When I heard that question, I was stunned into silence.
It took a few seconds for me to recover and give an appropriate answer to my dear friend who asked me this question.
I was advising him to file his IT returns regularly. Unfortunately, he wasn’t aware of what an IT return is. And so the above question. Finally, I told him, that the IT return is a tax related document that you file with the Government, it is not an investment product.
Anyway, it was also a great eye-opener for me.
They say, the greatest struggle for a teacher is to go down to the level of the pupil and see things their point of view. I found myself going through the same struggle.
There are numerous well-meaning, decent people all around us who are not financially aware, because of which, they make ignorant and rash decisions which ruin their lives.
When I see them, I really want to help even if it doesn’t bring me any financial rewards. But then, you can’t help people who don’t want to be helped or perhaps they don’t understand the pit they have dug for themselves.
Thankfully, there are people who allow themselves to be helped. I consider myself fortunate to have made a difference their lives, however little it may seem.
- One of my friends had maxed out his credit cards and he was struggling to pay the minimum due. Of course, he wasn’t aware of the rate of interest on credit card outstanding. His family and child were suffering because they weren’t able to make ends meet. Even taking a personal loan and paying off your credit card dues is worthwhile if you have run out of options. And that’s what he did. And when he had paid it, he canceled the card. If you don’t know how to manage your credit card, you are better off without it.
- Another one of my friends desperately wanted to own a “big” car. He was about to avail of an exorbitantly priced used car loan. Fortunately, he was dissuaded from taking that loan and sense prevailed.
I wonder why people get into such errors when they are well aware that their family and children are dependent on them. I really don’t have an answer. But that’s how it is.
- Are you struggling to get out of debt?
- Are you struggling to save some money?
- Are you struggling because you know things could be better but you don’t know how?
I’d surely like to help.