10 lies I was told about money
A thread...
A thread...
Lie #1
Money is the root cause of all evil
From an early age, thinking about money was not encouraged.
It was the unsaid rule that money is important, but thinking about it is evil.
After all, money was the reason behind the fights, the wars, the disagreements.
Money is the root cause of all evil
From an early age, thinking about money was not encouraged.
It was the unsaid rule that money is important, but thinking about it is evil.
After all, money was the reason behind the fights, the wars, the disagreements.
Now I know, it is not money that is the cause. It is the importance we attach to it, in our lives.
Money is simply a medium of transaction.
When it becomes an emotion, is when it consumes us.
And that is true for all things in life!
Money is simply a medium of transaction.
When it becomes an emotion, is when it consumes us.
And that is true for all things in life!
Lie #2
Be wary of those who are rich
It was always assumed that getting rich was possible only through exploitation of others, being cold blooded and twisting the law in your favor.
Those who are rich, are the one who compromised on their morals.
Be wary of those who are rich
It was always assumed that getting rich was possible only through exploitation of others, being cold blooded and twisting the law in your favor.
Those who are rich, are the one who compromised on their morals.
Now I know that for every immoral rich person, there are countless more examples of people who treat money, people and values with respect.
It's just that, by design, they are not the ones we hear of or speak of.
News covers the abnormal. Not the normal.
It's just that, by design, they are not the ones we hear of or speak of.
News covers the abnormal. Not the normal.
Lie #3
Saving money is important
Of course saving is important. But we were never told the complete story.
That investment is more important.
Post demonetization, all the money "saved" by our parents came out. They were lauded for their saving capabilities.
Saving money is important
Of course saving is important. But we were never told the complete story.
That investment is more important.
Post demonetization, all the money "saved" by our parents came out. They were lauded for their saving capabilities.
Most "savings" approach that we were taught, destroy the value of money.
To make your money beat inflation, we were never taught how to invest.
To make your money beat inflation, we were never taught how to invest.
Lie #4
Buying jewelry is an investment
We bought jewelry at the smallest excuse. It not only added to social status, it was also considered such a wise choice because gold appreciated in value over time.
It was an investment.
Buying jewelry is an investment
We bought jewelry at the smallest excuse. It not only added to social status, it was also considered such a wise choice because gold appreciated in value over time.
It was an investment.
Now I know, gold is an investment, jewelry is not.
When we disguise our desires as our needs, we almost always end up making a mistake.
When we disguise our desires as our needs, we almost always end up making a mistake.
Lie #5
Buying a house is the ultimate financial goal
Paying rent was the classic middle class curse.
And also, the class middle class crime towards oneself.
Our own home, as early as we can buy one, gives us the security we deserve and the status we ought to have.
Buying a house is the ultimate financial goal
Paying rent was the classic middle class curse.
And also, the class middle class crime towards oneself.
Our own home, as early as we can buy one, gives us the security we deserve and the status we ought to have.
Now I know buying a house early in your life, is binding and thus can be a regret-filled decision.
It most likely doesn't make financial sense (do the math), it also binds you to a size, to a city and to a locality that you will always find hard to escape thereafter.
It most likely doesn't make financial sense (do the math), it also binds you to a size, to a city and to a locality that you will always find hard to escape thereafter.
Lie #6
All expensive things that we buy are assets
The way to define as asset was "how expensive it is". More the cost, better the asset.
Started with home appliances, then scooter, then car, then house.
Buying "assets" was the middle class indulgence!
All expensive things that we buy are assets
The way to define as asset was "how expensive it is". More the cost, better the asset.
Started with home appliances, then scooter, then car, then house.
Buying "assets" was the middle class indulgence!
Now I know most of these are not assets. Even the house we stay in.
The only two assets that I perhaps built over years was my network and my content.
None of which I had to pay for, with money.
It was bought through my time.
The only two assets that I perhaps built over years was my network and my content.
None of which I had to pay for, with money.
It was bought through my time.
Lie #7
Taking loans and using credit cards, is a sign of your confidence in your future
Because you believe in yourself, you can afford something now, as against in the future.
And the fact that someone approved that loan, or made you eligible for it, is testimony to that fact.
Taking loans and using credit cards, is a sign of your confidence in your future
Because you believe in yourself, you can afford something now, as against in the future.
And the fact that someone approved that loan, or made you eligible for it, is testimony to that fact.
Now I know
Financially smart people take loans, even if they can afford it, to save money.
Financially weak people take loans, knowing that they can't afford it, to spend money!
Financially smart people take loans, even if they can afford it, to save money.
Financially weak people take loans, knowing that they can't afford it, to spend money!
Lie #8
There are 2 ways to get rich - either work in the same place for a really long time, or keep changing jobs every 1-2 years!
Getting rich was either pegged to your PF and Gratuity amount, or to your "jump" that you got if you changed jobs.
There are 2 ways to get rich - either work in the same place for a really long time, or keep changing jobs every 1-2 years!
Getting rich was either pegged to your PF and Gratuity amount, or to your "jump" that you got if you changed jobs.
Now I know that your salary has nothing to do with your wealth.
It is now how much you earn in a job that determines your net worth.
It is how much you own of what makes money for you, even when you are sleeping.
It is now how much you earn in a job that determines your net worth.
It is how much you own of what makes money for you, even when you are sleeping.
Lie #9
The only way to make money is to get an education.
You go to college, get a job, start saving, buy a house, keep doing well in your job, keep getting a raise.
And you are rich.
That is the path.
The predictable path.
The only path!
The only way to make money is to get an education.
You go to college, get a job, start saving, buy a house, keep doing well in your job, keep getting a raise.
And you are rich.
That is the path.
The predictable path.
The only path!
The financially wisest people I know are not just the one who followed this path, but also the ones who followed no path.
They kept creating/buying assets - whether their own company, whether stocks, whether IP, whether a side gig, whether investing.
They didn't settle!
They kept creating/buying assets - whether their own company, whether stocks, whether IP, whether a side gig, whether investing.
They didn't settle!
Lie #10
Once you get rich, give money to those who do not have it.
Giving money is a noble cause.
And when you have the means to, you should help others.
That brings good karma, brings you more money, and thus makes you give more.
The circle continues.
Once you get rich, give money to those who do not have it.
Giving money is a noble cause.
And when you have the means to, you should help others.
That brings good karma, brings you more money, and thus makes you give more.
The circle continues.
Now I know, it is not money that makes people change their orbit. It is opportunities.
I spend my money helping others not by giving them money, instead by creating opportunities.
So that tomorrow, they might not need my money.
I spend my money helping others not by giving them money, instead by creating opportunities.
So that tomorrow, they might not need my money.
Growing up...
Dreaming of earning a lot of money was a taboo, investing money was never discussed and spending money was always considered the socially desirable action.
Dreaming of earning a lot of money was a taboo, investing money was never discussed and spending money was always considered the socially desirable action.
Worst was that no one knew that they were believing in lies.
My parents, my relatives, my network, genuinely believed all these lies to be true.
They guided me and influenced me with the best intentions.
Just that they weren't the right ones.
My parents, my relatives, my network, genuinely believed all these lies to be true.
They guided me and influenced me with the best intentions.
Just that they weren't the right ones.
It lot a lot of mistakes, a lot of undoing and a lot of reflection to get to a point where I began to see the truth for what it is worth.
My hope for all of you is that you get there much before me.
My hope for all of you is that you get there much before me.
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