Rich Dad Poor Son

Kolkata in pictures

Parasnath Jain temple (Glass temple) in Kolkata built in 1867 by Rai Badridas Bahadur Mookim
Parasnath Jain temple (Glass temple) in Kolkata built in 1867 by Rai Badridas Bahadur Mookim
The Famous Howrah Bridge also known as Rabindra Setu. It Connects Kolkata with Howrah on the river Ganges.
The Famous Howrah Bridge also known as Rabindra Setu. It Connects Kolkata with Howrah on the river Ganges. | Source
 Victoria Memorial in Calcutta
Victoria Memorial in Calcutta

How to become a Rich dad? A real story


Mr.Samir Roy, a youth in his twenties came to Kolkata with his wife Renu and two little kids in 1950s from a small town in Bengal. He lost his fortune in gambling and left nothing in his native place. He was in economic crisis and financial problem at that time. He was in search of some white collar job to feed himself and his family. However, he did not get any white collar job and started looking for job, anything it might be.

How he became a Rich dad?

He did not get any job but not dismayed. He remained hopeful during tough time and started selling clothes and garments.

He worked hard as a salesman. He traveled the city with materials carrying in a bi-cycle.He left his bad habit of gambling completely knowing its hazardous affects on economic health. Gradually he was able to save some money and started manufacturing garments in very small scale.

His wife was with him all the way working hard assisting him and also taking responsibilities of the family. One of the relatives of Samir had a garment shop in Kolkata. He was influenced with his hard working nature and skills he adapted in garment manufacturing. The relative offered him to join his business as working partner that he accepted.

The joint venture flourished. Samir, in course of time, became a complete partner in the business. By the time he has blessed with five more children.

By the 1970s, Samir accumulated money enough to start a new business of his own. He started his own showroom of suitings and shirtings in Burrabazar, commercial district of Kolkata. His two sons, grown enough, were started sitting there and Samir himself was at his old business. He started working harder with his joint venture, as well as guiding his sons.

More money accumulated as Samir and his wife had no bad habit of spending money uselessly. Now there was the time to sky rocketing their business as two more sons groomed adult. He bought two more shops in the wholesale market and a residential building, yes, a whole building! Now he has some real estate of his own.

Rich dad, Poor dad: Robert Kiosaki

Poor sons of Rich dad


He had built personal credit and business credit. He invested money smartly and earned fortune in shares and mutual funds too.

Unfortunately, he breathed his last as early as in his fifties leaving his widowed wife and seven children, four sons and three daughters. It was 1980s. He left huge wealth and running businesses. He was a rich dad, of course.

The story turned then. His sons became extravagant in his absence. They started spending money like anything.They involved in gambling, drinking and such other activities. They became surrounded by opportunity seekers. Foes in disguise of friends. The poor sons!

Soon they started loosing control over their business. In fact they were reluctant to do so. There were huge wealth, money and goodwill, but the poor sons misused those.. As expenditures jumped over income they started borrowing from the market on interest that was easily available for them at that time. Interest rates on loans were low enough because of the personal and business credit of their father. Gradually they started taking more and more credits and spending them ruthlessly.

Then they were in the trap. Though business generating good income it was not enough for their extravagant expenditures and interest on borrowed money. One of the brothers married to the most beautiful woman and engaged in spending more money with his wife. As their children grown-up, they also adopted the same bad habits.

Rich dad poor son: A real story

Learning lesson from the story


Short fall of money started and Interest rates started growing. Business income could not match with growing expenditures and interest payments. I knew them since last 15-20 years. As a well wisher I tried to stop them from taking loans and extravagant expenditures several times but none of them listened.They were stubborn and arrogant, turning back to the well wishers. They had only one thing in their mind " eat, drink and be Merry".

The building, stocks and the shops mortgaged and finally sold. They have left nothing. Loans are not yet paid. Every body is blaming each other. The joint family is broken. Relatives and friends who helped them before, has pulled their hands. The happy and wealthy family of Samir is........

This story gives us a lesson. However income you have, your expenses must be less than that. Samir had a little income at his early stage but he controlled his expenses and worked hard. His wife supported him. They saved and invested. They made their own business by investing saved amount. They had their business system. They grown, accumulated wealth and left millions for their children. The children did just opposite and are now bound to live with their misfortune.

N.B.( Names are changed to maintain privacy of the family, though the story is real. I wish poor sons will take a lesson).

I hope you have found this information useful. If it has helped you in any way please feel free to submit it to Digg, Stumble Upon, Mixx, or wherever you keep your social book marking links!

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Comments 12 comments

Ruchi Urvashi profile image

Ruchi Urvashi 4 years ago from Singapore

Great story. Yes, I am a big fan of Robert Kiyosaki and gained financial skills while still studying. So, it helped me a lot and I will be happy to pass down the skills to my child. Thanks for the nice story.


renu 5 years ago

if they turn their way they can be wonderful.


Lita C. Malicdem profile image

Lita C. Malicdem 5 years ago from Philippines

Let's train our children early in life with this marvelous philosophy- "It's not how much you earn to spend, that matters in the future, but it's how much you save to secure that future". Sad story but true.


Yashwant 7 years ago

Jyoti,

This is a nice story. I have seen such families many times in my life. However, I could not understood the reason behind it. Now it is clear from your hub.

Thanks again for a very very helping article. It will help many .

Rated up.

Yashwant


countrywomen profile image

countrywomen 7 years ago from Washington, USA

Jyoti,

Nice true story. From childhood their has to be a training about money usage ethics. Some families they are successful because they have made sure the next generation understands this system early and follows it for the rest of their lives.


JYOTI KOTHARI profile image

JYOTI KOTHARI 7 years ago from Jaipur Author

Mroberts,

You are right. We have to be financially intellegent.


mroberts23 profile image

mroberts23 7 years ago from Bend, Oregon

Very nice story. You are correct in what you say about expenses. In this time it is more important than ever to raise our financial IQ and make smart decisions with our money. If you get a chance visit my How To Rich Blog. http://www.richhowto.com/

Mike Roberts


shruti 7 years ago

It is just a story. I expected something better from you


JYOTI KOTHARI profile image

JYOTI KOTHARI 8 years ago from Jaipur Author

If they will not think they will be finished. Times are tough.


Fuzi 8 years ago

Japanese has to think in this period of recession.


JYOTI KOTHARI profile image

JYOTI KOTHARI 8 years ago from Jaipur Author

ok. I am starting poor dad rich son.


john schmit 8 years ago

financial lesson through a story. Will you write a hub Poor dad rich son.

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