The traps of a common man
- drsarojsalelkar
- Oct 15, 2023
- 2 min read
If you had a million dollars to give away, who would you give it to?
A million dollars in Indian currency would mean around 80 million rupees or 8 crores. First of all on obtaining that kind of money will mean 30 percent government share in the form of income tax. Hence 24 million or 2.4 crores. Of the balance around 15 million or 1.5 crores will be the prepayment of loans like home loan, car loan, education loan, personal loan etc. And informal borrowed money from friends and relatives.
We Indians believe in donating around 5-10% of our income for charity. Hence 80 lakh or 8 million that is 10 percent is donation to charity. We are now left with a Balance of 3.2 crores or 32 million. Of which I wiill deposit 1 crore each in the bank for the education of both my children leaving 1.2 crores for my personal use. Of this some will be utilised for purchase of gold which is a very popular investment in India and the rest will be invested in retirement schemes. So basically 1 million dollars does not leave much to give away.
The take away message here is that as working class people even if we manage to get a decent sum of money through easy means (although highly improbable) we will not be able to make much of an impact on our lifestyle. We will still be working by the clock stuck to the 9-5 routine. Still making ends meet and being a part of the rat race. As long as people find themselves trapped in this routine there will always be a element of frustration in the minds of the common people.