By: Tarun Prakash Srivastava, Sr. Executive Editor-ICN Group
“Savings is the part of the income that remains unspent after all your expenses.”
Now, we try to understand this formula with clarity.
Your initial income comes from your savings. When you plant the seeds of saving for a purpose, you will be, one day, the owner of the precious harvesting.
It is essential for us to understand the idea of “saving” correctly and accept and use it only in its true meaning.
Akash is one of my good friends. Our childhood was spent together, and we started studying together from the beginning. We got our professional education together, and we started our profession simultaneously. He is my dear friend, but from the very beginning, our life philosophy has been influenced by different rituals and cultures and hence our visions of life are very different and there is also the considerable difference in our lifestyles. He is a skilled professional, but he is not an accomplished planner, and even today, his attitude towards money is negative.
From the beginning of our profession, we both know that due to being a professional, we have no option of retirement and neither will we receive a pension for the living from the government in future. That is why, we have to prepare our own retirement plan ourselves, and we will have to have the option of pension for our livelihood from our optional retirement to death.
We also knew well that we do not have any choice other than savings. Our primary income was nearly identical, and both of us started saving. Today, our financial graphs are very different after many years of savings. Where I am satisfied with my financial condition, my friend Akash is still struggling with the financial crisis. Despite all this being similar, why did we get almost entirely different results in our own financial sectors?
After all, what was the turn from which our financial angles went in the opposite directions? Believe it – it’s a mystery. This secret was already opened to me because of my positive attitude towards life, and I developed and invested my abilities according to this mystery and similarly, because of negative attitude towards the life and wealth of my friend, that secret, remained as a mystery for him and he continued to work for wealth throughout his life and the money never worked for him. I am sure that you will like to know about this secret and take advantage of it.
Come, we understand this wondrous rule which is still a mystery for more than ninety-seven percent of the people of the world who are forced and compelled to live underprivileged throughout their lives.
This secret is hidden in the definition of ‘saving.’ What is ‘saving’? What is the real meaning of savings? Which part of the income is real savings? If we want to know this, then we have to understand the basic concept of this small but wondrous word. If you ask for the meaning of saving from the most of the people in the world who are defeated in their lives and are sinking in the ocean of despair, depression, and frustration.
Honestly speaking, the most of the people of the world have pushed themselves miles away from where they cannot imagine getting back due to their this wrong concept of saving. It is a concept that has a flaw in its root, and as long as we continue to accept this definition of ‘saving’ and keep planning for saving accordingly, we will not be able even to take a step forward towards our golden future and we will never be able to knock the door of our golden destiny.
Would you like to know the faults of this concept? If yes then once again you need to review the first halt of our journey through this book. Understanding the principle of “first payment ourselves,” we had received this lesson that a common person creates a cycle of earning enough income to fulfill the obligation around him and he never becomes able to have a way to go out of this permanent cycle like “Abhimanyu of Mahabharat”.
His dreams are also brutally murdered. I name it an ‘ a cycle of big liability and low income.’ If we first prepare our list of liabilities and expenses, then each of our income becomes small because we keep on spending till our entire income ends, and some people, after finishing it, take their loans also and fulfill the requirements and a new obligation in the forthcoming budget adds to the payment of that installment. Then there is no remaining part of your income, and your dream of ‘saving’ is postponed for the future, and such a future never comes in front of you.
According to this principle, the difference between your low income and increasing needs is saving, but we all know that this ‘difference’ never takes place in the life of a common man, and the concept of saving becomes only a fictional story of fairy folks for him.
