Count Your Blessings, Not Your Problems.

HariLakhera · Apr 14, 2024

Count your Blessings, not your Problems.

It is taught in economics that in the absence of sufficient money, all the needs cannot be fulfilled at once, so the needs can be fulfilled by arranging them in a queue according to priority. Suppose there is only so much money in your pocket that either you can eat to your fill or watch a movie. A wise person will eat and work hard to earn more money to watch a movie. This sequence will continue. Either control the needs according to the income or work harder to fulfil them.
But some people will keep complaining. I could not do this, could not do that, I do not have this, do not have that.
We must be thankful for all we can do and what we have. By doing this, we get new strength and with this strength, we get an opportunity to be thankful for more.

umaakumar · Apr 17, 2024

Dear Harilakhera,

Good writeup.
Mind is a funny thing. It always wants more than we have. Not only that we tend to compare with others and long to have that too, whether we need it or not.
Today's generation is a leading example of this. They always are in need even if there is double income. The children are flooded with latest toys, ipads, mobiles etc. but still the children want more.
In our days, we were asked to choose what we want. If we wanted more than the budget, we were asked to wait, save money from our pocket money. This taught us to be patient.
Today no body is counting their blessings. They do not think having more than we need is indeed a blessing

Regards
Uma

Thyagarajan · Apr 17, 2024

The post reminds me of uselessness of Law of Diminishing Utility and Elasticity of demand.
Supply demand price. All these theories are topsy turvied with economy seeking more more more of of supply more demand and more the Price. No body seems contented. So the credit card introduced. You can have more with less money you have. Don't spend your money. Live as debtor for ever and copy affluent life - be consuming beyond what normally one can chew. All economies brimming with debts.

People look at askance if you dont possess CREDIT CARDS & i-Phones.

It is high living and simple thinking GALORE.

My dad's saying comes to mind - when I showed the line map of my home for his perusal, he just had a glance a d told the adage " live in a hut & lead a royal life " ( சிறுக கட்டி பெருக வாழ்). The world every where seem to bite more than it can chew. Thriftiness is laughed at.

Viswamitra · Apr 17, 2024

Dear Hari Sir,

It is about understanding the difference between wants and needs. Ancient days, everyone worked with the budget automatically without getting a degree in finance. The best economist is the mother of those days who knew how to balance earnings with the spendings. Now, living in debt which was a culture in the US has spread also into India. Most earners (particularly both earners) can't afford to lose their earnings as there are so many EMIs to pay every month.

My father practiced zero debt principle but I am flexible to take debt as long as I have the earning capacity to pay back the debt (in ratio analysis called, "Debt Service Coverage Ratio), The economic theories suggest a debt to equity ration can be as high as 1:1. This is the reason why the US government keeps increasing the debt thinking their earning capacity is higher forgetting the debt service coverage ratio. As of third quarter of 2023, the debt equity ratio of the US is 0.79 but soon they will go above 1:1 by not putting in place the necessary discipline.

Thyagarajan · Apr 17, 2024

Thanks sister @umaakumar
for liking my feedback here.
In tue with AI Tech life too should match with it. I mean artificial living.

HariLakhera · Apr 18, 2024

umaakumar said: ↑

Dear Harilakhera,

Good writeup.
Mind is a funny thing. It always wants more than we have. Not only that we tend to compare with others and long to have that too, whether we need it or not.
Today's generation is a leading example of this. They always are in need even if there is double income. The children are flooded with latest toys, ipads, mobiles etc. but still the children want more.
In our days, we were asked to choose what we want. If we wanted more than the budget, we were asked to wait, save money from our pocket money. This taught us to be patient.
Today no body is counting their blessings. They do not think having more than we need is indeed a blessing

Regards
Uma
Click to expand...

Thanks, Mam.
Yesterday I came across a news item that says the cost of living in Gurugram high-rise buildings for a couple is Rs. 20 lacs per annum. No wonder, the salary package these days is spoken in lacs per annum.
In our times, we waited for items of comfort like TV, Fridge, and Scooter till we could save enough to buy them. I remember payment on installment was only for those with Government job. Now one can have it from the he gets a job. It is another thing that at the end of the month 90% of salary goes to credit card payments.

HariLakhera · Apr 18, 2024

Viswamitra said: ↑

Dear Hari Sir,

It is about understanding the difference between wants and needs. Ancient days, everyone worked with the budget automatically without getting a degree in finance. The best economist is the mother of those days who knew how to balance earnings with the spendings. Now, living in debt which was a culture in the US has spread also into India. Most earners (particularly both earners) can't afford to lose their earnings as there are so many EMIs to pay every month.

My father practiced zero debt principle but I am flexible to take debt as long as I have the earning capacity to pay back the debt (in ratio analysis called, "Debt Service Coverage Ratio), The economic theories suggest a debt to equity ration can be as high as 1:1. This is the reason why the US government keeps increasing the debt thinking their earning capacity is higher forgetting the debt service coverage ratio. As of third quarter of 2023, the debt equity ratio of the US is 0.79 but soon they will go above 1:1 by not putting in place the necessary discipline.
Click to expand...

Yes, it is a million-dollar question. Why wait for years if you can have it today? Houses can be had on a 15-20-year mortgage. Almost everything is available on credit.
I was not in favour of taking debt. I thought of it as a burden. It is better to wait unless it is urgent and in that case, something else will have to be sacrificed. I did take short term financial help from my elder brother.
The US is a market economy. Spending is preferred with savings. This may be because there is good social security and Medicare after retirement. Still, most people are trying to save at least 3 to 5 percent of their take-home earnings.