Recently, I was invited to a birthday party. Not a bash…. remember... I live in Saudi Arabia. I was shocked to notice, yet again, that another group of reasonably well-to-do NRIs had no interest or inclination towards Investments or the Financial Markets. A Phenomenon I find with most NRIs across the world, especially in the middle east.
They all sweat it out, make sacrifices and earn the well deserved MONEY but do not take the pain to learn how to multiply the hard earned money. I was surprised that some of them did not even know about the various Government Securities and Bonds that give good returns. All they know is the Interest rates that the Banks offer on Fixed Deposits.
The sad part is some of them think they play it safe and are putting their money in FCNR or NRE fixed deposits. The FCNR and NRE Fixed Deposits carry a very lower Interest Rate. The Interest rates that our Banks offer for a NRO or Domestic Deposit is not enough to cover the real inflation.
Unless you are one of those few NRIs who are paid handsomely and are able to save substantially it would be unthinkable of settling down in India without another employment or Business plans. That is why many people in this part of this world who have spent years of their service life here still find it unthinkable to go back to India.
Everyone has got a dream. You ask them how they plan to fulfill their dreams, the immediate answer in most cases would be “an increase in take-home salary and other perks will fulfill the dreams”. So in effect we expect our Employers to pay us handsomely to fulfill what is primarily our Dream.
This brings to an interesting debate. Do we just dream and blame our employers for not paying us enough to fulfill it or blame the fate for not giving us opportunities to fulfill our dreams? Shouldn’t we look for opportunities where we can Invest sensibly in cash or in kind and try to realize our dreams from these proceeds?
Our education system does not include managing finance as part of the curriculum in school levels. Such knowledge can be obtained only if you opt for a Finance Course. The only other way to learn managing your finance is by practice. We have no other options.
No matter what our professional degree and position might be, each and every one of us handle our finance. So I feel our education system should expose the children in their teens on how to manage finance and teach them the Basics. This will have real impact on their lives as this subject has a practical use for one and all.
They all sweat it out, make sacrifices and earn the well deserved MONEY but do not take the pain to learn how to multiply the hard earned money. I was surprised that some of them did not even know about the various Government Securities and Bonds that give good returns. All they know is the Interest rates that the Banks offer on Fixed Deposits.
The sad part is some of them think they play it safe and are putting their money in FCNR or NRE fixed deposits. The FCNR and NRE Fixed Deposits carry a very lower Interest Rate. The Interest rates that our Banks offer for a NRO or Domestic Deposit is not enough to cover the real inflation.
Unless you are one of those few NRIs who are paid handsomely and are able to save substantially it would be unthinkable of settling down in India without another employment or Business plans. That is why many people in this part of this world who have spent years of their service life here still find it unthinkable to go back to India.
Everyone has got a dream. You ask them how they plan to fulfill their dreams, the immediate answer in most cases would be “an increase in take-home salary and other perks will fulfill the dreams”. So in effect we expect our Employers to pay us handsomely to fulfill what is primarily our Dream.
This brings to an interesting debate. Do we just dream and blame our employers for not paying us enough to fulfill it or blame the fate for not giving us opportunities to fulfill our dreams? Shouldn’t we look for opportunities where we can Invest sensibly in cash or in kind and try to realize our dreams from these proceeds?
Our education system does not include managing finance as part of the curriculum in school levels. Such knowledge can be obtained only if you opt for a Finance Course. The only other way to learn managing your finance is by practice. We have no other options.
No matter what our professional degree and position might be, each and every one of us handle our finance. So I feel our education system should expose the children in their teens on how to manage finance and teach them the Basics. This will have real impact on their lives as this subject has a practical use for one and all.
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