Is your behaviour towards money positive?

Suresh Padmanabhan, author of ‘I Love Money’, runs Money Workshops across the country explaining the intricate aspects of our behavior towards money and generally helping working professionals have better control over money, not necessarily falling in love with it. In an interview with KS Rajasekar, Suresh talks about our deep-seated behaviour towards money.

What changes do you notice in people’s attitude to money, say 10 years back and now?

Ten years ago there were few opportunities. IT was still in its nascent stage. Telecom boom had still not happened. Manufacturing, infrastructure, financial services, almost every sector, was growing at a traditional pace. Only over the last few years are we seeing such kind of opportunities galore.

So what is the change in the attitude of people towards money?

Today many options are available. For example, 10 years ago there were wait times even for a Bajaj scooter. Today, you can go buy a car from a showroom close to you. The older generation was pretty conservative towards everything, not just money, while modern day folks live life today.

The old world values of saving and investing are still very relevant. But, now peer pressure to belong to the group pushes one to consume things, which are not essentially needed, and many times beyond his means. People’s attitude towards money is momentary.

They live as if tomorrow never comes. They don’t have a positive attitude towards money — sense of security for tomorrow is absent. They are irreverent towards money.

Where do you think we are heading as far as the future is concerned? Are we moving into a materialist kind of economy like the West? Will we be inheriting the pains that come along with such materialism?

Materialism for sure. Shopping controls the shopaholic and alcohol the alcoholic. We think the material things we buy will fill the inner emptiness, but inner emptiness is a bottomless pit — it can’t be filled. Contentment, for people, is trivial. Today one gets a mobile and two months later three new models have arrived and the person’s interest in the existing gizmo wanes. Materialistic life is largely unconsciousness. People prosper, but needs overtake. Luxuries are sought, but at what cost — EMIs. And in a materialistic world, herd mentality prevails. Individuality suffers. Nobody questions. There’s hardly time for introspection.

The speed of today’s growth is amazing, but we have to pay the costs of this mindless growth. Alienation, loneliness and disintegration of relationships are bound to happen. Youth today are brazenly aggressive. I’d suggest a middle path. Don’t live at the extremes of either conservatism or consumption.

Do things in the day that’ll give you good sleep at night.

How has the increase in income levels changed our attitude to life in general?

Increasing prosperity changes attitude towards everything, not just money. Just look at our cities, what do you see. Rush, hurry, stress, targets and desires. You need more time for family. For yourself. You must slowdown. Especially, when the going is good, you don’t have time to appreciate the butterflies and enjoy the sunrise. There’s a dire need to realize the self. Do I really need a Merc or a Maruti is enough? Ask loudly.

Listen to your inner call. You’ll be happy always.

How do you think people at the middle age level (midpro’s level) balance between spending and investments?

The peculiarity of the mid-career segment is that they possess some old world values and some new generation values. They are often torn between them unable to make the correct choice. They have seen some prosperity in their lives. Yet, don’t look at investing seriously. Conservative or aggressive, which approach is right? There’s no THE answer.

In South Indians, the scarcity gene is evident — hold on to money, don’t spend too much. The deep-seated behavior pulls one from trying something new. Many a time, it’s also lack of awareness about avenues of investment or future security. One needs to be well informed. Spend at least 20 minutes a day to see where you’re headed.

What is more prevalent in people — a fear psychosis that these good times will not last or a confidence that the good times are there to last? What is you own assessment?

You see there’s the deeper element — I don’t deserve this opulence. Sudden changes in prosperity disturbs our ecology. My father worked all his life and he didn’t have even a bit this.

Will I continue to enjoy this wealth always?

We must confront these questions, break free from such thoughts — explore proactively and understand. Then the fears dissipate and the answers come.

Do you agree that there is a great level of short term thinking — quick gains, immediate returns? If so what is your counsel to people?

Collective consciousness creates a new belief system. Your neighbor is rich, your colleague is prosperous… I have to catch up. This pushes individuals towards short-term money-making. The quick buck lures all. At times, he may get the same, but it comes with high risks. Anything that is achieved at breakneck speed is surely fraught with risks.

Instead look at the tree. You sow a seed, manure and water, tend to it and over a period in time, it yields. And take good care of it and it gives you fruits lifelong. Stability. That’s the watchword. Grow slowly and be stable. It will be secure.

In South Indians, the scarcity gene is evident — hold on to money, don’t spend too much. The deep-seated behavior pulls one from trying something new.

What should be the attitude of people on money vis-a-vis other aspects of life including — relationships, work, health, leisure and spirituality?

(Laughs). It’s a misconception that money spoils relationships or spiritual moorings. I can be poor and have good relationships or be rich and have poor relationships. Money doesn’t spoil relationships. We neglect emotional bonding. Therefore we should work on that. We must accept we can’t have everything in life. Therefore we must focus on what we want and get that. And enjoy it when it comes.

Finally do you think we are enjoying the money we are making? Are we happier than before?

A world Happiness Survey ranked India at 112th position. At the top are the North American and Western European countries … clearly money plays a role. But, happiness is relative. Money delights many, simple things wow some.

If you ask me, money is an important tool, a beautiful one at that. But money is certainly not everything in life. When you delve deep into your self. And begin to understand your conditioning, you realise that outer things don’t matter much. Gauging the outer paraphernalia and judging the inner happiness is stupidity.

People should be ready to adapt to changes, pay attention to self, focus and celebrate life.