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Kalyani Nandurkar wrote:

There is a quite popular story about Bill Gates regarding exactly this matter. The story goes that once Bill Gates was visiting a restaurant where his daughter too patronised. After finishing his meal, while paying the bill, Bill Gates gave the waiter a tip of $5. The man picked up the note and looked it thoughtfully, Gates asked him if there was anything wrong, to which the waiter said that although he was a multi-billionaire he only gave $5 as a tip while his daughter gave him $100 as tip and so he was a bit disappointed. Bill Gates gave a stunning reply, he told the waiter that it was alright for his daughter to give such exorbitant tip as HER father was a billionaire but my father was a woodcutter so I cannot afford that kind of tip.

I guess that is the difference. A person who has come up with hard work will not throw away money just like that but will think carefully before spending it, that is being thrifty. But a person who will live like a beggar and will not even spend money on necessities although he can well afford it will be a stingy person.

Very inspiring story indeed. It just proves that people who really work hard to earn money knows its value and would not waste it on unnecessary things. 

I am reminded of the industrialist Premji Azim. I once read that even though he is one of the richest man in India, he doesn't own any luxurious vehicles and still use his old jeep. He feels that wasting money on such luxury is a wastage. But he donates a large amount on social development. He had worked hard to achieve success and know the value of money.

Thank you said by: Kalyani Nandurkar
anil wrote:
usha manohar wrote:

I agree that being thrifty is very essential in life or else you end up being a pauper . Some very rich people like the Ambanis ,ShahRukh Khan and Industrialists probably have the capacity to splurge without batting an eye lid but for most of us , finances are limited and we need to make the best use of it . This also means that you need to care for your things and possessions  so that you get the maximum benefit out of them and that is certainly not being stingy..

Money is very important thing in these days. For rich people things which are necessity are luxury for us. For example clothes of famous dress designer are demand film stars profession so it is need but it is luxury for us. Saving for future is in our gens.

I agree there is a huge gap in earning and spending levels. However, I sometimes feel that people esp some celebrities can do a lot more to the society which is making them so rich. Owning a dozen Burkini bags that cost over 25 lakh rupees each is nothing but greed . I would never do that no matter how much money I have. In fact I would feel guilty carrying one of those to a public place where there are people who are struggling to pay for their basic needs and many cannot afford to have two square meals a day ..


Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!

usha manohar wrote:
anil wrote:
usha manohar wrote:

I agree that being thrifty is very essential in life or else you end up being a pauper . Some very rich people like the Ambanis ,ShahRukh Khan and Industrialists probably have the capacity to splurge without batting an eye lid but for most of us , finances are limited and we need to make the best use of it . This also means that you need to care for your things and possessions  so that you get the maximum benefit out of them and that is certainly not being stingy..

Money is very important thing in these days. For rich people things which are necessity are luxury for us. For example clothes of famous dress designer are demand film stars profession so it is need but it is luxury for us. Saving for future is in our gens.

I agree there is a huge gap in earning and spending levels. However, I sometimes feel that people esp some celebrities can do a lot more to the society which is making them so rich. Owning a dozen Burkini bags that cost over 25 lakh rupees each is nothing but greed . I would never do that no matter how much money I have. In fact I would feel guilty carrying one of those to a public place where there are people who are struggling to pay for their basic needs and many cannot afford to have two square meals a day ..

I agree! If I had that kind of money, I would rather do something useful than spend thousands on just clothes and bags and shoes. There would be no reason to feel guilty if one has money but one should have at least a little bit of sensitivity towards those who do not have anything. Everyone wants to have something really nice and beautiful to wear and show off, but there has to be some limit to how much money should be spent on such things.


"I am free of all prejudice. I hate everyone equally."
- W. C. Fields :)

This is what old money and new money is all about , I guess ! Old money is money earned and passed on without flashing around. This is a very interesting and informative article I came across..

https://www.google.co.in/amp/s/www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/03/how-old-money-and-new-money-habits-differ.amp.html

 


Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!

Thank you said by: Kalyani Nandurkar, jabeen

Very interesting article! Although the article is written from the American perspective, most of it holds true to all. We do see the kind of new money being flashed around constantly, the neo-rich people that came into money after the IT boom, constantly trying to act as if they own the world and that those who are not into the same economy class as they are have no right to be here at all!


"I am free of all prejudice. I hate everyone equally."
- W. C. Fields :)

usha manohar wrote:
anil wrote:
usha manohar wrote:

I agree that being thrifty is very essential in life or else you end up being a pauper . Some very rich people like the Ambanis ,ShahRukh Khan and Industrialists probably have the capacity to splurge without batting an eye lid but for most of us , finances are limited and we need to make the best use of it . This also means that you need to care for your things and possessions  so that you get the maximum benefit out of them and that is certainly not being stingy..

Money is very important thing in these days. For rich people things which are necessity are luxury for us. For example clothes of famous dress designer are demand film stars profession so it is need but it is luxury for us. Saving for future is in our gens.

I agree there is a huge gap in earning and spending levels. However, I sometimes feel that people esp some celebrities can do a lot more to the society which is making them so rich. Owning a dozen Burkini bags that cost over 25 lakh rupees each is nothing but greed . I would never do that no matter how much money I have. In fact I would feel guilty carrying one of those to a public place where there are people who are struggling to pay for their basic needs and many cannot afford to have two square meals a day ..

Now doubt here is big gap in earning and capacity of spending. If a person have enough money than he have right to spend on them. We never forgot than celebrities also do hard labor to earn money. But it is duty of all person to do for society as they can.

usha manohar wrote:

This is what old money and new money is all about , I guess ! Old money is money earned and passed on without flashing around. This is a very interesting and informative article I came across..

https://www.google.co.in/amp/s/www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/03/how-old-money-and-new-money-habits-differ.amp.html

Interesting article, essence of this article is that in old time people never like to tell and show their wealth, but at present every one like to tell others about his wealth.

jabeen wrote:
Kalyani Nandurkar wrote:

There is a quite popular story about Bill Gates regarding exactly this matter. The story goes that once Bill Gates was visiting a restaurant where his daughter too patronised. After finishing his meal, while paying the bill, Bill Gates gave the waiter a tip of $5. The man picked up the note and looked it thoughtfully, Gates asked him if there was anything wrong, to which the waiter said that although he was a multi-billionaire he only gave $5 as a tip while his daughter gave him $100 as tip and so he was a bit disappointed. Bill Gates gave a stunning reply, he told the waiter that it was alright for his daughter to give such exorbitant tip as HER father was a billionaire but my father was a woodcutter so I cannot afford that kind of tip.

I guess that is the difference. A person who has come up with hard work will not throw away money just like that but will think carefully before spending it, that is being thrifty. But a person who will live like a beggar and will not even spend money on necessities although he can well afford it will be a stingy person.

Very inspiring story indeed. It just proves that people who really work hard to earn money knows its value and would not waste it on unnecessary things. 

I am reminded of the industrialist Premji Azim. I once read that even though he is one of the richest man in India, he doesn't own any luxurious vehicles and still use his old jeep. He feels that wasting money on such luxury is a wastage. But he donates a large amount on social development. He had worked hard to achieve success and know the value of money.

Premji Azim doing great, but we can't expect for all rich persons to do like Premji.

usha manohar wrote:

This is what old money and new money is all about , I guess ! Old money is money earned and passed on without flashing around. This is a very interesting and informative article I came across..

https://www.google.co.in/amp/s/www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/03/how-old-money-and-new-money-habits-differ.amp.html

Very interesting article and applicable to Indians too regarding the attitudes towards money. People of new generation like to flaunt the money. Whether it is staying in expensive hotels or wearing branded clothes, shoes, owning designer accessories etc they like to show it all. In a way I blame their parents too who have not taught them the value of hard owned money. 

jabeen wrote:
usha manohar wrote:

This is what old money and new money is all about , I guess ! Old money is money earned and passed on without flashing around. This is a very interesting and informative article I came across..

https://www.google.co.in/amp/s/www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/03/how-old-money-and-new-money-habits-differ.amp.html

Very interesting article and applicable to Indians too regarding the attitudes towards money. People of new generation like to flaunt the money. Whether it is staying in expensive hotels or wearing branded clothes, shoes, owning designer accessories etc they like to show it all. In a way I blame their parents too who have not taught them the value of hard owned money. 

The British royalty is a great example on what thrift and old money is all about. The Queen apparently when asked why she goes through household  bills carefully, when the whole country is hers , is supposed to have said that she is just the keeper and all the more reason to take care. She gives a gift each to her entiret staff during Christmas and does the shopping at Harrods departmental stores personally , so no matter how much she spends on the presents it becomes valuable because of the personal touch.


Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!

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