Photo Credit: pixabay
Why Most of The Indians Lack Financial Intelligence
Why Most of The Indians Lack Financial Intelligence

Why Most of The Indians Lack Financial Intelligence

Kumar Sunil

Kumar Sunil

Dreamer & Enthusiast

Creative. One word says it all for Sunil. A engineer, an enthusiastic and conscientious Information Technology consultant by profession, Sunil shares a special interest with entrepreneurship and lifestyle.


With an exception to a few, the majority of the people reading this article must not have developed financial intelligence. The best part is – we all know the answer, yet not doing anything.

Most of us are not financially intelligent for a very simple reason that despite going to top schools and universities, we never had a lecture on how to have right decision for making money. Throughout our life, we have been told about finding a job or doing a business. This is the reason, most of us believe that job security is a must. Instead of worrying about making more money, we become concerned about our salary hikes and utility bills. To do so, we train ourselves about job security and not about financial security. Why most of the Indians lack financial intelligence? Who is to blame for this?

ALSO READ – Financial Mistakes Indians Make – We Are Intentionally Destroying Our Financial Lives

Undoubtedly, we have countless financial courses at school, college, and university levels. However, the sad thing is, those courses aim only at the rules of the money game. There is not even a single course that can promise you financial intelligence.

Yes, we have the best teachers in economics and finance. I have no doubt in that. But, they are also a victim of economic policies. Instead of focusing on things like research and development in the economic or financial areas, they are struggling with their own bread and butter. How can you expect a teacher to teach you something that he had no practically experienced?

Don’t get me wrong, but most of us enter the labor market with a predetermined idea of a financial security. We are asked to follow the same rules of investing in useless schemes like fixed deposits, insurance schemes, and saving accounts that not only offers the lowest rate of returns of rate, but you are asked to pay taxes on those every year.

ALSO READ – Lack of Money And Your Social Life – Money Can Buy Happiness

Ever thought of calculating the margin between the rate of interest on these schemes and the inflation rate? Over the last few years, the rise in the inflation rate is nearly 4%. On an average, if a fixed deposit is giving you 8% of you money, then you are only getting 4% and on that 4%, you are again paying taxes. Is this a wise investment?

The truth behind money accumulation is – you cannot accumulate money without being a little shifty with things. However, to do that you need financial intelligence. By no means, I am not asking you to do follow the illegitimate method of wealth accumulation.

My suggestions are about cultivating your financial intelligence and for that purpose, you need to make yourself aware of the limiting beliefs that you must have grown up with.

Look around, there are a lot of wrong quotes that prevent you from developing your financial intelligence. I believe, these are good, when it is about philosophical lectures.

But, in reality, these phrases are nothing, but bullshit.

  1. Money does not give happiness.
  2. Money and power corrupt people.
  3. Better to be poor but honest.
  4. It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of heaven.
  5. To be rich you have to trample others.
  6. To be rich you have to be a miser.
  7. You will win the bread with the sweat of your forehead.

Getting rid of these useless ideologies is the first step to have financial intelligence and economic freedom.

ALSO READ – Managing Personal Finances – Know The Right Time To Start Saving

In addition to these, if you are really serious about your financial intelligence, do not miss these –

  1. Instead of reading above cited philosophical quotes, read books about the economy and personal finance, from successful authors who have achieved economic freedom.
  2. Be around those successful people who have succeeded in business and have passive income.
  3. Try to be in the circle of people with higher purchasing power than yours.
  4. Watch your financial habits, such as taking loans or using the credit card.
  5. Try to finish your debts the soonest you can.
  6. Know how much money you need to live the way you would like to.

The best of all is to have a financial expert, who can guide you well in advance about financial and economic changes.

Start now to build your action plan towards the success and quality of life that you want and deserve. Do you need any assistance, let me know.