The 10 MONEY MANTRAS TO ACHIEVE FINANCIAL INDEPENDENCE
Our Lord has given us the power of wisdom to differentiate between the right and the wrong. However, we often succumb to our impulses and urges, taking wrong decisions in life. The good thing is that the Lord allows us all to make a fresh start when we finally embrace the gift of wisdom. In the previous edition, you read how Kevin and Stacy saw the wisdom in investing before spending their salaries to secure their son, Brendon’s future. The 1st Money Mantra not only helped the couple accumulate wealth, but they were also able to nurture and care for others!
The 2nd Money Mantra also brings in a great wealth of wisdom that must be handed over to everyone around you.
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MONEY MANTRA #2 If you buy things that you want but not need, then one day you will have to sell the things that you need and cannot stay without. “BUY ONLY WHAT YOU NEED” |
On a pleasant October morning, Professor Tracy was gearing up to conduct a ‘Class without the walls’ at the college.
To get the attention of the young, chattering, squabbling college students, she raised her voice and asked, “Ok, who wants to listen to a story?” Several hands shot up, and the students settled under the old Banyan to hear an exciting story.
“But, before I start, I want to ask you one question; what are your plans for the future?”
Most students said that they were going to become rich and lead a luxurious lifestyle.
“Today, I am going to tell you the story of a boy, a former student of mine, who cherished the same dream of living a lavish life!”
Professor Tracy narrated the story of Shawn; a bright, ebullient boy with a zest for life. With extraordinary charm, a confident personality and great communication skills, Shawn was a popular boy at college. He compèred during the college fest and represented his college in debate and declamation events across the state. Everyone knew that a glorious future awaited Shawn.
As expected, Shawn bagged a lucrative job offer during campus recruitment and moved to a metropolitan city. He worked very hard at his new job and won a lot of appreciation from his seniors. He took up one challenging project after another, working relentlessly, collecting handsome bonuses that came with the projects. He was so obsessed with work and money that he even let go of an opportunity to pursue an advanced management program from a top college, sponsored by his company.
Shawn worked hard and partied harder. He liked being among the high-income professionals who lived in luxury. Only three years in his job, he had already booked a swanky apartment in an affluent suburb and drove an expensive SUV. He dined at the finest restaurants and wore designer clothes. As his income grew, his monthly expenses also spiralled up; Shawn was happy to be living a lavish and extravagant life.
Destiny, however, was weaving some other plans for him. A sudden acquisition of the company resulted in major job cuts. Shawn, too, had to face the axe. In a flash, he was forced to deboard the fast train to fame, success and riches.
Though, skilled and talented, Shawn found it hard to find another job owing to a looming recession. The few vacancies matching Shawn’s previous role required a professional degree. With no savings to fall back upon, Shawn had no money to pay his EMIs and credit card bills. At 25, Shawn, dressed impeccably in an Armani suit and sitting in a top-line SUV, felt very poor. A rich poor.
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Distraught and broken in spirit, Shawn visited his parents and told them about his situation.
“I am sorry, Dad, you had many expectations from me. I failed you,” he said between sobs.
Shawn’s father consoled his only son and told him that it was not his mistake that he got fired.
“But the way you lived was quite wrong,” he said in a soft, yet firm voice.
Shawn’s father told him how he worked hard and saved more as his income grew over the year.
“I made the right investments and followed the policy of ‘earn more and save more’, which helped me build a massive wealth over a period.” He asked Shawn, “How could you ever hope to become rich when you blow all your money on things that you want but not need?”
As Shawn started to see his mistakes, his father added, “I always put my needs before wants, Son, and I want you to adopt this habit at the earliest.”
On his father’s suggestion, Shawn met a renowned financial mentor who helped him in finding ways to reduce his expenses and set up a series of financial goals for him.
Shawn took up a job in his home state, lived in his family house, and disciplined himself on putting his needs before wants. Even with a lesser salary than his previous job, Shawn saved more.
Under the guidance of his mentor, Shawn also started investing in mutual funds through SIPs (Systematic Investment Plans). His mentor told him that had he been investing while he took up his first job, he would have been a millionaire by now – thanks to the power of compounding in mutual funds, the longer you stay invested, the more you earn.
Shawn is now gearing towards making a financially independent future. The way towards the real riches.
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“Wow, that was a good story,” exclaimed one of the boys. “I never thought of the consequences of choosing an extravagant life,” said a girl. “We will not make the mistakes that Shawn made. We would like to save and invest and build wealth,” declared another girl.
“Yes, you all can save and invest in SIPs, as low as Rs 500 per month. I will help you to start as early as possible,” Professor Tracy said with a smile before asking, “And do you know how I know Shawn’s story so well?” As the class looked at her with anticipation, she smiled and said, “Because he is my son!”
Dr. Celso Fernandes, Goa’s financial doctor, can be reached at +91-9422058741.
*How did you like the story? Tell us your experiences and share feedback at navemarg@gmail.com.
| Do You Have the FREEDOM FIGHTER in You?
What’s plaguing our country today? Corruption, unemployment, financial crisis? YOU have the power to change this. Be the Freedom Fighter by learning how to attain financial freedom and be in service to your family, community & the nation. Join the Launch of the Financial Freedom Movement this 15th August Register online at www.navemargfoundation.com/events Venue: Terminal hall, 4th Floor, Caculo Mall, Panjim | Time: 11:00 am Fomento Amphitheatre, G.V.N, Margao | Time: 5:00 pm |