Have you noticed that Bangalore, once a pensioner’s paradise has become one of the costliest cities in India. I have spoken to many people and all of them attribute this change to the software world brought about by namely the two Indian MNC, Infosys and Wipro. The older generation somehow don’t like the younger generation. They have far too many complaints and also think that the youth are not responsible enough. Whenever I speak to some elder, they say things bluntly on my face that “You are an engineer and you don’t know the value of money.”
I have contemplated over this and guess they can’t be wrong. I have spoken to younger people and they don’t care about money. They just earn and spend. I don’t know how many even have a financial goal or even planned up something for their future. I don’t think many even have savings like me. I do invest the money but I have not kept some money as emergency fund as I rely on my parents. I know it is not the right thing, but I am like that. I have started savings now. I have not even saved up my one month salary amount. I have had dreams when I was a kid. I always dreamt of owning a Ducati Bike, it was so cool. I like the idea of racing. My friends too had similar dreams when they were kid, one of them had a dream to buy a Mercedes Benz, and at that time it was possible but now, he has given up the idea of owning one.
When I was a kid, I never bothered about the complications of money. I knew that I had to buy stuff, for that money was necessary. As I grew I realized that it is not about earning money, it is more about managing money but as far as I can gauge the situation, I prefer to earn and not manage it. I would be glad if someone else does that job for me. I think that is one of the main reasons for financial planners to exist. They do the job that we are supposed to do by ourselves. All said and done, in the today’s world everything is abundant. We are all clogged with information and we do need filters as to what to read and what not to.
Just for an example, imagine that you want to open a savings account. Now you have got so many options, there are many private and public banks and each of them gives you all the possible facilities. These days’ people are not concerned about the money that they trust with the bank but in turn they want the services that the bank provides. For example, I like my bank to provide Demand Draft right at my door step or better to someone whom I want to give. Previously people went to bank just to safe guard their earnings. Now the story is totally different.
IT and ITES have changed the face of Bangalore. Many people know that it is because of them the land prices are so much inflated and they don’t really understand how to manage the money. I have seen many guys not even bargain when they go for shopping. I had been to a non branded clothes store and there I was with couple of my friends and a guy comes and picks up a shirt in ten minutes and asks the show keeper how much does it cost? And he says Rs.400 and the guy does not even bargains, gives Rs.400 and leaves. The other friends said to me, he is a software guy and later I met him at parking and asked what he does and he said he worked for some health care giant. How many of you do this?
Agreed that some people do get more money, but that does not give us the liberty to be like this. Do we really care about the product that we buy? Do we know what is worth of the product? Does it cost so much? Do we think when we buy any product the value of it? I think the answer to most of the question is “No”. Please don’t be like that. Think over what we buy and the need to bargain. We do slog for the money that we earn. Just don’t give it away to others without even thinking about it.