Thursday, January 17, 2008

How to Spend Money : Nita Mukesh Ambani

In the Hindu religion, we pay homage to the Goddess in her various
incarnations. During Diwali, we invoke the Goddess in her most enchanting
form: the image of Lakshmi. This is very appropriate. Lakshmi is the Goddess of wealth and prosperity. We worship her when we earn money. We worship her when we spend it.

Alongside, we worship Saraswati. She gives us the wisdom to spend money wisely. We also worship Durga who destroys the demon of egoism, when Lakshmi's bounties, and the wealth bestowed by her, tend to make us arrogant. Our own tradition teaches us a lot about how to spend money.

May I urge you to discard a myth? That spending money is very easy and making money very difficult. Wasting money is easy. But spending money is extremely difficult. There is a world of difference between the two. Buying an expensive automatic toy for your two-year-old son, when he cannot use it is wasting money. But buying a computer for your enthusiastic 10-year-old is spending money. Money is a vehicle; not a destination.

Personally, I see money as the most important vehicle to fulfilling a person's destination of understanding, and experiencing happiness, fulfilment, and completeness in life. We should put in an effort to acquire this vehicle; but we should also discern the destination with care, conscious effort, and wisdom. Nations spend money to build. They also spend money to destroy. Spending money requires as much application of mind as earning it does.

There is another personal belief, which I keep very close to my heart and soul. It is that money is the manifestation of gratitude. It is one of the important ways in which the universe rewards you for your efforts, intentions and merits. My father-in-law, Dhirubhai Ambani, often tells us that we must use our hardearned money in a way that expresses our gratitude to the universe for its kindness. We must respond to nature with grace for all its bounties, and for her eternal balance.

This is exemplified vividly by the natural principles of sharing and interdependence. The sun, for example, draws water from the oceans and rivers and pours it back onto the parched earth to make it green. Similarly, we must spend money with discretion; we should balance self-gratification with selflessness and social contribution.

Today the top 200 people in the world possess more money than the 2.5 billion people at the bottom of the ladder. This happened because man's innate greed has made him convert money to an end in itself. Instead, he must learn to use it as a means for a transparent and equitable co-existence of humanity.

Today, man has lost touch with two of the most fundamental aspects of money as an invention. Firstly, money was not invented to be kept idle in steel cases behind bars. Money is meant to create a balance between self-interest and the good of the community. With the rise of individualism, the concept of 'my money' has come into vogue.

When I was a child, there was no concept, no concept of 'my money' in the family. There was a common pool for the whole family. Each one of us dipped into that pool and received our share. What we spent affected every one else. This taught us the value of restraint. This gave rise to sharing and caring. We need to nourish this impulse in society.

Secondly, money was invented as a method to ensure greater self-ex-pression, self-satisfaction, and happiness for every human being in his personal capacity. Each man, or woman, is born with his or her own individual personality, nature, tendencies and life purpose. Spending money is always linked with an individual's personal philosophy of life.

Last year, at a vocational training programme for rural women at Jamnagar, we asked the ladies: "if you earned a hundred rupees, how would you spend it?" Ten per cent said they would go to the next fair and buy some jewellery. 20 per cent said they would spend it on the family. 25 per cent said they would donate it towards the construction of a village well, and 45 per cent said they would save it. When it comes to spending money, these four fundamental impulses guide people at all levels and at all times.

You spend money on yourself, on the family, on the community, and you save it for the future. A combination of all the above is a judicious mix.

As for myself, I can only say this much - God has blessed my family with adequate wealth. I am privileged to participate in using the resources of our family ventures towards making a significant impact in the areas of health and education. I also feel obliged to transfer a sense of gratitude and responsibility onto my children, so that they may deal with money and life in a discriminatory manner in their adult life.

From my own experience, in the last few years I have realised the fulfilment that comes from sincerely contributing to the welfare of the people.

Suddenly, the dimensions of my life have changed and have been uplifted. There is much more purpose and accomplishment in using money for the good of others.

I now find that my true inspiration for spending money comes from within, just as the true test for real happiness comes from within. I feel humbled, and deeply satisfied, if I can help someone who needs it. It is not what you possess, but what you do with what you have that determines your true worth.

2 comments:

The Active Dollar said...

Great speak........ but only some one with a lot lot and lot of money can put things so easily as she has done...!!!!!

Unknown said...

IF YOU HAVE DREAM THEN YOU CAN ACHIEVE IT. AND IM TRYING FOR THAT THOUGH I HAVE LIMITED RESOURCES BUT ONE DAY I WILL BE AT TOP.