One of the areas where I have a different opinion from my parents, is money! It is due to various reasons:
1. Economic Situation of India Is Different Today
2. Earning – Spending – Saving Habits Are Different Today
3. Overall Philosophy Is Different Today – Ideas, Quality of Life, Self Actualization etc Are More Important Now. Earlier Money Was A Guarantee To Good Life.
My parents frown when I spend good bucks on restaurant food or movie or see my credit card bills. I see this expenses as rewarding self or enjoying some money for today rather than wait for tomorrow. I am sure many of my friends also face this unique situation.
Recently, I came across a wonderful Rediff archive which revolved around the same idea : What Parents Did Not Teach About Money!
Here is the gist and my comments:
1. Debt is good – Depends on how you use it. If for education, go ahead.
2. Stock market is not only for gamblers – Think long term!
3. Credit card can work for you – If you pay within credit free period. Offer convenience of not carrying cash.
4. Jewellery is an lousy investment
5. The bank is not the best place to park your money – Obvious! Interest here is peanuts and you actually lose money, if you factor in the inflation.