Posted in Finance Articles, Total Reads: 2510
, Published on 19 December 2010
Man has always been fascinated by luxury. Every person prefers to have a mansion, cars, quality dining. The greed and needs of any human being has no upper limits. But do people, rich or poor, have the same value for money? Does money lead to people having similar ambitions and aspirations?
Money and luxury always go beyond economics. Money can be explained technically in terms of value of products and services. But actually the real value of money is more than just purchasing power parity and per capita, rich and poor.
Every person starts by having a restricted sum of money. At the beginning of every persons career, earning and saving every penny is the main aim. People try to invest money, spend limited amounts on fulfilling their needs but at the end of the day are still happy, but not satisfied.
Take an example of a person who has started his career and one who is at the prime of his. Consider both have the same amount of Rs 5000 to spend. While one values that amount a lot, he uses the same for investing and saving. But the other person, who despite having the same amount, spends it on his personal luxuries without a second thought. On one hand there can be person who leaves food on his plate because he dislikes the taste and on the other hand might be a person who searches for leftovers to fill his starving stomach. Does then money have the same respect and value?
As explained by Maslow's hierarchy of needs human beings always tend to aspire more than what they have. But in doing so, they get away from reality. The same amount of money which they valued at an earlier point of time seemingly becomes insignificant. People who have heavy bank accounts move away from the ground realities of life as luxury and spending lavishly without restrictions becomes a part of their life. And doing so, they lose respect and value for money. As an example are corporate honchos, a role model to millions, justified in making his multi crore house with excessive spending and wastage of money?
As people move up in the organizational hierarchy or are the apex of their business, they tend to spend organization finances lavishly by staying in 5 star hotels, travelling business class etc. Is that required? On the other hand, some people who are strong businessmen and top bureaucrats, even though entitled to travelling and staying luxuriously, avoid spending that extra penny. Such people value money as an asset, especially in a hunger driven and poor country like India.
Instead of providing over-the-top luxuries to people, organizations and individuals should use money for social responsibility, benefit of the society, providing education and feeding the hungry on a priority basis. Strict implementation should be done for prevention of wastage of money on activities which are merely for personal gains and luxuries.
India is a dynamic economy which has huge uneven money distribution, with people who are world's richest to the poorest living on the same street. The rich get richer by the minute and the poor struggle for their mere survival. Thus, for any country, business or individual to succeed, the most important element is to value money.
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