Narayana Murthy recently talked about how youngsters must work 70 hours a week to uplift India. He cited how a few countries after World War II worked longer hours to grow faster. While this comment is open to interpretation, people are divided. Some people are with Murthy, and some sections of society vehemently disregarded this notion and mentioned that the world has moved away past the hour system.
The crux of the matter is understanding that people’s opinions are moulded by routines and systems that have worked for them. Individuals are diverse; while some may be willing to work over 70 hours a week, it doesn’t equate long working hours to the sole pathway to success or wealth.
Rich and successful are subjective terms. What enriches one’s life varies significantly among different people. Some people are happy with their jobs and don’t seek to move up the corporate ladder as they know that a fatter paycheck might eat up their quality time with family or impact the hours they could devote to their hobbies.
For those who prioritise a balanced, well-rounded lifestyle while still striving for a meaningful career, here are some pointers:
Figure out what makes you happy
Traditional success metrics such as a bigger paycheck or climbing the corporate ladder might not resonate with you. In that case, figuring out what makes you happy is essential. Engaging in activities that bring joy, such as attending a dance class or going on short vacations, can contribute to your happiness. Once you are aware of it, it becomes extremely easy to set eyes on it and tailor your life around what you and your family cherish, ultimately bringing you the greatest joy.
Not trying to keep up with others
It’s natural to compare ourselves to others, especially those in our immediate environment, like extended family members and neighbours. However, this comparison can lead to unnecessary stress, which might not align with your goals. So, focus on your goals and what makes you and your family happy instead of trying to match or outdo your neighbours. Sure, there will be people who would love to point out all the things they think are missing from your life, but stay strong!
Being frugal
If you are not interested in cultivating a side hustle or sprinting to the top of the corporate ladder but want to enjoy life, then it is essential to be frugal. Being frugal means reducing your day-to-day expenses in every possible way. This could mean cooking at home more often, cancelling unnecessary subscriptions, or minimising shopping sprees. You will be the best judge to determine the areas where you spend the most and want to reduce it.
Avoiding lifestyle inflation
As your income increases, it’s tempting to upgrade your lifestyle accordingly. However, resisting this temptation and maintaining your current standard of living can lead to greater financial security and freedom. This can enable you to save more, reduce stress, and have more resources available for things that truly matter to you.
Saving more
When you are frugal, avoid lifestyle inflation and ignore your neighbours, you will automatically be able to save more money every month.
You can direct these savings towards building an emergency fund, funding large future expenses, or even early retirement. Let us not forget that bigger savings will also help you focus on building a life that aligns with your goals and provides peace of mind.
Proper asset allocation
The next step would be to figure out your financial goals. You might have a few short-term and long-term goals. In this case, you will need to understand the risk you can take with your money. You might be a high-risk taker, a conservative investor or anywhere within the spectrum. After that, you can diversify your investments across asset classes, such as equity and debt, according to your financial goals, risk tolerance, and time horizon. This can help to optimise returns while minimising risk.
Investing through SIP and increasing it every year
A systematic Investment Plan is one of the easiest ways to invest in mutual funds and get exposure to the capital markets. SIP is a disciplined way of investing, and you can create wealth over the long term. You can increase your SIP contribution when your income increases, which can help you to fulfil your financial goals and lead a life as you see fit.
In conclusion, everyone is different. Remarks like this prompt a reflection on personal definitions of success and fulfilment. It is essential to align your personal and financial goals to craft an enriching and meaningful life for you. You can do that by living a frugal life, making the right asset allocation and making investments in a disciplined manner.
Padmaja Choudhury is a freelance financial content writer. With around six years of total experience, mutual funds and personal finance are her focus areas.
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Updated: 01 Nov 2023, 10:00 AM IST