Lessons from my superhero

As a child I loved to watch movies on superheroes, they could do anything one could imagine like defeat an evil enemy’s army on their own might, stop a running train by their bare hands, fight giant dinosaurs and to add to their coolness quotient they wore unique costumes that made them stand apart. But as I grew older I realised that superhero isn’t a myth but somebody who does exist, somebody who as a person may not be able to change the world, but could change the world of one person. Yes I am talking about my father my living superhero and through this article will share some valuable lessons in finance which I learnt from my father.

Valuing money and thereby spending it judiciously is one of the first lessons I learnt from him. Although a doctor by profession, he maintains meticulous record of his financial transactions by downloading and using simple mobile apps which I am not even aware of. By observing him I realised that by keeping tab of your finances you can eliminate unpleasant surprises and keep away the feeling of financial insecurity. Small things like being aware of when your utility bills are due, or when your next EMI is scheduled for payment, will enable us to have better control over our cash flows. This has been a guiding philosophy for me both at my personal as well as professional financial management.  

If you don’t have the cash, you have no business spending.  I don’t think I can ever fully appreciate how this disciplined mentality has helped me avoid problems with debt. My father has always consciously stayed away from using credit cards, simply because he believes it’s like spending money you don’t have on things you don’t need. Inspired by his thinking although I carry a credit card I only use it as a last recourse towards my spending and ensure that it’s paid before the due date to avoid the cycle of spiraling debt and high interest thereon.

Right from my early school days, my father began to teach me how to live within my means. As I write those words, it sounds funny, even to me. He sat me down and taught me about an allowance. He was going to provide me with weekly pocket money that I would later come to realise was my means. I was going to have a set amount of money that I could spend on anything I would like. The only catch was that once I spent it all, I couldn’t buy anything else until the following Friday when I received my next tranche of pocket money. This exercise taught me how to budget, how to save, and how to spend wisely.

My dad talked to me quite a bit about money as a kid. He still does, actually. I am fortunate in that way. But he has also taught me a lot about life. He wanted me to be an astute manager with the finances I am given, but not to elevate them above other priorities in my life. He has taught me how to be a responsible and loving husband and father. He has taught me how to serve others and manage a career. He has taught me how to be a man of faith and strong character. He has taught me how to be a good citizen and care for others who are in need. Essentially he has taught me that money is, at the end of the day, just a tool. It’s one that we should take care of and not waste, but it doesn’t have the power to bring me ultimate joy or satisfaction. Finally as I conclude my column I would like to thank my father for instilling many of my financial values and habits at a young age, habits that will continue to shape the decisions I make for years to come.