Master Your Own Money Choices
Outlook Money|May 2024
Instead of judging others, have clarity about what you want from your money, where you want to spend it and how you want to feel about it
LARISSA FERNAND
Master Your Own Money Choices

I recently attended a wedding held by an extremely wealthy individual. In totality, seven receptions were held in different expensive venues across two cities. And on the wedding invitation, it was specifically stated that only blessings would be accepted, no gifts.

Clearly, the family spent a fortune on this celebration. To which a friend commented that he is not really surprised about such extravagance after seeing the ostentatious pre-wedding celebration of billionaire Mukesh Ambani’s son.

The point of this article is not about expensive weddings. It is about how we think about the money being splurged. A lot of people really do get upset at the “disgusting amount of money people spend on weddings”.

But what is really disgusting? The opulence? The fact that they can afford such an extravaganza with no debt? That they choose to flaunt their money? If yes, why does it irk people? Their money, their ambitions, their lifestyle. Who are we to decide how people must spend their wealth?

Let me try to put this across as objectively as possible to enable us to understand and improve our relationship with money.

Admit To The Hypocrisy

There are many individuals or families that are much lower down the economic strata, from where we are positioned. How would we like it if they judged us for our lifestyle?

Imagine them commenting on the amount of money we waste on Swiggy and Zomato, or why we feel the need to eat in slick restaurants, and the amount of money spent in cafes and coffee shops, and the need to buy expensive crockery when a simple dinner set will do the job. Most of us would react unpleasantly if someone dared to comment on it. After all, it is our money, and we get to choose the lifestyle it will support.

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.

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.

MORE STORIES FROM OUTLOOK MONEYView all
Gold ETFs And FoFs
Outlook Money

Gold ETFs And FoFs

While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.

time-read
2 mins  |
November 2024
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Outlook Money

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

time-read
7 mins  |
November 2024
How Do You Define Happiness?
Outlook Money

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

time-read
5 mins  |
November 2024
Avoid Crypto As It Is Highly Volatile
Outlook Money

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?

time-read
2 mins  |
November 2024
Invest Right, Don't Speculate
Outlook Money

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

time-read
4 mins  |
November 2024
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Outlook Money

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

time-read
9 mins  |
November 2024
Here's How To Buy An ETF?
Outlook Money

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.

time-read
1 min  |
November 2024
How Passive Funds Help Diversify
Outlook Money

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

time-read
2 mins  |
November 2024
The Rise Of Passive Funds
Outlook Money

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?

time-read
10 mins  |
November 2024
Tax Reforms: What's In Store?
Outlook Money

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

time-read
10+ mins  |
October 2024