Khota Paisa

Are You A Rich Person?

Posted in General by khotapaisa on November 1, 2009

Not so long ago, there was a maid servant who used to work in our house. One day while talking to my wife, she told that she had saved a certain amount over the last 10 or 15 years she had been working as maid. This money was saved totally out of her own earnings. As his husband was earning, she would save as much as she could from her earnings. When my wife told me about it, we realised that she actually had more money than we had at that time. To put it into perspective, my monthly earning was half of her total savings. How is it possible? How can the employer be poorer than the servant? How can a income-rich person not be networth-rich? Well, this is exactly the two types of rich we see. An income-rich person is one who has a good income (not necessarily fat bank balance…like me) while a networth-rich person is one who has a healthy saving. I was an income-rich person but I never saved. I would buy anything I wanted or needed. I always had the latest mobile, the latest camera etc etc. While I never felt short of money (except one period I must say), I never saved money. As a result here I was with less money in bank than my maid-servant. I had wasted all these years in buying things. Things which are worth penny the moment you pay for them…a mobile costing 10,000/- has a resale value of around 2,000/-. In effect I paid 10,000/- for an item that was worth 2,000/-. No wonder that the financially-literate maid had more money than the financially-illiterate sahab.
So, how do you figure out if you are on the way to become rich? I did some calculations and figured out a thumb-rule. Take your current annual salary/earnings(in lacs) and multiply it by no. of years in job. Then divide it by 10.  If your networth (in lacs) is  more than the score you get, you are on the right track. I don’t score good on this scale though. How do you score?

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