Very often I see a situation where people are fortunate and destiny has been kind to them. They have been earning very well over the years. They are qualified, have a good job or profession or in a good trade where money is coming in and without a problem.

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I also see that a lot of these people are living just for today. In some sense these people are rebellious … if I may use that word. Rebellious because somehow there is a whole section of people who do not want to believe in anything for the future.

Because there is a school of thought which believes that the future is what it is… future is in our control and you will control your future. They have learnt from various mentors and various self-science teachers, that the world is abundant and there is abundant money in this world, therefore live for today… and that there is no problem and there will be no problem ever.

It’s a fantastic state of mind to be in; even I kind of like the idea that you know live for today, live in the moment, live life a 100 percnt. Don’t think about what going to happen in the future and therefore don’t worry about anything negative or adverse.

So there the whole population gets divided into two parts; a section of people who want to, in some sense, protect their future and the other section of society who wants to forget about the future. So which one is good and which one is going to be more worrisome? We are going to investigate that.

Living for today is that such a fantastic idea, there is no shortage of money you are spending the way you like, you are not worried about whether you will have future cash flows or not. This trend I observe more and more as the generation is developing and the younger the person is, the more this thought is in some sense is getting established.

Just like natural resources are available and will always be they think that there is no end to money and therefore why worry about it. If you feel like buying something just go ahead and buy it. How we will pay for it…? Well, we will figure that out, something will work, something will happen.

Perhaps, there is also a huge ego at play and this ego is not allowing you to tell yourself that... “Hey, listen try to be a little humble and modest and this trend, this kind of living and this kind of life may not continue forever and it is better to be prepared. It’s not about being scared but its just better to be prepared.

And the people who are the other category, who are saying, well let’s take care of the future … the second category, are the people who are in some sense appearing to be sacrificing their today. They are living with another set of virtues or the other set of fears of what to do if there is not enough in future? And therefore let me sacrifice my current so that I have adequate in future.

Now, both these schools of thought have their own merits. What is my opinion? I like the idea of financial freedom or independence. Reach a level and reach it quickly… then do as you please. This is not a middle of the path approach or being diplomatic. It is a call to become prosperous as soon as it may be possible and they resting on your laurels.

Kartik Jhaveri is an expert at planning money, life & aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

First Published:Aug 9, 2018 7:35 AM IST