Good points! Capacity to earn; being a spendthrift; going down as a bankrupt. Kannadasan, NSK, Chandrababu and so many in the filmline did that. What TN Govt is doing by liquor shops all over to stop people becoming bright to think, were and are being done in the film industry. A womaniser and a drunkard will go down on this earth. EGO is that. Karma is that. We can try in the normal circumstances as a good person, to earn , to save and to live an honourable life. But Karma predetermined all; overnight good people becoming insolvent had happened. Similarly going down and coming up again had also happened. Dr Alagappa chettiar founder of Kumudam Magazine and chairman Alagappa university was one such. Overnight he became insolvent. And his only daughter gave her jewellery as capital, and again he rose up so huge. Hwe conducted his daughter marriage in his second innings, at Karaikudi, asking all the people to eat only at his marriage hall. We can say I did it and I saved etc. But........K Sara sara. KR IRS 20 8 23 Kannadsan was by residence home at T Nagar and family friendship, close to me . He is a good poet. STOP.
On Sun, 20 Aug 2023 at 07:13, Rangarajan T.N.C. <[email protected]> wrote: > Three money minds at work; Most people’s saving and spending habits are > governed by their ability to earn > > <https://economictimes.indiatimes.com/wealth/save/three-money-minds-at-work-most-peoples-saving-and-spending-habits-are-governed-by-their-ability-to-earn/articleshow/101407094.cms?utm_source=newsletter&utm_medium=email&utm_campaign=Wealthspecial&utm_content=Story&ncode=1a3c5f0bdc8f5f293c3d2e4370fdcb1a79e7bdc6fb9c2c018dec00304d2d35f1e2d4314e337c63a6f6b50ae21fba7e4006171691797535785cb26426bbb0f23a3a7e9294682b71161c5b4bfa2be7606e#11261834-e3b3-472d-b427-500e75308823>Getty > Images > Last week was the birth anniversary of Kannadasan, a highly appreciated > modern day Tamizh poet and author. Many of us grew up hearing his beautiful > lyrics in popular Tamizh film music. I shall remain an ardent fan, I admit. > In an interview that was livecast last week, his son was asked about his > childhood and whether he knew that his father had touched the brink of > bankruptcy <https://economictimes.indiatimes.com/definition/bankruptcy> a > few times. He remained oblivious as a child and when he grew up, his father > shared his thoughts on money. He said that according to his father, there > are three kinds of minds at work when it comes to money. The one that > earns, the one that spends, and the one that saves. Kannadasan > <https://economictimes.indiatimes.com/topic/kannadasan> knew that he had > a mind that could earn. He was paid top money for his writing skills and > knew he could write as long as he was alive, which he did. However, he told > his children that he did not possess the same sharp mind when it came to > spending. Or saving. He spent at will. He was never scared of the future to > care about savings. That answer struck me. > > Some inter-generational stories suddenly began to make sense to me. The > generation <https://economictimes.indiatimes.com/topic/generation> that > worked hard to earn wealth rose from simple means. Having seen that the > household could run out of money and fall into troubled times, they pushed > themselves to earn wealth. Spending habits were frugal and saving was > paramount. The generation that inherited it took to spending easily as they > could never visualise shortage. They held no fear of the money running out > and defined themselves by how they spent it. If they suffered from the > inability to grow or add to this wealth, they turned secretive, suspicious > and stingy. Uncle Stooge was unwilling to give, for he feared he couldn’t > earn back what he might spend > <https://economictimes.indiatimes.com/topic/spend> or give away. We still > live among painfully frugal parents, who can’t spend on themselves, but > want to leave everything for their children. To see their wealth diminish, > even if it is by spending on themselves, hurts them. > > The much maligned younger generations’ spending habits arise primarily > from the confidence about their ability to earn. They live in a world of > opportunities, unlike the earlier generations that struggled to find a job > for years. They enjoy the power of their earnings > <https://economictimes.indiatimes.com/topic/earnings> when they are able > to spend as they wish. Saving is not on their minds until they realise that > their earnings are not enough for their needs, or that their jobs are at > risk. Our three money minds—shaped as they are by our experiences and > expectations, and honed by our confidence and attitude towards money—might > be driven by their leader, the ability to earn. The other two minds are > subservient to how the leader thinks and works. Much like a risk preference > questionnaire, we might want to formally document what our thoughts, > attitudes, preferences and habits are with respect to earning, spending and > saving. Our optimism about earning would be a farce if all that mattered to > us was how our spending was noticed and appreciated. Our inability to spend > might just be the flip side of our unwillingness to do what it takes to > earn. We may suffer pockets of personal dishonesty with respect to our > three minds and, maybe, denial is just a manifestation of that. > > I was wondering about how gifted Kannadasan was. An entire film industry > waited outside his gates to sign him up and pay him. Could anyone have > similar confidence in today’s competitive world? I remember my stock market > trader friend in the 1990s. A bull market meant he would live at the Oberoi > Towers; a bear market meant we would be sitting on the ledge across the > road, facing the seas and chatting as we ate peanuts. The markets won’t lie > low for long, he would say. He burnt himself out in the technology scam, > but refused to stop speculating. That is all I know, he confessed. We are > all out in the world with our bags of talent and attitudes. We think we > will find a place that pays for who we are and fund us to grow into who we > want to become. Those who find employment have the large canvas of an > organisation, with its many branches, pigeonholes and flight paths. Some > climb, some don’t; some progress, some fail; and everyone finds their pace > and space, in one organisation or another. Those of us with the classic > low-risk earning mind have to keep the other two minds in control. Our > mainstream personal finance markets are asking this group to spend within > means and save for the long term. If someone becomes rich when their firm > goes public, we treat it more as an exception. Worse, we think it was a > lucky outcome. Confidence and optimism about earning just means holding on > to a job and finding another soon enough, when needed. > > I recall meeting the scion of a failed business empire. He had lost a good > portion of what he had inherited in several failed ventures, but there was > enough remaining. I was shocked to see how suspicious he was about > everybody. He imagined that the world was out to get his money. Our > conversation made it clear to me that the fear of losing what he had, and > the shame about his own inability to build a business like his father, had > made him a very negative man. On the other extreme, I recall conversations > with an extremely talented embroidery artist, who was skilfully working on > an intricate pattern, making it look effortless. He told me that he could > never earn enough to send his daughter to school. He was only one of the > thousands whom the city engaged for work. No one really cared how good his > work was; just finishing what was assigned was important. His owner sold > the end product at steep prices. He had no money to buy or hold stocks or > access the markets as his owner did. His desperation was hidden in his > resignation to his situation. Do we live in a world where we are the > masters of our scripts as to where our incomes come from? Are we truly in > charge as a market model would make us believe? How much of it is luck, > opportunity, inheritance? How does gaping and persistent income inequality > come about? How much are we truly in charge? > > *(The author is CHAIRPERSON, CENTRE FOR INVESTMENT EDUCATION AND > LEARNING.)* > > > -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. 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