I recently attended a wedding held by an extremely wealthy individual. In totality, seven receptions were held in different expensive venues across two cities. And on the wedding invitation, it was specifically stated that only blessings would be accepted, no gifts.
Clearly, the family spent a fortune on this celebration. To which a friend commented that he is not really surprised about such extravagance after seeing the ostentatious pre-wedding celebration of billionaire Mukesh Ambani’s son.
The point of this article is not about expensive weddings. It is about how we think about the money being splurged. A lot of people really do get upset at the “disgusting amount of money people spend on weddings”.
But what is really disgusting? The opulence? The fact that they can afford such an extravaganza with no debt? That they choose to flaunt their money? If yes, why does it irk people? Their money, their ambitions, their lifestyle. Who are we to decide how people must spend their wealth?
Let me try to put this across as objectively as possible to enable us to understand and improve our relationship with money.
Admit To The Hypocrisy
There are many individuals or families that are much lower down the economic strata, from where we are positioned. How would we like it if they judged us for our lifestyle?
Imagine them commenting on the amount of money we waste on Swiggy and Zomato, or why we feel the need to eat in slick restaurants, and the amount of money spent in cafes and coffee shops, and the need to buy expensive crockery when a simple dinner set will do the job. Most of us would react unpleasantly if someone dared to comment on it. After all, it is our money, and we get to choose the lifestyle it will support.
This story is from the May 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
New Or Old Which Tax Regime Should You Choose In These 5 Scenarios?
The government made the new tax regime the default one from FY2023-24. However, you can still choose between the old and the new tax regime while filing your income tax return. But that would depend on your income slab and the deductions you wish to claim. We help you choose the most suitable tax regime in these five common scenarios
Plan With Fixed-Income Funds
Fixed-income funds lend stability to your portfolio, have better cash flow visibility, and help preserve capital. They can be used in various stages of planning
TDS: Tax Deducted At Source
Every taxpayer in India has heard about tax deducted at source (TDS). It is one of the main revenue sources for the government.
What Makes You Splurge On Food
With increased earnings, people tend to spend more on gourmet experiences. However, spending within your means is essential to stay healthy, both physically and financially
PORT, BUY TOP-UPS TO TACKLE RISING HEALTH PREMIUMS IN OLD AGE
Healthcare costs can eat into your retirement corpus, so buying health insurance makes sense. If rising premiums are holding you back from buying a cover, here are some tips to reduce the outgo
Here's How To Buy A Plot Of Land
Buying a plot of land is a complicated process and varies across states. But the overall process is the same, and typically starts with verifying the legal ownership of the land, preparing the sale deed, paying the sale value and getting the land registered at the sub registrar’s office after the purchase.
WILL THE BULL RUN CONTINUE IN MODI 3.0?
After a decade, a coalition government is back in power. What does that mean for stock market investors?
VALUE INVESTING LESSONS FROM BENJAMIN GRAHAM
A poet, translator, mathematician and financial strategist, Benjamin Graham was all of this and more. But his most signification contribution has been to lay the foundations of an investing strategy that revolved around buying undervalued stocks with strong fundamentals and holding them for the long term. We have used a screening method based on his strategy to recommend a few stocks you may consider
'Often Our Emotions Get The Best Of Us And Lead Us Astray'
Dan Ariely, author and professor of psychology and behavioural economics, at Duke University, North Carolina, the US, studies the irrational ways in which we all behave. In his own words, he “looks at people not from a rational perspective, but from the irrational perspective. We basically ask questions around what we are doing that is not in our long-term best interest”. In an interview with Nidhi Sinha, Editor, Outlook Money, as part of the Wealth Wizards series, he talks about himself, his signature half a beard, how people can deal with irrationality, and the role of emotions like misbelief, trust, and human motivation in how people behave or make decisions. Here are the edited excerpts from the interview.
3 Pillars Of Support On Claims
In the last 6-8 months, Irdai has introduced a set of regulatory changes that promise to resolve issues that previously often led to poor outcomes on health insurance claims
