Working at a financial institution came with rules—how much one could borrow, what percentage of salary could be used, and so on. But I always found these rules peculiar. For example, one staff member might live with just a spouse and no children, while another had a large family to support. Shouldn't the latter have been allowed more funds to meet their obligations? Yet, the rules didn’t account for these differences.

I could never follow the famous advice from Shakespeare's Hamlet: “Neither a borrower nor a lender be.” Not lending was easy, as I rarely had surplus funds. However, I had no choice but to borrow. With a wife, two children, elderly parents, a newly constructed house, and even sister’s weddings to finance, I found myself taking every available loan, much like Shakespeare's Shylock, drawing out every ounce of credit.

Looking back, I marvel at how I managed. As a banker, I advised customers to save and explained the importance of financial discipline. But my own savings? Zero. I never opened a fixed deposit account until I took voluntary retirement and had no clue about investing in stocks. I did take a couple of small personal loans, though, and I’m proud to say I repaid them—perhaps a little late, but fully.

The one saving grace was our housing loan. Real estate, especially in cities, appreciates significantly over time, making property a valuable asset. We never built the house intending to sell, but it became an essential part of our financial stability. As for vehicle and consumer loans, in hindsight, were they really necessary? Maybe peer pressure, a desire to keep up appearances, or just convenience drove us to buy. Saving for such purchases would have been nearly impossible; the money would have been absorbed by other needs.

In the end, we did acquire assets, even if some only had temporary value.

Contd. 311. Caution and Precaution - Part 3