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A Lesson For Life : Do Not be a “Bewakoof”! Author: Fintuned | Date: March 22, 2014

A couple of days back, I was forcefully taken to a nearby theater by my friends to watch a Bollywood flick against my wishes. The movie called “Bewakoofiyan” as I had anticipated, failed to live up to my expectations. In retrospect however, I realized that I was not expecting a lot from the movie and in a way it did leave me with something quite valuable and worthwhile that I would like to share with my readers.

Assuming that not a lot of people might have watched the movie and even if did, they might have ignored a loud, clear and highly significant lesson that was embedded in those 120 minutes of drama.

However, before getting into the details of that lesson, I would like to mention a dialogue from the movie that really caught my attention:

Sonam Kapoor (aka Mayera) to Ayushman Khurana (aka Mohit):

“Tumhe pata kaise nahi chala ki tumhare saare paise khatam ho gaye”?

(Translation: How come you did not know that all your money got exhausted)

Yes, this article intends to spread awareness about how a good number of people land up in a financial crisis without any cognizance and regret their reckless spending attitude.

A crisis unfolds

While the glitz and glamour portrayed by the movie is a bit unrealistic, the aspect that one can lose his job out of the blue is completely realistic and possible (The famous IBM firing incident). As it happens in the movie, Mohit (the protagonist) suddenly loses his job and a few days later, goes bankrupt. The situations worsens to an unimaginable extent wherein he has to sell his newly bought car, move out of his high rent apartment and above all, break up with his girlfriend Mayera.

Well, sorry if this sounded like a movie review in the making but the intent is to give you a context of the story in the movie so that you can understand the premises of a financial crisis.

An event that can change your life!

There are innumerable blogs and sermons that condemn the excessive love of money to be root of big problems like insecurity, discontent etc. However, that philosophy is preposterous and it is beyond any doubt that money is required to live a fuller, better life and achieve happiness. Thus, losing a job or close-down of your business that stops the flow of money can be life threatening .

A loss of job does not necessarily mean that you could end up with little money in your bank accounts or cash box at home (if you still have one). Let me therefore enumerate certain reasons that lead to a vicious bankruptcy in the event of a sudden job loss [Any tips on how to deal with them are also mentioned  :)].

1. Leading the same lifestyle: People have a natural tendency to hide any news that embarrasses them in any which way and a job loss could deal a big blow to your ego. Additionally, a person continues to lead the same lifestyle in order to avoid any awkwardness in his/her social group including the family.

However, let me tell you that this is the worst possible way to deal with such an event. In fact, the first response should be discuss it with your family and few close friends (NO, that would not hurt your ego). Once your situation is clear to you and your family, you are automatically liberated from living a fake lifestyle. Thus, if you follow this route then you are assured of a couple of advantages:

a. The pressure of maintaining a similar lifestyle i.e the one that you used to live with a high paying job, is automatically alleviated. Hence, you can focus on finding a new source of income with the support of your friends and family.

b. You achieve flexibility, an attribute that stays with you for your life. Once you can train yourself to be adaptable to any lifestyle then you can deal with such situations with ease.

2. No fund for emergency: Remember, how I told you about “paying yourself first” in one of the last blog posts. Well, think about it: If you have a fund that can sustain you for at least 5-6 months your “no income source” period then, it simplifies your life to an unimaginable extent. So, if you haven’t already, then please read that blog and create your own emergency fund.

3. Consumerism: Today’s age is the age of marketers who have created and filled the heads of people with glamorous and shiny ideas. As such, people have become prone to consumerism i.e purchasing goods and services in ever-greater amounts. One of the age-old quotes from Warren Buffet is the most apt here:

“If you buy things that you don’t need, soon you will have to sell things that you need.”

There it is! So simple to understand and practice. However, most people fall prey to the clutches of consumerism and much like our hero Mohit in the movie, end up selling things that they need.

Do not be a “Bewakoof”

As I wrote earlier, my intent behind this article was to make you aware of the certain loopholes in the thinking process that can push you into a spiraling crisis. Do not make the mistake of putting up with a lifestyle that you cannot afford and be open about your status to your close ones because they will definitely understand.

Believe me, it is extremely difficult to deal with an uncertain and unfortunate event like losing a job or shutting down of your business. However, if you keep the above-mentioned points with you then it would become simple and easy.

Any thoughts/suggestions: Dirty the comments section 😉

Cheers.



Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy of any agency, organization, employer, or any company. Fintuned Co. LLP shall not be held responsible in any manner whatsover, for any decision/action taken by readers on the basis of the content mentioned in the article. Readers are requested to exercise their best judgement before taking any decision/action. Fintuned Co. LLP shall also not be held responsible for any copyright infringement committed by the author in the process of writing and/or publishing this article and in the event any such offence is found, cooperate with necessary authorities to take remedial action

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