Somya Munjal – Founder of Youthful Savings

[quote style=”boxed”]Everything happens the way it’s supposed to and what doesn’t work, you learn from and try again. All the steps need to happen just as they did in order to get to where you are now. No regrets.[/quote]

Somya started blogging about financial literacy in 2010 in order to create a meaningful dialogue about money, education, and the rising student debt problem. She paid her way through a Bachelor of Science, Master of Accountancy, and Master of Business Administration in International Business by applying to as many scholarships as possible and sometimes working two to three jobs. She wanted to teach other young adults how to attend college without debt. She’s a firm believer in education as an agent for change. She’s also a Certified Public Accountant.

She has had the opportunity to work for large firms and corporations. Her real passion is investing in the youth and she is delighted to see Youthful Savings take off. Her greatest joy is being able to inspire the youth to go after their dreams.

What are you working on right now?

We are working on expanding the mission of Youthful Savings by creating as many after school programs as possible. We’re also diligently working on helping our business clients. We’re big fans of entrepreneurship in general.

Where did the idea for Youthful Savings come from?

It all goes back to disrupting the cycle of poverty. I never understood why some people seemed to have everything all while others didn’t have anything. We work on knowledge and resource redistribution. Not only do we teach young adults and small business owners how to be financially savvy but we also create youth college scholarships. 10 cents of every dollar earned is set aside for various scholarships or charity endeavors. We’ve already given out over $1000 this year.

How do you make money?

Our prices are flexible and we hire Community Engagers™ to spread our tools to the community. We believe in the low cost, high volume business model. In the end, we want our mission, tools, and message to reach those that really need it. Creating a lean organization allows us to pass our savings on to those that we serve.

What does your typical day look like?

Usually serving a few clients, checking my e-mail every 5 minutes, and taking care of any other business that needs my attention!

How do you bring ideas to life?

Collaboration is a big part of our business. There’s no way we can do everything but if we bring in the right partners and build enough enthusiasm, we can make a difference and create some pretty big things.

What’s one trend that really excites you?

Entrepreneurship. So many of the young adults we come across are really excited about starting their own thing. It’s really empowering!

What was the worst job you ever had and what did you learn from it?

I started working at a dry cleaners when I was 14. Dealing with rushed people and their dirty clothes wasn’t exactly fun. I learned to appreciate service people. I make sure to tip my cleaners now! They work hard!

If you were to start again, what would you do differently?

I can’t say I would do anything differently. Everything happens the way it’s supposed to and what doesn’t work, you learn from and try again. All the steps need to happen just as they did in order to get to where you are now. No regrets.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

You can never say enough thank you’s in one day. People need to know that they are appreciated. I believe in gratitude more than anything else in this world.

What is one failure you had as an entrepreneur, and how did you overcome it?

Probably not getting a new website up sooner. Changing our branding really jump started Youthful Savings.

What is one business idea that you’re willing to give away to our readers?

Don’t ever give up. If you believe in something enough, you’ll make it happen. It’s the real secret to success.

If you could change one thing in the world, what would it be and how would you go about it?

Disrupting the cycle of poverty. That’s the reason behind Youthful Savings and hopefully we can make some positive dents in the coming years.

Tell us something about you that very few people know?

I’m a pretty big fan of astrology. If I wasn’t doing Youthful Savings, I’d be an astrologer. The stars have all the answers.

What are your three favorite online tools or resources and what do you love about them?

Facebook, LinkedIn, and Twitter. There is just so much info and it’s a great way to connect with people who you know and those you don’t know yet. Social media is a networker’s dream come true.

What is the one book that you recommend our community should read and why?

I’ve always been a fan of raw human emotion. Shantaram by David Gregory Roberts is a true story about rapid human transformation. It’s inspiring, beautiful, and life changing. Highly recommend the read!

Three people we should follow on Twitter and why?

Oprah, Richard Branson, and Fast Company. Great content with a positive twist.

When was the last time you laughed out loud? What caused it?

Watching the Jimmy Fallon and Justin Timberlake Hastag video. Priceless.

Who is your hero, and why?

My dad. He worked two jobs all his life and gave us everything we needed to succeed all while never complaining. He taught me what hard work is and why it’s important. He came to America with just 7 dollars and was able to create wealth the old-fashioned way–by working hard.

What is Youthful Savings all about?

We provide holistic financial solutions through a three prong approach.

1) Save
We help small businesses and individuals maximize their revenue by providing accounting and tax services. 10 cents of every dollar paid to our social enterprise go towards youth college scholarships.

2) Educate
We provide college and financial planning through our dedicated one on one counseling sessions. We constantly fight the debt trap and help our youth go after their dreams in a financially savvy approach.

3) Create
Through our dedicated partners, we create and deliver innovative youth finance and entrepreneurship programs.

What inspires you?

Seeing people change for the better. It’s amazing what people can do if they are given an opportunity.


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