I appreciate the importance of understanding the relationship with money in both life and business. Many of us grew up in a time when money was not openly discussed within our families, and personal financial education was scarce. We were limited to the traditional career paths of becoming a doctor, engineer, or lawyer. However, times have changed, and India is progressing. Despite this, talking about money is still seen as a social taboo. It’s important to recognize this reality and empathize with those who may feel hesitant or uncomfortable discussing their financial matters.
Learning the Power of Money:
Growing up, I often overlooked the power of money as a tool to enhance our lives holistically. Looking back, I wish I had recognized its value sooner. It’s incredible how, when used wisely, money can open doors and create opportunities that contribute to our overall well-being. Whether it’s providing financial security, enabling us to pursue our passions, or empowering us to make a positive impact in our communities, money has the potential to bring about positive change. It’s never too late to start appreciating the significance of money and utilizing it to lead a more fulfilling life.
Relationship with Money and Indian Culture:
In Indian culture, there exists a deeply ingrained belief that earning money honestly is of utmost importance. It is often assumed that individuals who amass a considerable amount of wealth and lead luxurious lives must have taken dishonest shortcuts to achieve financial success. However, it is heartening to witness the gradual shift in this perception as India progresses and its people strive for improved lifestyles. Despite this positive change, discussions surrounding finance and the teaching of financial matters continue to be considered taboo.
Impact of Invasion and Colonisation on Indians to think about Money:
Once upon a time, Bharat was revered as the “Sone ke Chidia” (Golden Bird), contributing to 50% of the world’s GDP. It thrived as a major exporter, showcasing its wealth to the world. However, the invasions by the Mughals and the subsequent 200 years of colonization by the Britishers resulted in the plundering of our riches, tilting the balance of wealth towards the United Kingdom. The center of economic gravity shifted from East to West.
When the Britishers departed from India, our GDP dwindled to a mere 2%. Bharat was left grappling with poverty and a lack of understanding of how to rebuild. The states of Bengal and Punjab suffered the most and bore the brunt of exploitation and abandonment by the Britishers. These states were drained of their resources, leaving their people with nothing to sustain themselves.
Impact of Post-Independence Era on Indians to think about Money:
Post-partition, those who resided in East Pakistan (now Bangladesh) and West Punjab (now Pakistan) had to forsake everything they had and flee to Bharat, empty-handed. They witnessed the horrifying slaughter of their family members before their very eyes. When they returned to an independent Bharat, they were mentally and financially shattered, reduced to being refugees in their own country. Earning a livelihood, securing food, and surviving in this unfamiliar environment became their sole focus.
For these individuals, making money again from scratch, through sheer hard work, became ingrained in their souls. Their sole ambition was to secure Roti, Kapda, and Makaan (Bread, Clothing, and Shelter) for survival.
Impact of Socialism over Capitalism on Indians to perceive Money:
Bharat gained independence from the Britishers in 1947, but we were not provided with a blueprint on how to rebuild a country that had been devastated and morally weakened after centuries of colonization. In our pursuit to prioritize social well-being over capitalism, we implemented the License Raj, which aimed to exert government control over various sectors and set limits on productivity to ensure the fair distribution of resources. Unfortunately, this policy gave rise to corruption within the bureaucracy.
However, over time, certain business communities like the Marwaris and Gujaratis exhibited exceptional business acumen and began accumulating wealth. Despite their success, the overall GDP growth of Bharat remained stagnant due to limited access to licenses and the constraints on productivity. As a result, the government struggled to efficiently manage numerous departments mired in bureaucratic obstacles.
Consequently, the majority of the population started perceiving prosperity as an unattainable goal that could only be achieved through dishonest means. For generations, we have been ingrained with the belief that hard work is the sole avenue to earn money, without considering alternative paths to generate wealth. Regrettably, our attitude towards money has been deeply affected by this mindset.
It is important to acknowledge the historical challenges we faced and the systemic issues that influenced our perception of prosperity. Working together, we can strive to reshape our attitudes toward money and explore new avenues for economic growth and prosperity for all.
Economic Liberation and opportunity to earn Money:
In 1991, we experienced a significant milestone with the implementation of economic liberalization. Since then, our government has made remarkable progress by introducing modern and efficient policies aimed at creating an environment that fosters entrepreneurship and supports the ease of doing business. As a result, the country has become a democracy that empowers individuals from all walks of life to pursue their wealth-building aspirations through problem-solving and innovative approaches. The introduction of the PLI (Production Linked Incentive) scheme is a testament to our commitment to providing support and incentives to startups. We believe that by nurturing a congenial startup ecosystem, we can unlock endless opportunities for everyone to achieve their goals.
New age Wealth Generation Thinking:
Not everyone can be an entrepreneur, and that’s alright. However, cultivating an entrepreneurial mindset is essential for being a part of problem-solving stories where money can naturally follow. In the realm of personal finance, the traditional methods of investing in assets like Gold, FDs (Fixed Deposits), and real estate may no longer be the surefire ways to safeguard our wealth. In the past, they served as safe havens when inflation was only 2%, but now it hovers around 7%. Inflation silently erodes our wealth day by day. To counter this, we should explore investment opportunities in asset classes that not only surpass inflation but also offer a decent return. India’s shining story has introduced asset classes like direct equity, ETFs (Exchange Traded Funds), and Mutual Funds, which can potentially generate a substantial corpus in the long run. We must discuss these options and integrate them into our education system. Let’s work together to navigate the world of finance and build a secure future for ourselves.
The mantra of a Happy and Fulfilled Life:
Life can be a journey filled with joy and fulfillment. To embark on this path, it’s important to embrace a new way of thinking. We need to focus on four vital aspects to achieve true happiness and fulfillment: Physical, Mental, Spiritual, and Financial well-being.
Taking care of our physical health is the first step in this journey. By staying physically fit, we can accomplish tasks with great energy and enthusiasm. It allows us to live life to the fullest and embrace each day with vitality.
Spiritual well-being plays a significant role in our overall happiness. It involves finding a purpose in life, and waking up every day with a sense of direction and motivation. Having a strong inner drive provides a powerful force that propels us forward, even in the face of challenges.
While money cannot buy happiness, financial fitness is undeniably essential. It serves as a tool to help us achieve our goals in the other three aspects of life. For instance, financial stability enables us to afford nutritious food, maintain a gym membership, or learn new skills from a talented teacher. Without sufficient funds, it becomes difficult to explore the full potential of life and meet our basic needs, leading to mental unrest.
By striving for balance in these four domains of life, we can lay a solid foundation for lasting happiness and fulfillment. So, let’s prioritize our physical, mental, spiritual, and financial well-being, and embark on a remarkable journey towards a truly blissful life.
Money and Business:
Once we have unlocked the true perception of money, we cannot help but view it with a sense of purpose. We embark on our entrepreneurial journeys, driven by the desire to solve the significant problems in society and create a positive impact. Our focus shifts from simply chasing wealth to making a difference in the lives of billions. By doing so, we can automatically generate financial success. We no longer have to subscribe to unethical practices or live a life confined behind bars. Instead, we have the opportunity to leave a lasting legacy and provide future generations with financial freedom. This empowers them to take risks for the betterment of humanity.
This is my perception of money, taking into consideration Indian history and culture, which I believe greatly influences our view of money.
I hope you have enjoyed reading this! Let me know if you have any questions or if there is anything else I can assist you with.
Kindly share your thoughts and experiences regarding your relationship with money in the comments section.
Wining Life & Business 
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