I recently came across some interesting news today. Apparently, South Koreans are the biggest spenders on luxury goods in the world, well above the US and other rich countries. This is all thanks to the “You only live once” principle the South Koreans have started practicing in the aftermath of Covid. Can we blame them? We all know the feeling of wanting to treat ourselves to something fancy BUT OCCASIONALLY! That’s important to note.
Edward Norton’s character in Fight Club famously said, “We buy things we don’t need with the money we don’t have to impress people we don’t like.” In other words, don’t fall into the trap of trying to impress others with your material possessions!
That’s where personal finance experts like Warren Buffet come in. His famous quote “If you buy things you do not need, soon you will have to sell things you need” is a reminder that living within your means and avoiding unnecessary purchases is key to financial success.
And let’s not forget about other personal finance experts around the world. Dave Ramsey’s advice to live within your means and avoid debt is summed up in his quote “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.” And Suze Orman’s emphasis on thinking long- term and avoiding impulsive decisions is reflected in her quote “Money is a tool. Used properly, it makes something beautiful; used wrong, it makes a mess!”
But what about personal finance experts in India? Well, Monika Halan in ‘Let’s Talk Money’, Manish Chauhan in ‘16 Personal Finance Principles Every Investor Should Know, and Nandish Desai in ‘The Only Financial Planning Book That You Will Ever Need’ have all emphasised the importance of financial literacy and encourage people to take control of their finances. As Benjamin Franklin once said, “Investment in knowledge always pays the best interest.” At the end of the day, as P.T. Barnum wisely put it, “Money is a terrible master but an excellent servant.” So, use it wisely, my friends!
To end, here’s a dialogue from the movie “Guru” that captures the essence of living within your means:
“Jitna bhi try karo, life mein kuch na kuch chhootega hi. Toh jahaan hai, uska maza lete hai” (“No matter how much you try, you’ll always miss out on something in life. So let’s enjoy what we have”). This dialogue by Abhishek Bachchan’s character in the movie Guru is a reminder that we should be content with what we have and not overspend on things we don’t need so that we can enjoy what we already have and not fall into the trap of excessive debt or financial insecurity.