The Millionaire Next Door

Moonbeams · Nov 19, 2007

Thanks Ms.Saraswathi, the link is working now..I love to read, and go on reading for hours.But I am poor at giving comments...Thanks again.

Kamalji · Nov 19, 2007

Sindhu,

Yes a lovely book, and I would recommend it to everyone.We all associate having money with lots to spend.We think “ If I had this X amount, I would buy this.That means what will come, will go.

But what about retirement ? How will we build up our reserves, so that when we are old,we have enough for our daily expenses, as well as for our medical needs, which increases in old age.If we keep spending what we earn, we will be very unhappy later on.

Warren buffet is one guy I love and respect, not for his money , but for his values.That way even Vijay Mallaya has money, but I just don’t like that showoff,as is Mukesh Ambani.Mukesh has made an ugly display of wealth by giving his wife the plane and the building.

I am content,and I am happy with my half glass full.Thanks for yr kind and generous comments.Regards.kamal

Sri,

Thanks for yr kind words.So u have made me a millionaire eh !Thanks.Regards.kamal

Sharada,

Thanks for that list.I have read freakonomics and I am bowled by ti.The other ones I havnt, and keep posting the books that u read and like, I would love to be guided by u.You have good taste I must say.Thanks and regards.kamal

Kamalji · Nov 19, 2007

SRama,

You sure are a good reader.The shoe rack thing is so right.I remember about Narayan Murthy’s advise to his children.They are to have X no of clothes in their wardrobe, the price being anything.When they want to buy say 2 shirts, then 2 clothes must be thrown out from the wardrobe.This makes the kids think, and it is a wonderful idea.

When u value money, money stays with u for sure.Thanks and regards.kamal

Aruna,

We may not get the millions, but we can learn how to be happy with what we have.Thanks and regards.kamal

Nivedi,

Yes Warren Buffet and Premji are so humble and modest, they don’t like to talk about their wealth, forgetting showing off.

Laxmi mittal, Vijay mallaya, and Mukesh Ambani are big showoffs who make a fool of themselves in public.

I belive money is like a pretty wife.Keep her to yrself and don’t display her, who knows there are so many who might jus ttake yr money or yr wife.Why brag.

Thanks and regards.kamal

Kamalji · Nov 19, 2007

Saraswathi and moonbeams,

Thanks for sharing the links.Regards.kamal

Sindhurao · Nov 19, 2007

Dear Kamalji:

Agree completely with you as far as show offs are concerned.

Eight years ago, when we were back from the US with a little bit of savings, my husband was of the opinion that money shows but now with age, experience and a wee bit of wisdom we are of the opposite opinion.

As time goes by, we admire more of the likes of Warren Buffet and Narayana Murthy (my husband had the opportunity to work with him for a year - he keeps quoting him now and then!). Life is a journey after all!

Sindhu

Abha · Nov 19, 2007

A great write up, and i liked the line " enough to warm me and and not burn me"

Well it all depends on person to person to show off or to maintain a low profile.. sometimes i think narayan murthy and family like to show off their simple lifestyle a lot... in fact they have showed it off a lot already, I guess they have OVERDONE things... this itself has made him very famous... cant say much about him.. ambanis are complete show off i agree... mukesh wasnt that much earlier, after seeing Anil's glam contacts with amar sing and AB family . he thought why i should be left behind... he also did something totally extravagant and screamed it loud, I too have class and Style like you Anil... and of course he is the richest guy.

Also very less talked about person in this context is Ratan Tata, he also is a nice simple guy but a great businessman... goes to office in his very own tata indigo... and has never married... singlehandedly takes care of hge empire with no Heir...

I myself belive in living a simple life but maintain a good standard in every aspect, as it is a matter of honour...

and believe in praying "hey prabhu itna dijiye, jisme kutumb samaye, main bhi bhookha na rahu mera saadhu bhi bhookha na jaaye"

~Abha

Tamildownunder · Nov 20, 2007

Dear Kamalji,

I think contentment at what one is having is a great virtue and my compliments to you for being contended with old cars etc. I always remember the saying ' when your child is crying for want of sugar to its milk think of the child crying for salt to its porridge '. When I was in London, Lakshmi Mittal (he is the current richest man in India) bought a house in Central London at the cost of 70 million pounds and celebrated the wedding of his daughter in Paris lavishly. I wonder how much he donates to chaity. If at all these millioners donate it is to save on the income tax mainly.

On the lighter side, here is a joke. Two Jews were walking by the side of Rockerfeller's house in New York who was the richest man in the world at that time. One Jew told the other,' Imagine if you get all the wealth of Rockerfeller, you will be the richest man in the world'. The other Jew replied,' I will become richer than him'. The first Jew asked 'How?'. The second Jew replied, ' I can teach Hebrew on the side'.

Regards,

TDU

Blondie · Nov 20, 2007

Kamalji,

Millionaire next door is my husband's favorite book amongst many. We discussed it so many times after he read it that I can throw some more pointers right off the bat.

All the people(millionaire's) profiled are PAW's (Prodigous Accumulators of Wealth)

No one makes a purchase that has high depreciation (Cars for example, the minute they leave the dealers office they depreciate)

Every one weighs carefully if the maintenance outweighs the initial costs. Some items are deceptively low priced but the services needed to use them high cost. (free cell phones offered now a days with a 3 yr. contract).

The Rich in India are rapidly becoming the modern day replacements of the Kings. Just like the kings waged wars and either conquered and lead a lavish life OR lost everything and disappeared into anonymity, the modern day rich are travelling in their footsteps.

It is only the enlightened few who put everything into perspective and be not affected by wealth/poverty

Kamalji · Nov 20, 2007

Blondie,

How true.And yes u have read the book.The PAW and UAW is perfect.I could not lay my hands on the book for the last few years, not available even at the best stores here.

Yes we have more showoffs these days.Regards.kamal

TNU,

Mittal dosnt donate a penny.When someone asked him when Bill Gates donates so much why not u, he said i am too young now to think of charity.And he and Gates are the same ages, mid fifties.HAHA.

The joke is a good one, and so true.Thanks for yr great comments.Regards,kamal

Abha,

You have a point there.When can be flashy, why should Mukesh be left behind eh !

Yes, i love that Kabir Doha very much and it is my favourite.And i agree we all should live decent lifestyles, but not flashy ones.We must have luxuries and enjoy our money, without flashing it around and creating enemies and troubles for oursleves.

Thanks and regards.kamal

Sindhu,

Great ur hubby worked with Murthy.why show off ? If one wants to eat in a golden plate, eat it is yr plate, but why go tom toming to everyone, is my question.Thanks and regards.kamal

Vysan · Nov 23, 2007

Dear Kamalji,

I will try to read that book.... I bet with all I have, I will be the same person, even when I become a millionaire.... You want to check it out.... You can give me the millions... No issues... I will accept it.... Then you will find, that I have not changed....

Jokes apart... It was a great write up... I enjoyed it... Salutes to you being the same even after earing well.... I will try to get that book and read and try to understand...