Back Up Plan
Firstly Thank You All…for coming back to read me and not forgettin me. I know I’m not updating my blog as often as I should..well I never have done that..but still…I feel like saying Sorry, this time around! I have been swamped since the beginning of this Year…Work has been hectic. VERY HECTIC. Guess I should be thankful that I have a job and be glad to be busy. .So, no complaints.
Weekends have been busy with outings or cooking or simply trying to keep ourselves warm! Ya this year we have had all time lows.. It went down to -40 F last week n of course the cake has to have an icing… the heater in our home stopped working over the weekend, when the temp was lowest. How did we survive? No clue! But ya we are alive!
At the end of Dec my company laid off over 10 people. That and all else that’s going on with the economy has resulted in “Back-Up Plan” being the most common topic of discussion. Over the last few months I’ve noticed most Indians, even bachelors mention having their savings to fall upon for a few months .To most phirangs the concept of savings seem alien.
I think most of us desis have grown up believing that savings is a must for a safe n good future. I’m not the kind of person who says give up ur present day fun just ‘coz u have to save up for a future which is anyway not certain. But at the same I’m totally against the kinda person who takes a loan to go shopping and attend parties, the kind who’s expenses are more than their income on a constant basis. My conscience wouldn’t let me borrow money that I don’t ABSOLUTELY need and that I can’t be certain of returning. Neither do I like anyone doing that with my money.
A friend(student in the US) told me her dad’s advise to her was to always have a bank balance enough to be able to purchase a ticket to India at any given time. I loved the advice. Think it’s very justified and sensible. Most of us are far away from our family..and ‘coz we never know wat will happen…shouldn’t we alwez have the minimum funds necessary to be with them in their times of need?
Our parents lived a lifestyle so they could save for us, their children. They made many sacrifices. Was that required? Not Really. Should we give up our present day fun to provide for our children’s future? Guess Not. Do present generation parents save money to be able to provide for their children 10 years later? I donno, mabbe it’s a parental instinct?
Thursday, January 22, 2009
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41 comments:
well.. it's always better to be prepared for the worst right? what if we all end up like karthik rajaram?
so cold?..i would have been freezed to death[i really hate winter]...
yeah u shd start saving from now itself...parents play a role in that...
my exams[final yr] got over yesterday..thanks for ur wishes:)...now just enjoying the moment!!:D
guess we think in the same lines about the present day parents.. our parents and their parents - well, times where different adn teh sacrifices they made makes perfect sense.. but now time sare changing and no, i wont sacrifice my todays life for teh next generation.. i will try to balance both...
i loved the advise of ur friends dad :)
Pavi,
While I agree that we need not give up today's living for future but we must remember that even animals save for the rainy day. One needs to strike a happy balance between today and tomorrow.
I was looking for your reply to my comment on previous post as well as your visit to my space. I have started writing in this space too under the same id but bulk of my posts are still at o3.
Take care
i realized the importance of saving when i started earning my own money, actually.
and yeah, it's always better to have some cash stowed away for a stormy day than blow it all off.
nice point. my future looks gloomy after reading this post... :(
After living a very frugal life, accumulating even the last penny you had, What if a meteor strikes the earth? You saved and for what?
But then again, I am an optimist.
Hardhips are good. It makes people think of what they would really love to do instead of being in a job whose sole purpose is to pay your rent.
You'll only come out stronger I tell ya.
@Gladriel :ya, i blv in being prepared for the worst as well.
but karthik rajaram..thts a diff story..with how wealthy he was..im sure he cld have survived a few mths on his earnings n come up with a better plan for himself n his family.its a pity
@Broca: ya, im surprised why we didn't freeze to death!
u mean parents play a role in instilling the importance of savings in the young one's mind? I agree.
yipppe!vacation time..glad ur having fun!
@xh :yes..it is abt the balance!
n isnt that such a sensible advise...for students specially?
@jack:yes this xtreme or that isnt good...balance is essential.
i posted a common reply for all in my pev post. will visit u soon, sorry days have been very very busy at work for me.
@RayRay : u mentioned a good point..i think one sees the value of money in a whole new light..when one starts earning or when one has to fend for oneself.
is ur internet up n running as yet or no?
@Vinod: Welcome here!
well ya im not suggesting that one shld give up all of the present day fun just to live a better life tomo...[n tht tomo may never come]. it is ALWAYS good to work in a filed one likes rather than work for money.
True. All of us who are in US must be thankful if we have ajob today :) Lay offs seems to be hapng in thousands.
Well said abt the savings.... Its part of our lifestyle which is defntly helping in this tough times. Thanks to our parents & society.
Its an interesting post
Cold - dont ask...:)
First off - the advice you friend got is what I follow even today...have a separate small account to a ticket back home (just in case)
And if you can enjoy today without being guilty of it later - thinking what if I had done this or no....then go for it.....
saving money is one topic where i have nothing concrete to say....looking at diffrnt ppl and how money has or has not been their saviour, my view keeps changing!!
:-O really Pavi.. how did u survive!? :P glad u did though.
Mmm.. the ticket idea is good. Hey I live at home! How much bank balance should I have? ;)
Parents still save up for their kids. Indians still do. I don't think much has changed here when it comes to family stuff, na?
its true really.. I cant imagine the type of sacrifices my parents made for me... and i dont really see many ppl around me saving the same way either.. kind of stuck in between saving for kids future or living life king size, arent we ?
wow
that cold...
saving is a part of Indians, I hope someday even i follow the tradition
very true...its a difficult choice...somehow we always end up feeling guilty if we dont get about saving for the future...but then again, if u can live off the guilt and live life the way u want it, i wouldnt disagree with that either...
sometimes we should learn to live more in the present than worry about the future...gives life a whole new and happier perspective :)
generations are always distinct
@CMchap : thousands is an underestimation!
n yes this value has been passed onto me from my parents.
@Ceedy : hasn't it been pretty nice since the weekend! The temp went upto 46 today! yipppe!
Regrets..the prob is that alwez comes later..n one never knows when its going to come!
@Shruti : i did dear! hmm..lets see,now that ur at home.. u shld have enuf bank balance for any medical emergency...makes sense?
u think so?families are yet the same in india? I'm not sure i completely agree wit that. Think of our generation!
@Dr Roshan : Welcome to my space.
Yes,we are stuck but ideally wat we shld be doing is striking a balance and not overdoing the saving or spending bit!
@Dgypsy : All the Best
@Pri: Like ive said in several comments here..its abt striking the balance...Saving doesnt necessarily imply that one is not living their present life or not living king-size n all of that.
Point is king-size varies with wat we earn..today if my income is ..i want it to become 2x and when it does become 2x..im no more happy, i want 3x !
Couldn't agree more!
I like that advice...
and yes, agree with anoop, a balance is needed...
Hey Pavi, your posts are always enjoyable and full of insight :) Glad to stop by always!
As for your current post, it is difficult to say what's right and wrong depending on individual situations. Also, we have to realize that everyone grows up in different environments with different beliefs.
But I do agree with the fact that everyone has only themselves to blame for the choices they make with their lives.
hey pavii
I am so sorry I dont reply to comments anymore, not coz i dont want to but coz now I have started work and have moved out of my home town. use internet through a data card which doesnt allow me great connectivity as earler and is horribly slow. and I am unable to manage time and be able to use this connection to reply to comments.
once i have a permanent place of my own, i do plan to get myself better internet connection and start replying to comments again :)
thanks for showing the concern though
love
gunj
well i agree...but most people i know are actually very planned abt their future..probably much more than our parents!
I am still hung up on the -40 nd no heater.. wanna move to an igloo? I am sure you will adapt there beautifully!!
Pavi,
It is a long time since you said something. Hope all is fine.
Take care
Good article Pavi. You have put forth valid points. I kind of concur with you on certain things - for example my conscience does not allow me either, to borrow money which I am not absolutely in need of .. or which I am not certain I can return.
However, towards the end of your post you mention that the sacrifices from our parents were not really required. I beg to disagree here. I think that for people who were born during the 80's and early 90's, the situation demanded parents to make several sacrifices and put their children ahead of themselves. And it is because of their sacrifices that we are what we are (at least thats the case with me and most of my close friends). Our generation might not need to do the same for our children, but conditions now are different.
And all said and done, I think I am going to end up saving for the future too. Maybe I will not (rather, do not need to) undergo the kind of sacrifices that my parents' generation went through (on account of higher incomes blah blah); but still, if I do not have any savings to show after a certain period of time, I am sure it will be nagging me at the back of my mind at all times!
@Ranjani: Sorry..been lazzzy n then am not happy with anything i write these days so it all goes unpublished :( Hopefully I'll resume to writing sumthing decent soon!i want to write too!
@Suma: So do u make sacrifices to be able to give ur children a better tommorrow?
http://www.elise.com/recipes/archives/005251how_to_make_perfect_hard_boiled_eggs.php This link should help you learn how to make perfect hard boiled eggs!
Lemme know it turns out:)
@Cosmic: Thanks so much!..coz ur the 1st person who i didnt know personally , that visted my blog :)
Rite..it is dependent on the environment in which we grow up..lekin..wat do u practice in ur personal life?
@Ekta: u think they are better planned than our parents 'coz they can "afford" to do so??
@Preeti: I didnt say we njoyed it n therz no guarantee we ll survive a 2nd time! u know how i spent most of that day....cooking, wearing a short-sleeved Tee!
@Jack: Thanks for checking. Yes all is fine.Like i told Ranjani, ive been lazzy n very very unsatisified by watever i write:(
@Kiran: Thanks for making the time for a long response...
Yes...their sacrifices is why i am wat i am today...if they had chosen to live their life "king-size" , the convenient life my sis n I lead today wldnt have been possible! But having said that..my parents YET make sacrifices for my sis and me ..till date..they put us ahead of them n their lives...n i keep thinking..ur getting old, n its time u started enjoying ur life. I think today, we would be happier if my parents thought less about us and more abt themselves!
Yes..if my bank balance goes below this certain min amt, i get all worried!
"I think today, we would be happier if my parents thought less about us and more abt themselves!"
Aha .. well said. Agree whole-heartedly :)
Pavi - didnt realize i was the first stranger who visited your blog :)
As for my personal situation, life has been kind enough to create a backup plan for me.
As for my beliefs, I think each of us cannot just live for the present. One has look at tomorrow too, because it will be here sooner than you expect.
On a side note, here is an explanation of "phirang" which may not always be a good term to use to call your fellow neighbours :)
i am trying to save, i really do, but guess am just not fit for it :D Though i do agree we should not give out more than we can afford.. there should always be something extra for an urgent case.
@Kiran: Thank u :)
@Cosmic : i thot "stranger" sounded rude. i call men who i want to keep away that!
n ohh!thnx for xplaining phirangs to me..will refrain from using it!
@Lena: keep tryin gurl:) I'm sure u ll get there some day!
There's a book called "The Millionaire Next Door" and pretty much everything that's on the book matches everything that 50-somethings in India were taught growing up: don't take a loan under the assumption of future income, save at least 25% of what you make, ensure lifestyle costs match earning capacity, etc. It's rather surprising that a lot of young desis in the US still retain these values, whereas back home, twenty somethings are trembling about not getting the next pay check because they have to pay their 20% interest on loans and credit card debt.
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