A Maid’s Savings and Investment Shocked an MBA Guy!
Let’s talk about Reshma, a hardworking Nepali migrant, and the impact of savings and investments on her life compared to ours. Reshma, along with her family, has found a way to save a significant portion of their income, leading to a positive transformation in their lives.
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Reshma’s Earnings:
Reshma, our reliable maid, works diligently in 10 flats within the same building, earning a monthly salary of INR 30,000. Additionally, her husband wears multiple hats—he serves as our security guard, earning INR 14,000, works as a cook in five households, adding another INR 15,000, and helps with minor household fixes, bringing in an extra INR 5,000. His total earnings sum up to INR 34,000. Their two sons contribute to the family income by working as construction site labourers, each earning around INR 15,000, making the total family income INR 94,000.
| Aspect | Reshma’s Family | Our Comparison |
|---|---|---|
| Total Monthly Income | INR 94,000 | INR 1,00,000 (Individual or Sole Earner) |
| Monthly Savings | INR 70,000-80,000 | INR 20,000-30,000 (Approximate) |
| Living Expenses | Minimal | Varied (Dependent on Lifestyle) |
| Investments | Land in Nepal | Varies (Individual Comparison) |
| Financial Independence | On Track | Varies (Individual Comparison) |
Family Expenses and Savings:
Remarkably, Reshma’s family manages to keep their expenses low. They live in the guard room, eliminating the need for rent. With no tax, liability or any type of loan, or EMI, their only significant expense is on food. This careful budgeting allows Reshma to save an impressive amount of INR 70,000-80,000 per month.
Comparison:
Now, let’s compare Reshma’s savings-focused lifestyle with ours. While many of us are often the sole earners in our families, struggling to save even INR 20,000-30,000, Reshma’s family is collectively contributing to significant savings. Their prudent financial choices have resulted in tangible benefits.
Future Prospects:
Reshma’s story becomes even more inspiring when we consider her investments. She has wisely invested her savings by purchasing land in Nepal and lending money there. This forward-thinking approach ensures not just short-term financial stability but also long-term growth. With disciplined savings and strategic investments, Reshma is on a trajectory towards financial security and independence.
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Conclusion:
Reshma’s story serves as a powerful reminder of the transformative impact savings can have on individuals and families. It’s not just about the amount of money earned; it’s about how that money is managed and saved. While many of us might face challenges in saving, Reshma’s example illustrates that with determination and smart financial choices, anyone can build a secure and prosperous future.
Example shared by Ashish Choudhary (IIM R Alumni | Management Consultant at Capgemini)
In essence, Reshma’s journey teaches us that the path to financial well-being involves not just earning money but making mindful decisions about how we use and save that money. Let her story inspire us to rethink our financial strategies and embrace the positive changes that come with a savings-oriented mindset. After all, it’s not just about the income; it’s about the impact of that income on our lives and the lives of those we care about.
