Neethisaaram - Part 2

... continued

3. Money = Misery 

To first make money and then to keep it secure, one experiences many hardships. There is anguish in both earning and in spending money. Money is indeed the source of much misery.

Does this mean that one should give up all attempt to earn money? In today's world, surely that's impractical. I would prefer to look at it more pragmatically. Let us see how we can tweak it...

Earning money:

A person should identify a career he/she is passionate about. Now that the job is not WORK anymore - it follows that earning money is no longer a source of misery.

Saving money:

We shall take this up first, because, financial wisdom says that we must first save and then spend. Again there are two questions - How much to save? How to save? 

• It is entirely up to the individual to determine what percentage of the earned money is to be saved. An off-the-cuff number is, I believe, minimum 10% of the income. 
• The second question is also highly personal. Depending on the individual risk profile, one may invest in bonds, fixed deposits, mutual funds, stocks, commodities, real estate... the list is endless. To elimate any confusion, it is better to pre-determine the allocation - say, 50% in fixed deposits, 25% in mutual funds, 20% in stocks and 5% in commodities. 

The trick is to stick to the pre-determined plan and not to distress over it every payday. Revisit the plan once a year and make adjustments.

Spending money:

It is very simple now. One spends whatever is left over after the mandatory savings are done. But what shall we spend on? One ought to dispense in order of decreasing priorities.

• The unavoidable essentials come first - groceries, toilette, repair works...
• Followed by the memory-makers - these are those things which leave behind lingering memories for you to savor throughout your life; a family outing or a tete-a-tete with your spouse...
• Lastly your personal indulgences - everyone has their own luxuries - anything that makes you feel pampered. 

There! Now money need no longer be a harbinger of misery!

You can find a copy of Neethisaaram here at http://en.sreyas.in/malayalam-spiritual-ebooks-download. Be warned, the text is in Malayalam though.

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Varsha