Last week I met with a very senior person in a very very big bank. It took almost 10 minutes of security check before I reached him.
As usual I asked him “How come your bank which has such a high training budget not spend any money on teaching personal finance to YOUR OWN EMPLOYEES?”
He said “The government and organisations like ours need a regular and good source of decent labour which will not think too hard. They will buy a house, a car, a foreign trip…then they will upgrade their house, car. and a foreign trip. Then they will have a couple of kids…and pay for their education and marriage’ – this will keep them busy.
Now if we teach them power of delayed consumption, power of compounding, equity, etc. they will leave us.
When our top management needs money..well they make a foreign trip..and make about 2-3k dollars..and are happy. Frankly they do not care about what happens to people below the line….
I was not stunned..because this is Robert Kiyosaki’s explanation too…he calls it ‘Conspiracy of the Rich’ echoes a lot of similar thoughts…
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