6th January 2009
Check your standard of living…
We must control our mind's focus and watch our attitude. Unless you're willing to take absolute responsibility there's no hope. Seriously...
Have you ever walked into a shopping mall and noticed how many products and services are available? Have you watched the newspaper advertisements and noticed the `sale' and discount offers? With the advent of media the number of products and services hitting the house holds is just exploding. The choices that we have are several times more than what we had about ten years ago. This situation is fueled by the credit card and plastic money that is available to the consumers. The process of loan processing is simplified to such a great extent that buying of any product is just a call away or a wipe away!
The consequence of this situation is that if we are not careful and conscious, we will be led to commit our financial resources beyond our real limits. We need to be careful and resist the temptations that are very common these days.
I want you to ponder over the question: do you have financial freedom? What I mean by financial freedom is your ability to continue your life style if there is a sudden reduction in your income or your ability to earn. Suppose something happens to your skill or ability and you lose your job or earning, how long can you continue your present standard of living? One month, two months, three months? Can you live in the house you are living or drive the vehicle you are driving? Supposing the technology or skill that you have which has earned your job becomes obsolete, will you still continue to draw your present salary?
With this mindset, `audit' your life style. Check your style of spending and the items that you buy. Check the buying style of your children from this point of view. Check if there is an abnormality. I am not suggesting that we should become pessimistic and reduce our life style. I am only suggesting that we have to be more realistic and conscious. These days, even large organizations have become much more conscious to cost control and cost savings than they were ten years ago. This attitude and mindset is relevant not only to organizations but also to individuals.
Just do this exercise and ponder!
N C Sridharan
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