On the basis of some of the requests and comments, here are some of the examples that I see on a regular basis. These are not by themselves wrong, but in a combination of events, keeps a person poor:
a. Refusing to use public transport: Public transport is not the best way to travel in urban India. However, on a weekday afternoon when you are travelling against the traffic or on a Sunday morning, it is possible to take a public transport. However, there are some people who can use their own car, friends car or a taxi. Now in a city like Mumbai let us see what is the cost difference. A second class ticket would cost Rs. 15, a first class ticket Rs. 150 and a taxi about Rs. 900.
This is really difficult to justify a 1000 buck taxi ride when Rs. 300 can achieve the same result. I am talking about a couple travelling for fun.
b. Buying an asset for show off instead of what it can do for you: the car that they choose is more decided by ‘what the others will think’ rather than what it is going to be used for. So a Nano will not be chosen as it is the entry level car, an Indica / Indigo will not be chosen because it is a taxi for BPOs, an Innova will not be chosen because it is a taxi for too many people……these are of course examples.
c. Continuing with b: Even the vacation that they take is decided by “I must make at least one foreign trip” – so a person staying in Mumbai and is yet to see Mahableshwar or a guy in Delhi who is yet to see Shimla – will make a trip to Singapore, Malaysia – and say ‘Is it so cheap..’. Chances of such a person going to North East for a vacation is IMPOSSIBLE….
d. Most assets are ‘show off’ assets – house, car, vacation time share……but not mutual funds, sip, life insurance…
in case you have not read:
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