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Old 23rd July 2006, 15:08   #31
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Anyhow everyone has a way of living, and hence the guys who is earning 120k+ is still living like a poper, you earn to live and not just to make sure you have a bright future..hardships come and go if you are smart in making your expenenses you can be ok when some sort of a hardship come by...
  1. Live today in such a way that you can afford to live same way tomorrow even if you don't have job.
  2. Happines can not be bought or received by spending a lot of money.

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Old 23rd July 2006, 15:47   #32
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Originally Posted by adya33
  1. Live today in such a way that you can afford to live same way tomorrow even if you don't have job.
  2. Happines can not be bought or received by spending a lot of money.
very well said but thats a sort of a conservative mindset which many of us have more or less.


While the businessmen who evade tax unlike the IT Pros buy the flashy cars from a general perspective, other important point is that most of the iT Pros have come from a middle class or lower middle class background which reflects in the way they prioritise and spend.

Car is a depreciating asset and an easy to maintain economical car which serves the purpose would be mostly preferred to the flashy/ performance cars.

Me thinks first and foremost to any IT pro is Buying a flat / House or some assets and that in itself drains a lot from the monthy income for the payment of loans.

The prices of fuel and the Cars in our country doesnt encourage people does it?
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Old 23rd July 2006, 20:03   #33
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Originally Posted by Samurai
An IT guy who makes 1 lakh gross income per month probably has a take home of 60K after all the taxes, PF and other deductions. A car like fiesta will have a EMI of 15K and this is 25% of the total net income.
Corollary to that .. and no offence to businessmen ..
but I don't think a person earning 12 L in business pays as much of his/her earnings as tax. So for the same gross income, a person in business might have more cash to dispense with.
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Old 23rd July 2006, 20:37   #34
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Quote:
Originally Posted by adya33
  1. Live today in such a way that you can afford to live same way tomorrow even if you don't have job.
  2. Happines can not be bought or received by spending a lot of money.



A total conservative attitude, i dont say its wrong, its just different, whatever floats your boat, if you are good you will always make more money tom than you do today and if you are young it gives you even more confidence that you would and thats what I have in me..

I know you should enough to face the jobless-ness etc no doubt for that some amount is good, but that should kill your today..

Btw your second statement is very filmy, i dont agree with it, happiness of a different kind can be achieved if you spend the money...and the happiness you talking about is different..I cant explain, but i dont buy that statement..since no one has been able to wipe that smile off my face since i have bought the G35 and even more so since the vette and there are many things like that...i took 10k vacations which gave me tons of memories and happiness, imagine spending 10k when you earned avg salary..anyhow..my way of life is more towards spend thrift than a save-or but i do save and know the meaning of unfavourable possiblities tom..

Last edited by 1Day : 23rd July 2006 at 20:41.
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Old 23rd July 2006, 22:16   #35
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It is good that Indian IT pros don't buy expensive cars! It means they are good enough to spend on something more useful
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Old 23rd July 2006, 22:24   #36
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In India when you are 3-4 years in your job:

-Quite a few people live with their parents even after being married
-You are conscious of your newly acquired status, "If I can't afford this car, who can?"
-The disposable income is relatively high because of no liabilities towards family and home.
-People are prepared to pay higher % of their income for buying a car. It is a big purchase in India, rather than an ordinary one as in the US.
-I don't think 'showing off' is frowned upon any longer. Not many people hold back from flashy cars if they can afford it.

On the other hand, most senior level IT pros don't buy flashy cars even when they can apparently 'afford' it because by the time they come to Middle/Senior management ranks,
-They have moved out of their parents' home,
-They have kids and,
-They have home loans to pay for (some time for two homes)
-In many cases, they have to support their retired parents also.
-Also, the car you drive is no longer so important to your self esteem. You don't care at that point what anyone thinks of your car as long as it is not too shabby and serves your purpose.
-Finally, there is in deed something to be said for the 'save till you drop' syndrome most of us Indians are brought up on.
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Old 23rd July 2006, 22:31   #37
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Quote:
Originally Posted by 1Day
Btw your second statement is very filmy, i dont agree with it, happiness of a different kind can be achieved if you spend the money...and the happiness you talking about is different..I cant explain, but i dont buy that statement..
Well, Adya33 may have been too young to make that statement by his own experience, but he is still right. I have personally experienced and appreciate the meaning of that statement. I have lived nearly a decade in USA, and was making six figure salary. Now I make much less, and drive a much weaker car. But, I can frankly say I am much more happy now. I too can't explain it, it can be understood only from first hand experience, someday I am sure you'll get there.
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Old 23rd July 2006, 22:37   #38
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to put it simply, if i could afford it, i would buy it.
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Old 23rd July 2006, 23:00   #39
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Quote:
Originally Posted by Samurai
Well, Adya33 may have been too young to make that statement by his own experience, but he is still right. I have personally experienced and appreciate the meaning of that statement. I have lived nearly a decade in USA, and was making six figure salary. Now I make much less, and drive a much weaker car. But, I can frankly say I am much more happy now. I too can't explain it, it can be understood only from first hand experience, someday I am sure you'll get there.
I would too be happy if i move to india and I have plans for it, but that doesnt mean when I come to india my spending habbits will change, surely the quality of products might decrease because of the lack of income but it would still be a little dispropotionate , meaning I would go as much as I can spend within my income ofcourse..surely when I plan to have kids, things might change, but thats still a while from now..so I still believe bein materialistic can give you a differen type of pleasure and the happiness people talk about, family, peace of mind, thats totaly different and that too can change with time. But yeah I wake up every day wanting to come back to india and live a happier life(family wise)..
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Old 24th July 2006, 00:55   #40
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Quote:
Originally Posted by 1Day
I wish I was earning 120k
.......................
I also have another car so the vette and the G35 together costed me about 90kish and thats living dream for me since i said i am not where near the 120k mark..
Man, now thats spending!
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Old 24th July 2006, 04:56   #41
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I think the topic digressed from the article.
it was referrign to the super rich (murthy, premji et al) not buying super cars like ferrari. And it's true that they came from a background where flashing cars cud not be called a desirable attribute, and they are happy with their other achivements, rather than beig able to drive a ferrari.

but i like the direction the discussion went, and wanna add my points.

1. The indian IT Pro in US: the outsourcing boom has given rise to an indan community who goes to US for a short while and returns (including myself). they earn money and build a status back home.

They obviously think in terms of rupees, they build their assets, and will not buy anything that will depreciate fast in an year or 2. hence accords and camrys.

2. IT pros in india: same thing. they love to have a car to commute, but the fun of being able to drive a flashy car (and with that???? does our culture allow us to pick up girls at the bar/college. no it just stops there) is very less compared to the assets built for the family. Home, property etc. Cars figure in the list, but flashy cars? what's the need. and where can one drive a ferari at the speeds it boasts of?

But one thing i absolutely hate about ourselves is lack of living life. forget cars. there are a lot of things one can do in life. sports, arts, music, adventure, vacationing. we miss out a lot of those things in addition to the cars. sadly :(
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Old 24th July 2006, 10:04   #42
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First thing with my observation with the IT pros is that they would defnitely wanna buy a flashy car. but their mind set is that first save lots of money then spend on house wife kids and so on then comes the car.

Even if its a car for most of them they would like to go for something which is not expensive as they dont want to risk in their investment to be brushed by a irresponsible driver.

This is my experience, because of my Sis who is a IT pro
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Old 24th July 2006, 11:20   #43
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Originally Posted by vivekiny2k
But one thing i absolutely hate about ourselves is lack of living life. forget cars. there are a lot of things one can do in life. sports, arts, music, adventure, vacationing. we miss out a lot of those things in addition to the cars. sadly :(
Yea..i loathe it too.

We give importanace to lots of useless things which just makes us more conservative. How on earth can somebody explain so many thousands of gods, castes, religions, customs and blah blah blah.

We need to slowly join the mainstream in our own interests to bring about some quality in the way we live life by having a pragmatic approach.
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Old 24th July 2006, 11:53   #44
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Ok I dont earn a penny and I am just 17 and I dont know who A IT pro is!! so my thoughts can be very inexperienced but I too want to write something which I think is right, so here it is,(its gonna be long):-

We Indians never think of Present but of Future..

Its not that Indians dont spend their money,if that was the case we wouldnt have Mercs And Bmw's settle down here.And many people who own them are young and working..

Also there are two kinds of people who buy Flashy cars..
1. Show Off Guys!!! (mostly they need cars to show that they are rich and can afford,but in real its their parents money,But its not wrong as their parents can afford it.)
2. Hard earning people (these include actors,doctors,business person and other working people)

Most of us come from families who will own a car only if needed.
It doesnt matter how rich you are your habits take a time to change and sometimes may never Saving & spending are a habit..
My grandfather is today in a position to give all his children house,cars and anything they want But he himself uses a Corolla!!!

Cars are not there on top of every ones wish list as Not every one is a Car Nut as we are!!!
Also there are many other things you could get in that same price range which would help you in future!!!

Every person wants to make his future safe and then indulge in Luxury,Cars are part of luxury!!

If given 10laks and asked to buy a car with all the money, that person may buy a car priced in 6-7laks segment and use the rest of money in other things..

A working person depends on salary, for him the value of the car he buys drops from day one, that is this amount is not refundable!!
On the other hand a businessman has the advantage that his share increases day by day and it makes the drop in the car price negligible for him!!


So,I say Save and Invest and then buy a Luxury car from the Profit,Not from your salary..
And if you need a car then select the best option as all cars today look good even the lower segments !!
And also do some charity from you savings but never shout about it, it does brings happiness (and its the only way to buy hnappines with money!!!!)
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Old 24th July 2006, 11:58   #45
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Quote:
Originally Posted by muni
We give importanace to lots of useless things which just makes us more conservative. How on earth can somebody explain so many thousands of gods, castes, religions, customs and blah blah blah.
muni, I think that these two factors / aspects are mutually exclusive. A person can be religious, observe all our social customs, and still enjoy life [as in having healthy fun]. A person who doesnt, doesnt still have to be one who enjoys life.
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