New Study - Indians are a depressed lot? What is your take?
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Posted on: 28-07-11 14:20:28
The idea is to buy when you could. Not to buy with credit or buy something spending 100% of what you have (even if not on debt).
Living like Warren Buffet or Infosys Murthy might be difficult, but it shouldn't be that big of a deal to be reasonable and ascend slowly.
Quote:
Originally posted by puttoo
Happiness is state of mind and is not necessarily only connected to material possessions ... in any case i rather be "unhappy" with a big car and house then be "unhappy" with a small car and small house.
As for this study .... here is the rebuttal from GOI ... http://ibnlive.in.com/generalnewsfeed/news/indians-not-the-most-depressed-in-the-world-health-ministry/768636.html.
Don't worry be happy !!!!
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by JRF
The idea is to buy when you could. Not to buy with credit or buy something spending 100% of what you have (even if not on debt).
Certainly ... that is basic common sense. If you can afford a big car, then only buy a big car. But to say that somehow you will get happiness if you get small car is to trivalize the topic.
As for buying on credit .... the same yardstick applies. If you can manage to pay the debt then only you should take such a step.
India used to have a system where you bought things only when you had the money .... banks would loan money at very high percentage. So people would typically save all their lives and build a house towards the end of their lives. Cars were a luxury because no one had money to spare. That lead to a stagnant economy and there was no incentive for growth.
On the other hand now credit is available for both these activites in favourable terms. So you can buy a house or car at the very onset of your working life and pay off the debts durig your working life. That way you can enjoy what you are working towards and there is pattern of growth.
However this freedom, just like any freedom, comes with responsibilty. You as an individual are responsible for how it turn out to be.
Personal finance management should be taught in school ... it is the need of the times.......
Quote:Correct, India is undergoing a huge inflationary period.
India is now witnessing an expansionary phase of its economic cycle (so In one way its beyond comparison with the western world). But at some point in this credit driven mania, things will come into the terms of reality. All credit has to repaid (principal + interest compounded), & the perpetual credit of borrow to pay interest cannot continue. And at that time those caught with higher EMI will be severely affected. Gone are the days where you could borrow from parents/relatives, as things are changing there too.
The expansion in money supply is overwhelming.
The govt. as usual is covering up and lying about the true rate of inflation.
India doesn't calculate RPI like some Western countries like the UK do.
Instead, they report WPI (Wholesale Price Index), which doesn't accurately measure the true extent of inflation that comes through huge retail markups.
It also can't track the underground (black) and cash markets.
But even the reported WPI is over 10% these days.
I'd suspect true inflation is nearly 20% annualized.
The central bank has already raised interest rates three times during the past 1 year, but it is not having any effect.
The main reasons for such inflation is the huge expansion of credit facilities and secondly because India is "importing" inflation from the US and other Western countries.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
This is my point about the growth India witnessing which is bound to counter at some point.
Black money is another catalyst, which is not only leading to inflation but to several criminal activities. I've witnessed people are spending money in India beyond imaginable, it is all cash just to get rid of what they have as the money can not go to the bank (audit issue) or as a property (reliability and audit issue).
Tirupur, once was a booming town. No one could pass the city unemployed is now sprawling with crime. It could be compared to Detroit at some point.
Quote:
Originally posted by pratickm
The main reasons for such inflation is the huge expansion of credit facilities and secondly because India is "importing" inflation from the US and other Western countries.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
I think a car (bigger or smaller), house (bigger or smaller) cannot buy happiness. Anything which is related to money can not buy happiness. It can keep you satisfied for few months but after that, same race starts again. One gets fed up with all material things very fast. Then comes in mind "what next"? We set our target and assume that if we achieve this, we don't need any other thing, but after achieving out target we feel satisfied for some time and again start thinking SOMETHING IS STILL MISSING.
Why do we need big house/ big car?? A decent car and decent house is good enough. We Indians again believe in showing off our money, success etc to others to keep our self satisfied. We are getting used to FACEBOOK life. I sometimes wonder when people post there new car, new house or any recent travel smiling pictures on facebook etc. Why do you need to show this to others? Yes, you should surely share this with your close ones but with everyone of public site. Why? Showing off has become our culture.
What we need is a good food, good health, sound sleep, good environment and work of our interest. Most of us (Indians) do a mistake and sacrifice on our food, health and sleep to buy big car, big house and big designation/ business and keep on running for our entire life and always think " Something is still missing" but unable to figure out that "SOMETHING".
Going back to topic of "depression", people also feel depressed when they are unable to purchase car, house etc and when they see on face book that very old school friend with whom he has not spoken from last 20 years has purchased a bungalow in USA. But they don't know the pains and sacrifices which that chap going through in USA.
HOPE MAINE KUCH JYADA GYAN NAHI DIYA.
But this is what I think and feel. Be happy always, Have good food, sound sleep, if possible do YOGA or meditation or play sport, take out time daily for your hobby and don't feel disturbed after seeing success of your known on facebook 
you will never feel depressed.
Quote:
Originally posted by ashedfc
Quote:
Originally posted by puttoo
Certainly ... that is basic common sense. If you can afford a big car, then only buy a big car. But to say that somehow you will get happiness if you get small car is to trivalize the topic.
Happiness has a different definition for everybody..
Like, A bigger car on credit or a smaller card with cash (or less or no credit): I would go by the smaller one. YES, if you can afford luxury, than why not, but this affordability shouldn't be based on cheap credit (because if it is than the cheap credit will turn into a nightmare sometime in the future).
Quote:
Originally posted by puttoo India used to have a system where you bought things only when you had the money .... banks would loan money at very high percentage. So people would typically save all their lives and build a house towards the end of their lives. Cars were a luxury because no one had money to spare. That lead to a stagnant economy and there was no incentive for growth.
India is now witnessing an expansionary phase of its economic cycle (so In one way its beyond comparison with the western world). But at some point in this credit driven mania, things will come into the terms of reality. All credit has to repaid (principal + interest compounded), & the perpetual credit of borrow to pay interest cannot continue. And at that time those caught with higher EMI will be severely affected. Gone are the days where you could borrow from parents/relatives, as things are changing there too.
Quote:
Originally posted by puttoo
Personal finance management should be taught in school ... it is the need of the times.......
I fully agree with this. Its very important & its not in the curriculum.
I recommend, every parent to start teaching personal finance management to their kinds at home; & do not take the school system for granted.
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DELHI INDIAN
Quote:
Originally posted by DELHI INDIAN
Anything which is related to money can not buy happiness.
Liar Liar! or if you are truthful then give away all your money and keep doing YOGA!
Pls refrain from commenting about individual, comment about the idea.
From my end, Money (wealth) is very important. I attack Debt than wealth. Building legitimate wealth at a steady pace is very good but on the borrowed funds.
Isn't it the Greenspan who encouraged "Tap your home equity" idea, I still see that as one of the most important catalyst for what US is going through, and ofcourse rest of the world will have to react should US go either way.
Quote:
Originally posted by bhootnath
Quote:
Originally posted by DELHI INDIAN
Anything which is related to money can not buy happiness.
Liar Liar! or if you are truthful then give away all your money and keep doing YOGA!
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
