Moolah and Me

A few months back, I was engaged in a casual conversation with a friend. Suddenly and quite unexpectedly she asked me, ‘Do you think about money all the time?’ Frankly, I wasn’t sure about how I was supposed to answer that. Being a personal finance professional, most of my work is related to managing clients’ money. On the personal front, managing household involves making financial decisions all the time. So, perhaps, the only time I don’t think about money is when I am asleep. Luckily, I am blessed with sound sleep, and I don’t remember most of my dreams. My friend’s question, set me thinking- How do I see money? No, I am not referring to our colourful currency notes. Something more on the lines of – what is my relationship with money?

Right from my early years, I have been a careful spender. The childhood habit of saving half of my pocket money, continued throughout my college years and as a young working professional. I am not a penny pincher and I like to spend on myself and my loved ones (provided the purchase is within my budget). I consider the money spent towards learning and health, as good investments. At the end of the day, I also like my wallet to be smiling – a light purse is a heavy curse!

When we observe the lives of people around us, we see some people perpetually struggling with their finances, whereas, there are a few others who are in good control of their financial life, despite having limited means. It is obvious that people who manage their finances well are also the ones who make smart choices with respect to spending and saving. I learnt good money habits, such as, investing my savings to generate higher returns and doing so regularly. Money is a powerful resource, if handled well. It has ability to fulfill your dreams and will help you tide over troubled times.

I believe, there is a flipside to everything. I have seen closely how relationships can get strained or worse still, permanently damaged on account of financial disputes. If your assets are precious, so are your relationships. I take enough care, that my relationship with money does not ruin my relationships with others, which are more valuable to me. It helps, in the long run, to keep your financial transactions uncomplicated. Think clearly and seek expert (financial and legal) advice, before borrowing or lending, entering into partnerships or joint ownership of assets. It is important to make nominations for all your investments, and even crucial, to prepare a will. Pass on prosperity to your next generation, not disharmony.

So much of talk about money, that it almost seems ironical that the best things in life don’t cost anything. Money can’t buy health, your child’s laughter or sound sleep. Many of us identify our best moments with meeting our soul mate, birth of our child, making our parents proud and contributing to the society. We don’t associate the same feelings with ‘a 30% salary hike’ or ‘a 20% return on investment’!

I finally came to the conclusion that I understand the value of money, it’s power as a resource to live life optimally, while also appreciating the things it cannot do. Also, it is possible that there may be different opinions and perspectives on this topic, depending on one’s personal experience and circumstances. It is for each one of us, to introspect our relationship with money and where we choose to draw the line beyond which the value and utility of money is replaced by the other important aspects of our life.