By Irshad Mushtaq
In today’s society, there is a significant difference between living a fulfilling life and indulging in a showy lifestyle. Too often, we equate success with extravagant purchases, such as big cars, Mobile phones, or lavish weddings, Big houses on loan This mentality leads to a cycle of materialism that can create financial liabilities for future generations.
The Reality of Lavish Living
Many believe that spending large amounts of money signifies a wealthy lifestyle, yet this is far from reality. Major business leaders and affluent individuals understand the value of money; they prioritize their needs over unnecessary desires. Unfortunately, in many communities, including Kashmir, we often make purchases that do not serve a real purpose in our lives. This behavior creates clutter and burdens future generations, who may feel obligated to manage the items we buy simply for the sake of appearances, such things now in common even condolence bring a lot of packed big fruit boxes etc.
The Show-Off Phenomenon
Consider the extravagant spending on weddings. These events often become showcases of wealth, with families feeling pressured to demonstrate their financial prowess. Such displays last only a few days, yet the impact on the household can be lasting, often leading to financial strain. The reality is that those living in these homes will be the ones to face the consequences of overspending.
Seeking Balance
It’s essential to shift our focus from showy living to a balanced lifestyle. We must learn to distinguish between what we need versus what we want. Compromise on luxury items does not mean compromising on our essential needs. Instead, we can invest our financial resources wisely, ensuring a secure future.
Smart Investments
Instead of spending excessively on material goods, consider investing in high-quality shares or mutual funds. A suggested approach is to allocate at least 30% of your savings into sound investments. This strategy can greatly contribute to wealth accumulation in the long run, allowing you to fulfill your wants through the profits made from wise investments.
Financial Literacy is Key To make informed financial decisions, we must educate ourselves on financial concepts, such as saving and investing. Understanding the importance of money and how to manage it effectively is crucial. By doing so, we can create a sustainable lifestyle that benefits not only ourselves but also the generations to come. Conclusion Ultimately, it is crucial to prioritize financial responsibility over a lavish lifestyle. By adopting a mindset focused on necessity and smart investment, we can attain true wealth that supports our needs without burdening future generations. Let’s foster a culture of understanding and financial wisdom, allowing us to live fulfilling lives while respecting the value of money.
- Learn from the insights of @Irshad Mushtaq, Writer, Investor, Entrepreneur & Founder of M I Securities! Connect for valuable financial advice at misecurities@bp.sharekhan.com
The post first appeared on Kashmir Observer
