Many people think only Obama has to deal with Toxic assets. Not true. Not true at all.
Many people could have a Toxic asset at home. It could be a toxic wife. What is a toxic wife?
Well this is a recent term and describes a breed of women who are gold diggers and constantly looking for men (preferably older) – marry and discard. The legal system in the UK and USA are in a liberal mood and award a lot of money as alimony. It is not difficult to find women who have got $ 5000 per day of being married. Not bad, eh?
Take the Indian context a woman marries a man. She is actually from a middle class / lower middle class family (I mean her parents were spending Rs. 15k per month for their day to day living). At her new home she hires a maid, a cook, a driver, a male servant who will come once a month to ‘clean’ the major things – fan, ceiling, etc., a maali who comes once a week, then she adds a second driver and a second car.
Then she has kid(s). Fantastic reason to give up the job. But the army of servants remain. Husband is doing very well – the senior manager is now Vice President. So the vacations are in 5 * hotels and 5* locations only. Mostly in suites – after all 2 kids have to be accomodated you see….
Suddenly there is no job.
The funny part is these families are not ready for a job loss – or even a ‘no bonus this year’ from the boss. Because once you have got accustomed to taking only a Meru taxi to the airport to take a J class Kingfisher…how can you travel by a black and yellow taxi and travel cattle class?
Or the son who thinks a 36k play station is a necessity to show off his friends?
Well the father should blame himself for all the toxic assets that the has allowed his family members have created…
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