Story of Mr and Mrs Joshi a Retired Couple and their Goal Towards Saving Money

The Joshis live in Pune and have worked hard to provide for their family, saving and investing wisely. Now after 45 years in harness they can afford to relax and do things they like. He is busy with social work and she in spending time with grand kids, friends, travelling and leading a life of ease.But life was not so easy when they started out. Unlike his father, who was a Class I Government officer under the British rule, Ashok Joshi wanted to join the Short Service Commission in the Army. But he was held back by his father to look after the heritage property that they own. In the confines of Pune as a location, he completed his M. Com and pursued Chartered Accountancy, as suggested by his uncles.

"Then having seen his father, the only earning member in the family of eight, slogging to receive the “guaranteed income” at the beginning of the month, Ashok nursed dreams of his own business rather than a job."

.quote-box-content {
font-size: 18px;
line-height: 22px;
position: relative;
text-align: center;
padding: 18px;
color: #CC1F35;
font-weight: bold;
margin-top: 15px;
margin-bottom: 15px;
}
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}
.quote-box-content .quote-box-right {
border-top: 3px solid #8a0a1c;
border-right: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
right: 0;
}
.quote-box-left {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-left: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
}
.quote-box-right {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-right: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}“My father planned out the management of that money; he had a budget for expenses. I did not want to take money from him. But without money I could do no business, so I started my tax consultancy.”The consultancy started in November 1973. Forty-five years on, he continues to be the driving force of ‘Ashok G. Joshi & Co’, the last five years being a tad easy with son Tejas sharing his father’s responsibilities.
Ashok Joshi and his family continue to stay in the same ancestral house in Pune, which his father wanted him to take care of. It has been handed down since nine generations.

"Today, the ancestral house has been willed to Tejas, his only son. He also has two daughters, who are elder to Tejas."

.quote-box-content {
font-size: 18px;
line-height: 22px;
position: relative;
text-align: center;
padding: 18px;
color: #CC1F35;
font-weight: bold;
margin-top: 15px;
margin-bottom: 15px;
}
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}
.quote-box-content .quote-box-right {
border-top: 3px solid #8a0a1c;
border-right: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
right: 0;
}
.quote-box-left {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-left: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
}
.quote-box-right {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-right: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}“I have given my two daughters whatever they required and secured them."

"Whatever I have earned I can give my daughters, but this ancestral property is not earned by me. "

.quote-box-content {
font-size: 18px;
line-height: 22px;
position: relative;
text-align: center;
padding: 18px;
color: #CC1F35;
font-weight: bold;
margin-top: 15px;
margin-bottom: 15px;
}
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}
.quote-box-content .quote-box-right {
border-top: 3px solid #8a0a1c;
border-right: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
right: 0;
}
.quote-box-left {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-left: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
}
.quote-box-right {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-right: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}I don’t have the moral right to distribute it. So, I will keep it in the family. It will go only to my son,” he shares.Tejas, himself a successful Chartered Accountant consciously chose not to relocate to the US, preferring to manage his father’s business and the ancestral property."Tejas is very interested in the history of this place, he has seen old photos of the previous generations, heard so many stories and wants to continue with the house traditions. His sisters too, are in agreement with this,” says mother Jyotsana. She has happily fulfilled her role as a homemaker but firmly believes that girls ‘should gain education and pursue a career’.“I think girls should earn because they are doing it for their family.

"It is good if women have careers. Why should they sit at home and waste their education?"

.quote-box-content {
font-size: 18px;
line-height: 22px;
position: relative;
text-align: center;
padding: 18px;
color: #CC1F35;
font-weight: bold;
margin-top: 15px;
margin-bottom: 15px;
}
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}
.quote-box-content .quote-box-right {
border-top: 3px solid #8a0a1c;
border-right: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
right: 0;
}
.quote-box-left {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-left: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
}
.quote-box-right {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-right: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}she asks. She feels that “married women should work part-time or take up a career only after turning 35, when their children are older. Children need their parents. At least one parent should be present at home for them.”As a supportive partner, she has stood by her husband, managing the home within “the monthly household expense amount” given to her and offering advice on matters of investments and savings, which rules out taking loans! If a decision has to be taken on ‘loan’ “I calculate the EMI, expenditure and await her decision,” says Ashok. “There’s loss in taking loans. You have to pay EMIs. Better to buy things from your savings.” she says.His generation, he says, was more ‘focused on savings and investments’ unlike today’s youth, who “spend whatever they earn.”

"“In our time we had fewer investment options, just real estate, gold, jewellery, fixed deposits, but today there are numerous options to choose from,” he says."

.quote-box-content {
font-size: 18px;
line-height: 22px;
position: relative;
text-align: center;
padding: 18px;
color: #CC1F35;
font-weight: bold;
margin-top: 15px;
margin-bottom: 15px;
}
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}
.quote-box-content .quote-box-right {
border-top: 3px solid #8a0a1c;
border-right: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
right: 0;
}
.quote-box-left {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-left: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
}
.quote-box-right {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-right: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}The current generation should save for their future. Spend, but only after deducting your savings from your earnings.

"Take a loan only if you want to invest in mutual funds, shares or real estate which can be easily liquidated. But it should not be taken for revenue expenditures like, for enjoyment, for marriage expenses etc. he warns."

.quote-box-content {
font-size: 18px;
line-height: 22px;
position: relative;
text-align: center;
padding: 18px;
color: #CC1F35;
font-weight: bold;
margin-top: 15px;
margin-bottom: 15px;
}
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}
.quote-box-content .quote-box-right {
border-top: 3px solid #8a0a1c;
border-right: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
right: 0;
}
.quote-box-left {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-left: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
}
.quote-box-right {
display: block;
position: absolute;
border-top: 6px solid #8a0a1c;
border-right: 6px solid #8a0a1c;
border-bottom: 6px solid #8a0a1c;
.quote-box-content .quote-box-left {
border-top: 3px solid #8a0a1c;
border-left: 3px solid #8a0a1c;
border-bottom: 3px solid #8a0a1c;
height: 100%;
width: 10%;
top: 0px;
left: 0;
}Like an indulgent matriarch, Mrs. Joshi feels otherwise, “Everyone has their own definition of entertainment and enjoyment. If the young don’t do it now, when will they do it? We should give them that freedom.” she cautions. “We prioritised saving, avoided foreign tours because we felt that money would come in handy for the children and their education. But now we can spend for our enjoyment and maintaining our lifestyle.”However, even post-retirement, Mr. Joshi hasn’t completely detached himself from his work, as he puts “it’s just a change of role”. He fondly remembers this incident from 2008 when he visited the income tax office with his son and people inquired if his son was taking over. He said “Today, he has come with me but tomorrow I will come with him”. Regarding Mr. Joshi’s still active involvement in work, Mrs. Joshi believes “he should always be working as it will keep him healthy.”Mr. Joshi’s mantra for a secure and well-apportioned financial future is to ‘invest wisely to maximise earnings’. “I advise people to opt for general insurance which provides accident benefit. It gives security to the family. In case of a mishap, there would be sufficient financial cover for them. Gold and real estate are other sound investment options. I bought my first plot in 1971.I never kept money or gold at home. Instead, I bought land and sold it when needed. My investments are my ‘security cover, to counter any problems in the future,” he shares. “You have to earn to live. Money is purchasing power, if you have that power, you will have mental peace, your life will be good and secure.”Mrs. Joshi feels that though money plays an important role in life, it should be utilised to live well, to fulfil your dreams, to progress in life, travel and have enough for your old age.

• Money is the essence to lead a successful life which makes saving money for the future and utilising it diligently an important aspect. As money defines your purchasing power, it also has the potential to secure your future and the future of your family. So, to have a peaceful life, few approaches towards money is imperative. Investing to grow your wealth, buying insurance for securing you and your family in the toughest times and taking loans to fulfil your far-fetched dreams.
• Investing In Different Asset Classes - If you wish to grow your wealth multiple folds, it is necessary to invest your money for the long term in mutual funds and stocks. Investing for the long term would help you to build a significantly high corpus. Also, mutual funds and stocks help to beat inflation better as compared to any other investment avenues.
• Having an insurance – Securing your family from all perils is equally essential as building wealth for them. And this can only be done with the help of the term insurance and health insurance. While life insurance replaces the loss of future income in your absence, health insurance takes care of the medical costs of the family during any health crisis.
• Taking loans- At times we wish to get a home or a car which is beyond our purchasing power, but we can always fulfil our dream buying taking a loan. Moreover, taking loans help to ease out the payment on a longer-term without burdening the present.
• So the key to having a successful life is managing money right and saving them for the right time.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.