Monday, April 14, 2008

Worth(less)

Having a hefty bank balance is everyone's dream. Nowadays, the banks have program where one can introduce the early saving concept to the kids. There are umpteen books and seminars of how to get rich fast. There is one seminar hosted every quarter by Warren Buffet, which reveals his secret of getting rich and would help us becoming one. I got an invitation for this last spring. I wanted to attend it just for the heck of it but the day/timing did not suit me. Later I realized that Mr. Buffet made half the fortune from the entry fee required in all these seminars.

As a kid, we did not have the formal pocket money concept. We asked for money from parents when needed but if the frequency became more, it was met by cold stares and questions. So somehow, we were always within the limits of our spending expenditure.

When my brother was in his preteens, my dad decided to open a bank account for him. Though I was much smaller, he opened one for me too. In those days, an account could be opened with Rs. 5 initial deposit! Few years later, my brother had some ceremony at home when lot of people gifted him with cash/check. He also won cash prizes on various competitions, which he promptly deposited in his account. In his college, when he got another proper bank account, we decided to close the accounts in our old bank. My brother checked his balance and was very pleased. It was approx Rs. 3000, a fine amount for a teenager just starting college. I eagerly waited to see my bank balance, only to get disappointed. My balance was Rs. 5.75. 75 paise gained on interest accumulated over years! Some interest rates they had!

13 comments:

--xh-- said...

:) me too had a savinsg bank account at local post office - and pocket money was aconcept unheard of. i maintained that account till i was in college, then closed it...

SK said...

Hahaha!! :--))
I never had an account till I was 15. Then my dad had to create a joint account, to put in all my 'award money' ;--)
And reg. money, serioulsy, wats wrong with just plain old working harder and smarter to earn money.

rayshma said...

lol!
moral of the story: u have to give, in order to take!
hehehe...!

Sumana said...

Sure J the balance 5.75 was atleast decent for a few candies those days.

c e e d y said...

I have a different story - my parents gave me and my bro pocket money since when we were kids and we had to save from that if we wanted to buy something....
i was able to buy my first bicycle in tenth grade after a years savings....felt so proud of it


it has helped me till today -

Ziah said...

5.75? Rich woman you were da!:)

Joy said...

XH: You had till college. You must have become millionaire in the interest itself ! :) ;) :)

SK: That's nice. Award money are always welcome. You must be a brilliant student :)

Rayshma: I didn't have much to give but yes lot to take :)

Sumana: Ofcourse. How can I forget the 20 paise candies :) Those were one of the cheapest and tastiest candies I have ever had.

Ceedy: Wow! That's great. I can understand how good you must have felt owning a bicycle, that too with your money. You actually understood the importance of saving in your childhood. I am still learning...

Ziah: Yup ! You want to have a treat? I'll buy you those 25 paise candies :)

Kavitha said...

Me too..never had anything like pocket money. But my claim to fame was that I always carried more money than my mom, thanks to my dad's paranoia that my bike will run out of petrol everyday ;).
In a way that became a problem for me in my later years, since I never thought of money as such an important aspect of life. Got hit pretty bad man...Neways, lovely post Joy!

Suma said...

* my brother had some ceremony at home when lot of people gifted him with cash/check.

seeing my nephew's 'upananyam", my cousin's kid who till then was refusing to get his done..was bowled over by seeing teh amount of cash my sister's kids earned in way of blessings!!!

we burst the bubble by telling him it all wen to teh bank for future education :-p

Hip Grandma said...

that was interesting.My first bank account was also started with a deposit of rupees 5 and it was my father in law who started it for me.your post evoked memories.

Archana said...

LOL :-D - and here I was thinking Bank of America has pathetic interest rates!!!

Joy said...

Kavitha: Yes, money does play a significant role in anyone's life.

Suma: I bet your nephew is ready for Upanayanam.

HHG: Wow grandma! Hope you got a better interest rate.

Archana: Et tu BoA customer? I believe the way they are acquiring all the banks, we do not have much choice.

Archana Bahuguna said...

5.75.75 is just too funny! It can be a nice title for a book :-)