Focus On Resilience Not Short Term Perfomance


wealthymatters

Here is a great article I came across in a back issue of the HBR on what we can learn from family businesses.Link

Personally I have always been inclined to family businesses,despite the contempt that they are often held in by many professional managers and financiers.

I have always found their long term focus,caution and frugality appealing.I’m happy to find a HBR article supporting my views.Pity the authors couldn’t add Asian companies to the list.

Quick Cash In The US


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Unless you have a rich family back home in India,funding your US education and living expenses,you are at one time or another in your student days,likely to find yourself in a jam lacking money. Whether it be to cover an overdue utility bill, medical bill or credit card charge, getting access to cash when it is needed can sometimes be difficult.A bit of hustle,a small freelance assignment etc,could net you these dollars you need. Alternatively,there are several loan options you could take advantage of. Read on to learn more about three common loan solutions:-

Payday Loans

A payday loan is very easy to qualify for. All a person needs is proof of income, an active checking account, a valid ID stating that he or she is at least 18 years of age, and a working telephone number. The application process for a payday loan can usually be completed in less than five minutes, and approval can be determined in only a few seconds. The great thing about a payday loan is there is no need for an applicant to go through a credit check. In fact, the person’s credit history will in no way affect his or her chances of qualifying. Read more of this post

E. Sarathbabu In His Own Words


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I was born and brought up in a slum in Madipakkam in Chennai. I have two elder sisters and two younger brothers and my mother was the sole breadwinner of the family. It was really tough for her to bring up five kids on her meagre salary.

As she had studied till the tenth standard, she got a job under the mid-day meal scheme of the Tamil Nadu government in a school at a salary of Rs 30 a month. She made just one rupee a day for six people.So, she sold idlis in the mornings. She would then work for the mid-day meal at the school during daytime. In the evenings, she taught at the adult education programme of the Indian government.She thus did three different jobs to bring us up and educate us.Although she didn’t say explicitly that we should study well, we knew she was struggling hard to send us to school. I was determined that her hard work should not go in vain.I was a topper throughout my school days.

In the mornings, we went out to sell idlis because people in slums did not come out of their homes to buy idlis. For kids living in a slum, idlis for breakfast is something very special.

My mother was not aware of institutions like the Birla Institute of Technology and Science, Pilani, or the Indian Institutes of Technology. She only wanted to educate us so that we got a good job. I didn’t know what I wanted to do at that time because in my friend-circle, nobody talked about higher education or preparing for the IIT-JEE. When you constantly worry about the next square meal, you do not dream of becoming a doctor or an engineer. The only thing that was on my mind was to get a good job because my mother was struggling a lot. Read more of this post

Heartwarming


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Assets Declared By The Tharoors


wealthymattersIf you keep up with the financial press,you’re bound to be familiar with the asset allocations that  ‘financial advisers’ recommend.Personally I believe that they are often the beliefs of the financially struggling imposed on financially unsophisticated people,looking for assurance and approval.

The financially well off report asset allocations that are very different from that of the “ideal”recommended by financial advisers.Of course it could be argued that they are only reported assets and unreported assets can’t be ruled out and the total bears a greater resemblance to the “ideal” .Alternatively it could be said that there ought to be one allocation for those hoping to be wealthy vs. that suitable for the wealthy.

My belief is that the well-to-do get that way by doing things substantially different from the masses. Their asset allocation is the reason for their wealth not a result of it.My belief is reinforced by the case of the Tharoors.Link

Just observe the large cash equivalents,preference for real estate and alternative investments like antiques,high quality watches etc. along with the more conventional Indian preference for gold jewelry.Mutual funds and insurance products are conspicuous by their absence.Their asset allocations might be far from the “ideal” but their net worth is nothing to sneer at,especially as they have no businesses to help earn their incomes.And one way or another,both have had to earn their fortunes.