I grew up watching my father hide cash in different places and then sometimes during emergency he would remove it from the hiding place. Not because he didn’t trust banks, because he trusted tomorrow more than today and he lived in a time when bank transactions were tedious and there were no ATM facility. Not only this but he had saving funds for different life goals, which majorly revolved around me and my sister.

And this is what most Indian parents do, right from the time they have a child they start saving plans for them. That’s the Indian saving mindset even I have inherited. My dad would say, first saving then spending. As soon as the salary would come, a fixed % will first go in different saving plans, after that whatever remains is there, its for spending, and my dad would try to save from there as well.

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In the West people say "my money, my rules". We in India, our money has always had more names on it. Parents. Spouse. Children, even grandchildren who are not born yet. It sounds funny but that's how we are. More then for ourself, we want to create wealth for future, our children and family, saving for future goals.

Not sure, how the furure generations will take this ahead, because I see a very different generation now, more of them adapting to the theories of the west. I have tried to inculcate the same to my son and though he does not think of saving for other people, he does understand the importance of saving for the future. And I feel once he has his children this thought will come to him.

The best thing my dad gave me wasn’t money. It was the mindset to build it and I have tried to pass it on to my son. He understands that money can be made in a short period of time but wealth takes a longer time to be built.

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