Filmmaker and choreographer Farah Khan has on several occasions opened up about her family’s financial struggles following the failure of her father’s film, when she was just 15 years old.
In an old interview with Karan Thapar on Itvindia, Khan recalled, “The film released on Friday and by Sunday we were below the poverty line. It was pretty bad and I was six years old at the time. I was a spoiled brat before that and would get whatever I wanted and then suddenly everything changed.”
She recalled how the experience left her family with little more than an empty house and a few essentials. “Only the house remained, and everything else went,” she said, adding, “The cars, my mom’s jewellery, the gramophone — everything. Finally, we were left with an empty house, two sofas, and a fan. We even rented out the drawing room for a few hours. People would come, organise a kitty party, play cards in the room, give us some money in return, and leave. That’s how the house was running for a couple of years.”
During another interview with Simi Garewal on her show, she revealed, “I could make a tragedy out of my childhood, my trauma, and my parents splitting up. My father literally died penniless with just Rs 30 in his pocket. You can get bitter and angry with the world, but I choose to remember the happy times,” Following their father’s passing, Khan and her brother, filmmaker Sajid Khan, were compelled to build resilience, relying on humour as their primary coping mechanism to navigate life’s challenges. “We remember that time with a lot of laughter. Sajid and I tell funny stories about how sometimes my father would get really angry, take out his gun, and everyone would run for cover. It has all become a funny story now, which I think is a nicer way to remember it.”
Reflecting on those challenging times, Khan shared how they shaped her perspective on life, work, and resilience. ”I started supporting myself with the money I earned, and I’ve been working ever since.”
Her story highlights the importance of equipping young people with essential life skills to navigate challenges and take on responsibilities. Here are some expert tips to help with such situations.
Snehasish Das, a quant analyst, tells indianexpress.com, “Overcoming challenges like financial struggles teaches perseverance. Facing adversity instills a mindset of ‘this too shall pass,’ allowing individuals to confidently tackle future setbacks. When resources are scarce, creativity often flourishes. Young people learn to think critically, problem-solve, and adapt to new circumstances.”
Key financial management skills that young people should learn early to prepare for unexpected challenges
Preparing for the unexpected starts with these key financial management skills, according to Das:
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Budgeting: Learning to track income and expenses ensures individuals live within their means. Tools like budgeting apps can simplify this process for beginners.
Saving: Building an emergency fund is non-negotiable. A general rule of thumb is to save three to six months’ expenses.
Understanding Debt: Young people must grasp the basics of interest rates, loans, and credit card management to avoid falling into debt traps.
Investing: Early exposure to concepts like compound interest, mutual funds, and stocks can help them grow wealth over time.
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“These skills not only prepare individuals for financial setbacks but also foster a sense of independence and security,” notes Das.
