Advertisements

Call It Chance , Call it Fate …….


There is an element of Skill, Smart Work, and of course Hard Work behind any Fortune.And Prudence definitely helps in making and hanging onto it.But there is really another big variable……call it Chance or Fate……a combination of events that might just never again be repeated.Perhaps they are unique events meant to happen to the individual,or its all just random…..Nothing illustrates this better than the following series of events from Ramkrishna Dalmia’s life.

Ramkrishna Dalmia grew up in penury in Calcutta during the 1930s’ Depression.He was twenty-two when his father died and he had to support his mother, grandmother, three sisters and his wife in a single room that he had rented for Rs 13 per month. He was desperate to get rich quickly.

He speculated in silver and lost and suffered the humiliation of defaulting on his debts. Declared insolvent, he became persona-non-grata in the bazzar. Read more of this post

Advertisements

Alok Kejriwal On The Different Shades Of Money.


wealthymatters.com

Some interesting observations from Alok Kejriwal :

After my first round of VC funding, I ran into my uncle at a dinner. He had read about the financing in media and cornered me. ‘So you’re rich! Why are you looking so gloomy?’ he said. ‘Huh’ I asked? ‘My Company’s the one that got funded, not me! No one got rich. The VCs got poorer and a long arduous road lies ahead of me to return the money to the VCs many times over’. He chuckled and said’ ‘What nonsense! The first rule of the funding game is to siphon out 25% of the funds and make yourself-rich. Investors can be dealt with later’. Shucks… hadn’t I heard that story before? Many of my relatives have floated public issues that were nothing short of scams and they still boast about it!

This ‘get rich, siphon out’ philosophy left so many old industrial houses bankrupt. They were never capitalized to take advantage of acquisition opportunities and punished their shareholders so harshly that they could never raise capital again. Think Mafatlal, Dalmia and many more.  Even today I meet embarrassed professional managers working in ‘family’ firms who get paid salaries in ‘half white and half black’ to avoid taxes! Read more of this post

%d bloggers like this: