THE BUSINESS AGE

As this issue gets published, I am reminded about an economic recession that is hitting the planet. There are discussions and debates about the reasons behind it and the ways of overcoming of it. I don’t want to talk further about that. I would rather talk about what needs to be done during the period of recession in order to cope with it. There is a thought that a nation is made up of families and families are made up of individuals. So in order to maintain prosperity and progress in a nation it is essential to maintain prosperity and progress of families and of individuals. Now let me start with individuals. Just earning money will not ensure the prosperity and progress. He/ she needs to save money for the trying times which may/ may not appear in future. The problem with most of us is that starting of a habit appears to be very difficult. We do not want to go the bank and deposit our savings because we think it is too small an amount. We feel embarrassed about it. But as some wise men said, size does not really matter. Even if we are saving a small amount, we must not feel disturbed with it. We should rather concentrate on developing the habit of savings. Trust me, in my life I have seen a lot of so called ordinary people leading a great life even after retirement. I tried my best to analyze this and realized that the reason for their economic independence is that they had a savings habit. They saved every month and if possible, every day, whatever little they could. That savings went on to grow bigger and bigger, giving them the liberty that they had hoped for. Savings can do wonders in your life. All of us we need to remember that savings is a habit and we need to develop that in order to cope with the recession.