A few months back I was conducting sales training session, Guerrilla Medical Representative, for front line staff of a leading pharmaceutical company of Pakistan and I observed a medical representative carrying a very flashy mobile phone. On my question, he told me he was using Samsung Galaxy S8+, the market value of set is around Rs. 80,000, roughly, equal to two months’ salary of a medical representative.
That is ridiculous. Job of a medical representative is extremely challenging and also vulnerable. They work around 12-14 hours daily in initial years of their sales career. After working day and night in tough conditions, buying an expensive mobile set is blatant disrespect to your hard earned money. Neither your boss nor your colleagues nor your customers will give you more respect because you are carrying an expensive gadget.
I ask people in my workshops that if you lose job today, for how many months you can survive without compromising your quality of life. Normally, reply is 2-3 months. Isn’t it pitiable?
I always advise people to maintain savings equivalent to two years expenses. This boosts your confidence and this confidence gives you more confidence to take initiatives in life. A person stuck in monthly kitchen expenses is always blackmailed by bosses, companies and clients. Poor spending habits make you vulnerable in life.
Saving for rainy days is a virtue and is your responsibility towards you and your family. I brainstormed some poor spending habits of our people, particularly, of corporate employees that eat away their savings.
- Spending on gadgets, mobile phones, tabs, expensive laptops and home appliances. If you are not a techie and your job does not need state of the art latest technologies, you don’t need to spend money on latest things. Mobile set of Rs. 30,000 and Rs. 90,000 have same functions. Carrying expensive gadgets will not make you a hero.
- In my social circle, I observe so many people who are otherwise always hand to mouth but they would go to expensive restaurants for dining. Going to an expensive restaurant with couple of friends is equal to one months’ grocery. Never impress people with your spending. Rather inspire people with humility and etiquettes and knowledgeable conversation.
- Going on expensive vacations has become fashion. If you are using credit cards to buy airline tickets and booking hotels for vacations, you are creating stress down the road.
- Avoiding home-made food and ordering junk online at midnight is a routine thing in our society. I often see food delivery boys at mid night on roads.
- Wearing expensive brands of clothes and accessories while having no saving in your kitty will make you financially vulnerable in future. I see lot of people daily, in 50s, desperate to work on low salaries because they find it hard to meet expenses.
- Extravagant spending on birthdays and anniversary parties just to impress society is poverty-inducing habit. Spend time with kids rather than giving them expensive gadgets on their birthdays.
- Spending too much money on home and office décor with no financial backup is a poor lifestyle. I know a senior pharmaceutical professional who was laid off from job and he started business with his life time gratuity and provident fund. He rented an expensive bungalow in Defense Lahore and spent millions on office décor. Business failed in six months. Now he is working for a small company at much less salary.
- Sending kids to expensive and trendy schools is a fashion. Famous school chains are money eating vampires. Neither they impart education nor train for social etiquettes. Give time and attention to kids rather than handing over your most precious assets to money-minters.
- Putting your kids on cold drinks, bakery items and gadgets is an irresponsible parenting.
Save for yourself. Save for kids. Save for your old age. Save for rainy-days. Saving is a habit. Saving has nothing to do with your earning size. Don’t get swayed by social media fake world.
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