Children are born and as they grow up, one thing is etched in their minds. When I grow up I want to be rich and famous, build a huge mansion in the best suburb, drive the most expensive car, buy a yacht if I can, Fly comfortably only in business class, see the world blah blah blah
My wife and I were new migrants in the country having come here as fee paying overseas students in 1976. Our first jobs were in 1980 after we got married and my first salary was Aud$ 23000/annum plus fully maintained company car - a Mitsubishi sigma and Mithus first salary was Aud$12000/annum. So a total of Aud$35,000 per annum before Tax and after tax it was about Aud$24000, which is $2000 disposable income per month.
Mithu was a spoilt child who got everything she wanted as she was her fathers pet, plus she had type 1 Diabetes from Age 13 and this made the father yield to all her demands.
As a husband I had to rein her in and teacher we had to live within our means; something I have not been able to achieve in 40 odd years but then even though she is the accountant, I managed the finances always. But one thing I must tell you is I never asked my wife what she earned ever.
Initially we rented a flat in Coogee and then moved to Lane cove where Anand was born and then we took the plunge and bought a small home strategically located close to one of the best Public primary schools, South Strathfield Private and also Trinity grammar that was walking distance from home, and the bus stop was just round the corner, which was great as Mithu did not drive. Mithu did not like the house and said it was a dump; she was basing her call on the faded paint and the colour scheme etc all of which could be changed once we bought the place. To me it was a cosy HOME.to her it was an awful looking HOUSE.
I then made a deal with my wife. You pay just the mortgage each month for a housing loan of $100,000 and that I will take care of the rest including Trinity Grammar Hefty school fees and food and clothing and overseas holidays and entertainment and house furnishing and repairs etc etc.
By 1989, with mortgage interest going from 10% in 1985 to 17% in 1989, we were broke and or credit cards were maxed out.
Yet what we had was a home where we had fun repairing renovating, gardening, putting in a new kitchen, painting a room at a time, pulling out 30 year old carpet and having polished timber floors.
Yes it was a home where there was mirth and laughter a lot of family and friends B day Parties and Christmas celebrations ( we hosted the Hindu Muslim Christmas Eve Party each year with a Christmas tree I had made with my own hands when I had a part time job in a company that specialised in Commercial christmas decorations
One day we were invited by a doctor friend to his house in strathfield for a party. It was a custom designed house. His lounge room was sooo big perhaps the size of my lounge foyer dining and kitchen put to gether. Huge yes but it lacked the warmth of a home. Another friend of mine, Uncle Doc who was also invited to this dinner said, Ram what you and Mithu have here is a home, where I feel the love and the warmth what that fellow has is a Cold House, full of ego to tell others see I have made money and live in a big house.
It came as no shock when a few years later the man got divorced and had to sell his mansion.
The key to life is living within ons means sans ego, not trying to compete with the Jones and smiths of this world.
People who make it big and become rich and famous, lose all the most valuable things in life loving family, amazing buddies. No one wants to help a rich man as he can afford to hire people to do everything he wants..
I am happy we still live in the same home we built brick by brick virtually. Remember each and every plant in the garden and where we bought it and when.
In other words Money my friends can ruin many valuable aspects of your simple humble life. when you get rich you are worried that the poorer ones are after your money so you shed these friends and parade with ones equally rich or even richer.
Rubbing shoulders with Rich and famous boosts the ego to greater heights.
Please live within your means and make sure your life style is sustainable and also set good examples for your children. After all childen ape their parents in most ways, it is like Monkey see Monkey do.
My wife and I were new migrants in the country having come here as fee paying overseas students in 1976. Our first jobs were in 1980 after we got married and my first salary was Aud$ 23000/annum plus fully maintained company car - a Mitsubishi sigma and Mithus first salary was Aud$12000/annum. So a total of Aud$35,000 per annum before Tax and after tax it was about Aud$24000, which is $2000 disposable income per month.
Mithu was a spoilt child who got everything she wanted as she was her fathers pet, plus she had type 1 Diabetes from Age 13 and this made the father yield to all her demands.
As a husband I had to rein her in and teacher we had to live within our means; something I have not been able to achieve in 40 odd years but then even though she is the accountant, I managed the finances always. But one thing I must tell you is I never asked my wife what she earned ever.
Initially we rented a flat in Coogee and then moved to Lane cove where Anand was born and then we took the plunge and bought a small home strategically located close to one of the best Public primary schools, South Strathfield Private and also Trinity grammar that was walking distance from home, and the bus stop was just round the corner, which was great as Mithu did not drive. Mithu did not like the house and said it was a dump; she was basing her call on the faded paint and the colour scheme etc all of which could be changed once we bought the place. To me it was a cosy HOME.to her it was an awful looking HOUSE.
I then made a deal with my wife. You pay just the mortgage each month for a housing loan of $100,000 and that I will take care of the rest including Trinity Grammar Hefty school fees and food and clothing and overseas holidays and entertainment and house furnishing and repairs etc etc.
By 1989, with mortgage interest going from 10% in 1985 to 17% in 1989, we were broke and or credit cards were maxed out.
Yet what we had was a home where we had fun repairing renovating, gardening, putting in a new kitchen, painting a room at a time, pulling out 30 year old carpet and having polished timber floors.
Yes it was a home where there was mirth and laughter a lot of family and friends B day Parties and Christmas celebrations ( we hosted the Hindu Muslim Christmas Eve Party each year with a Christmas tree I had made with my own hands when I had a part time job in a company that specialised in Commercial christmas decorations
One day we were invited by a doctor friend to his house in strathfield for a party. It was a custom designed house. His lounge room was sooo big perhaps the size of my lounge foyer dining and kitchen put to gether. Huge yes but it lacked the warmth of a home. Another friend of mine, Uncle Doc who was also invited to this dinner said, Ram what you and Mithu have here is a home, where I feel the love and the warmth what that fellow has is a Cold House, full of ego to tell others see I have made money and live in a big house.
It came as no shock when a few years later the man got divorced and had to sell his mansion.
The key to life is living within ons means sans ego, not trying to compete with the Jones and smiths of this world.
People who make it big and become rich and famous, lose all the most valuable things in life loving family, amazing buddies. No one wants to help a rich man as he can afford to hire people to do everything he wants..
I am happy we still live in the same home we built brick by brick virtually. Remember each and every plant in the garden and where we bought it and when.
In other words Money my friends can ruin many valuable aspects of your simple humble life. when you get rich you are worried that the poorer ones are after your money so you shed these friends and parade with ones equally rich or even richer.
Rubbing shoulders with Rich and famous boosts the ego to greater heights.
Please live within your means and make sure your life style is sustainable and also set good examples for your children. After all childen ape their parents in most ways, it is like Monkey see Monkey do.
