Money connotes different meaning to different folks. And the attitude towards money is framed by the experiences formed during our growing up days.
I have encountered an instance , where in , the person is happy maintaining over Rs. 75 lacs ( $ 100,000) in a savings ( check-in ) bank account . On probing further , I was told that , as the person was growing up, family did not have much money . And decided that if and when he / she grows up, will always have a certain amount in the bank.
Nothing could move the person to deploy this money productively.
Let me share another instance . Morgan Stanley when it launched its mutual fund in January 1994, it was the first foreign fund house . One of my nearer ones had invested Rs.5000 in the fund . It was a big amount for him,then. A very sentimental investment . Even after his financial position improved very much and could now afford a lifestyle to envy, this investment continued . And till time HDFC AMC bought out the schemes,this scheme continued to be in the portfolio.
So , we human beings are irrational and also rationalising ( and not rationale ).
And the year 2020 and 2021 , has again made us rethink what money is all about. Will the experiences of this periods make us rethink our connection and relation with money ?
Watch this space for more.
Content – Brijesh Damodaran