Within a year of starting work for a multinational, I was sent to New York in the 1990s for training at the headquarters. We used to get $20 per diem in which we had to manage our food costs for the day. All the other expenses were borne by the employer. There was this intern working with us, who used to drive into the firms parking lot in a swanky Mercedes. The CEO of the firm, who has been hailed as one of the best bankers of the 20th century, used to use the NY subway. We were fascinated by the lifestyle of this intern. He had a magical aura around him of opulence and privilege. Our self-pressed polyester shirts and ties and Bata shoes were the subject of snubs. And the one credit card we had worked only in India and Nepal. Having to pay cash everywhere was seen as so passé. We will call him Mr Grasshopper.
In New York I met Mr. Desi Ant also. Like me, he was a Punjabi from a refugee family who lost everything in the 1947 partition of India. Through a cousin he somehow made it to the US, started waiting tables in the cousin’s restaurant. Within a year he had started driving a cab and then went on to acquire many cab licenses, which were a gold mine in those pre-Uber / Lyft days. When I met him, he was a platinum customer who still drove sometimes, but was managing a huge transportation operation of Punjabi and Pakistani cab drivers. His children were all Ivy League-educated - one a doctor and another a lawyer.
Mr. Grasshopper would talk derogatorily about Mr. Desi Ant, mimicking his accent, his gruff mannerisms, and his lack of education. Mr. Desi Ant would like to spend time with us youngsters and share stories of people he had driven and things he had seen. More on that some other day. He had a great story on the market crash of 1987.
Then one July a US Congressman cast doubts on the firm’s solvency.
This story is from the {{IssueName}} edition of {{MagazineName}}.
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 {{IssueName}} edition of {{MagazineName}}.
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
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs
How Do You Define Happiness?
Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness
Avoid Crypto As It Is Highly Volatile
I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?
Invest Right, Don't Speculate
The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it
Here's How To Buy An ETF?
Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.
How Passive Funds Help Diversify
Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio
The Rise Of Passive Funds
The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms