Daddy... I don't want that new 'latest mobile'

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Daddy... I don't want that new 'latest mobile'




 

This is an event which I am trying to shape up into a story. Just like the stories with the deeper messages that are narrated in the Panchatantra. In my view, only those who want to make millions of bucks should read it and it must be forwarded too to those who have an urge or the craze to immediately become an owner of the new mobile in the market.

A close friend of mine shared it with me sometime after reading “I Want to Be a Millionaire” one my Gujarati blogs.

It is July of 2019... a gentleman from a neighboring country in the north-east of India... who manufactures four brands of mobile phones and distributes them under different names in India, released a mobile phone with a 54 megapixel camera in the market. They also advertised it loudly in a famous Indian comedy show that broadcasts every Saturday - Sunday on the TV being a sponsor.

Influenced by that, a son of a middle-class family got a kick and started ... 'Dad... let’s buy this phone... look at the camera it offers!  54 MP! How clear the picture quality it will provide!  Even the thinnest of the hair will be visible if it clicks a snap of a man with beards.  My mobile, that we bought 3 years ago has only a 13 MP camera.’

Dad asked... 'How much does it cost?' Son searched on the internet and said 'It costs Rs. 48,000, if we exchange the current mobile online, we shall get Rs. 2,000 as the buyback for that so it will finally arrive at Rs.46,000'... which equaled one month’s salary of his Dad!

The Father, having seen many ups and downs in the life... got sweaty! An already acquire mobile worth 15,500 in hands ... only been three years old... and direct Rs.46, 000 slander!? One year's monthly maintenance of a flat in Mumbai multiplied by twelve months would be Rs. 36,000... Thus the cost of the phone was around 15 months of the maintenance? Straight away giving up one month's salary?! Just for the selfies, which would anyways get deleted after some time?

He said 'Son... this will be an expensive buy for us... After another two years, a new variant of the mobile will get released in the market again, you will like to acquire it and even if you have to replace this new mobile, it will not give you more than Rs. 5-7,000 in return.

Due to the difference in understanding between the young son and the father, there were some arguments, but finally the son bowed down... 'You Papas are just like that... you guys belong to the league of Fixed Deposit lovers... I shall earn money and buy it in my own way...!'

FRIENDS... Till now the talk... was a dramatic presentation... to set the scene... but now the talk is about the fact.

That father was working in a bank and for him It was very easy to get a loan or use a credit card and swipe it and convert into Easy Monthly Installments (an EMI). It was easier... but he knew few things that many of us don't...

"One should buy a new mobile only after accumulating huge savings and using the mobile for at least five to seven years."

“Buy a new car...must drive it for at least 15 years. Only then will its value approach recovery of the cost.”

"Buy a used car...and if you do so, buy a car that is two years old so that it has almost halved its cost price and doesn't need to be replaced for another 13-14 years."

And “If there is no great need... one should not buy a car at all...!” For who has the God created Car pooling, Ola, Uber, Taxis, Rickshaws, Metro rails, Buses? Just for us!!!

Knowing such facts of finance, the father put aside 46,000 rupees for his son and made a risky investment at that time after studying thoroughly on the Internet.

The massive promotion of solar energy has already started and he bought 1000 shares of a green energy company in the name of the son (screenshot of the purchase is given below) ... his only intention was that his son must know after ten years the lesson of 'depreciation and appreciation'! The difference between where the rupee depreciates...and where it shines the most!

Lock-down started in March 2020 due to COVID... the stock market went up and down... but by February 2023, a miracle happened... the same share which was bought at 46 rupees per unit... went up to 3800 rupees per unit !

His investment of Rs. 46,000 rose to more than Rs.38,00,000!

He called the son, and said "Look son... the decision made on that day to not buy that particular mobile phone, can now get us all the latest mobiles today... How much do you want to buy the new one!? " The son's eyes were broadened ... the mobile phone was five years old now, so he bought a new one ... the latest mobile phone!  But at the same time, he got the precious knowledge of the life that the money must be used to invest it does not get wiped off. Well, it should not be forgotten that anything can happen in the stock market, it is true that you should take risks only if you are alert like a hawk.

Hope this event has given a financial learning. I felt it to be worthy sharing here... If you too feel like do share this post further to all the young ones who are yet to build their own path of prosperity by collecting brick by brick!

See you all soon with another interesting blog ... Bye for now!

 

Ujjaval Vaishnav

Mumbai / Rajkot

www.uvs.world

#stories #financialstories 


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