their emotions and often feel paralyzed thinking about what will happen to their child, who will care for them, where will they live and how much money they’ll need to have when they are no longer here.  My advice: Planning is a moving target and it evolves. Every family needs to have a plan based on the stage they are in now. They have to overcome emotional obstacles and create a plan to avoid undesirable results (jeopardizing their child’s government benefits and/or letting probate courts determine who will care for their child.) They may require counseling and education.

SDS: Minoti, you’re a Certified Financial Planner and have served as the president of Secure Planning Strategies for nearly four decades. To say you’re a seasoned professional is an understatement. What are the biggest misconceptions you see individuals (specifically women) make about financial planning and specifically planning for their future? 

MR: Women often underestimate their capacity in handling financial matters. Their misconception about the complexities of financial matters can only be changed if they are determined to make efforts to learn.

Most people consider investment management to be financial planning. While it is an important part, it is only a part of financial planning. Other areas such as cash flow, risk management, retirement and estate planning are important parts of financial planning and are all connected. Not addressing any one of them properly can jeopardize the financial security of the family. 

Women are often risk-averse to investments that have market fluctuation. Their misconception of stocks and related investments often makes them invest overly conservatively, risking depletion of assets. 

SDS: Aside from Secure Planning Strategies, you’re also a very well-rounded woman. How do you spend your time when you aren’t inspiring the future?

MR: I am passionate about several things. We love traveling and continue to do that. I have been learning Spanish for a long time. I am not that fluent yet but I enjoy the learning process and am planning to spend a few weeks every year in Spanish-speaking countries. I want to find more time to read the books I have collected over the years. My book club helps me read one book a month. In addition, I enjoy gourmet cooking, food from different parts of the world, fusion cooking, baking, and experimenting with different types of cooking. We are part of a Chef’s Club and it gives me a chance to cook with my husband when we host our group of four couples. I also knit when I can. Physical fitness is a must for quality of life. I practice that religiously.

SDS: Lastly, while you could be sitting back and relaxing, you’re out there inspiring audiences and changing lives. What keeps you motivated to keep doing the work?

 
MR: My definition of relaxing is doing things that I enjoy – things that are meaningful, useful, and keep my mind active. I have been reflecting on what has worked for me in life. As a wealth advisor, I have also been an educator and a counselor. I have both physical and mental energy that I want to channel into areas that allow me to make a difference. I have seen the benefits of being a woman in finance, an area most women feel intimidated about. Educating women on financial matters is one area and continuing to work in some capacity for the special needs community that I am passionate about is the other.