Authority comes with responsibility...so does money!!!!

Hi friends,
Back after a long time. Don’t ask where I had been all these days.
Had a life enriching experience is all I can tell you.
Infact, every day is a life enriching experience provided you look at it that way.

(Flashback)
Date – 18th August, 2006
Place – Lala Lajpatrai Institute of Management, Mumbai
My very first lecture at the B School....Perspective Management!!!!
Henry Fayol’s 14 principles of management...

One of them (which I distinctly remember even today) was

Authority and Responsibility- Whoever assumes authority also assumes responsibility.

I feel tempted to apply this same principle to money.....

Money and Responsibility - Whoever earns money has the responsibility of wisely spending it.

With globalization and India assuming centre stage in the world (the so called next super power) it was natural that more and more money flew into the country improving the standard of living of each and every individual specially from the middle class.
Fortunately for us our parents benefitted from this phenomenon and were in a position to provide us with very good quality education.
As a consequence we are well equipped to earn an above average income which is much more than required in many of the cases.
But then the very next question which comes to my mind is that are we spending it wisely?
Are we acknowledging the fact that destiny has been very kind to us somewhere and that majority of India’s population is still not even close by?
Just to give an example
I remember our economics professor mentioning that only 3% of India’s population is in a position to attend Degree College (this was in 2007).
Assuming that this percentage would have doubled every year we are still looking at only 24% of India’s population pursuing the bachelor’s degree.
I know I may sound like an Anna Hazare or a Medha Pathak but the only point I am trying to put across is the fact that we are very lucky.
And therefore with that authority of being educated and earning well comes the responsibility of spending it wisely and giving a part of it back to the society or at least our respective families.
Many people would say that doing something for the society at this point in time seems to be difficult, but then you can at least do something for your very own family.
I would like to enumerate an example here of two girls I happened to meet and the amazing part was that I did not realize how great the first girl was till I met the second one.

Let us name them as Shejal and Damayanti.

Shejal comes from a typical Gujarati Vaishnav middle class or rather higher middle class family. Very intelligent, independent. Multifaceted and responsible.
Completed her MBA and started working with a reputed organization. Nevertheless, to mention, earning a fat salary.
I happened to ask her what she did on weekends and expected an obvious answer which would be, ‘I either go out shopping with family, or hang out with friends, or watch TV and surf the net and so on’
To my surprise the answer given by her was, ‘She taught German to college students.’
“By doing this I keep in touch with the language and because I am good at teaching the students benefit from it. The money which I earn would go towards my sister’s education (though there wasn’t a need really)” aka Shejal
A part of the CTC which she earned went towards her marriage fund (nowhere had her parents asked her to do that).
This doesn’t mean that she did not enjoy. She went shopping, watched films, went on pleasure trips right from Vaishnodevi to White water rafting
Still, what she was doing on family front was simply amazing, especially in today’s world where people mention having 8 tequila shots in a row with the pride of an Olympic gold medal winner.

However nothing struck my mind until I met this Glamorous, intelligent, modern and unfortunately irresponsible Damayanti.

Damayanti!!!!!

Damayanti = Shejal i.e an MBA, an MNC job, fat salary, etc

Now you must be keen to know what Damayanti did on her weekends….
Simple…we have one life…so enjoy it….
Shop till you drop…after all even mall owners have families,
What crap? You have never been to a pub? You are a fool if you haven’t,
Face book……this is where the world resides…..
(Bank balance at the end of the month – Rs.10.60)

Hushhh!!!!!

She was right…..yes may be…..she was...
She was earning by slogging it out in the office and therefore had every right to spend what she earned in the way she desired.

But then what about her family?
Does only buying expensive gifts for your younger sister free you of all the other responsibilities?
Do you owe anything to your younger siblings in the first place?
Or is educating them a default function of your parents just as they did in your case?

Who is right in the above case….the carefree Damayanti…or
The balanced Shejal?

Questions, Questions and questions…. like the ones above and many more……

My mind has been chasing them to find the answers for the past one week…
And believe me I have still not arrived at a conclusion.

I don’t want to be biased here….
My thoughts, values and upbringing make me rate Shejal above Damayanti but then I am sure people may differ in opinion.

So I keep it open for you to decide!!!!

Au revoir!!!!