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Home » News » Mutual Funds » MF Experts

Dec 01, 2012, 01.05 PM | Source: Moneycontrol.com

Have a balance between quality of life & standard of living

There are often people who are witnessed complaining about lack of materialistic things in their life. Likewise there are people who enjoy good standard of living but are unhappy with stress it carries. According to Gaurav Mashruwala it is very important to find the right balance between standard of living & quality of life to enjoy peaceful life.

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Have a balance between quality of life & standard of living

There are often people who are witnessed complaining about lack of materialistic things in their life. Likewise there are people who enjoy good standard of living but are unhappy with stress it carries. According to Gaurav Mashruwala it is very important to find the right balance between standard of living & quality of life to enjoy peaceful life.

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Gaurav Mashruwala (more)

Certified Financial Planner, | Capital Expertise: Mutual Funds

Higher standard of living requires money. To earn that kind of money one has to work hard. This means higher the standard of living we seek more the hours of work we need to put in. This may also lead to long number of hours away from home and loved ones including out of station travel. It may reach a stage where we may end up compromising on our other pursues, like health, social life, hobbies and leisure activities etc.

On the other hand, if we only keep concentrating on our health, social life, and leisure activities we may have peaceful quality of life but at the some point in time we may struggle with money needed for basic necessities of food, clothing, shelter and beyond.

Both standard of living and quality of life has inverse relationship. It is important that each individual or family decide their own equilibrium. Equally important is the fact that they should own up the decision.

Firstly let us discuss equilibrium.

Over the years cost of living has gone up. When I tell my daughter that I have traveled in local taxi where minimum fare was Rs 2.00, she feels I am joking. Today bus tickets for certain distances is costlier. Further things which were once considered luxury are now necessities e.g. air conditioner, multiple televisions in house, more then one car etc. Families which were once happy going to South India for vacation are now seeking international destinations. 

How much should one spend on regular household expenses and what life style goods they should use is decision of each family. Based on the decision they will have to figure out hours and efforts they want to put at their occupation.

Above statement is easier said than done. Today's corporate life is a rat race. If one is working in a corporate it is really not easy to slow down. That individual will have to move along with the peers. Over a period of time his/her growth, increments and other career opportunities will be dependent on his/her performance. Only option left then is to move away from corporate life. In some cases it may lead to substantial reduction in earning, though this may not always be the case.

It is here that the issue of owning up the decision comes in. 

In today's times of high peer pressure it will require strong mental make up to live extremely humble life. Also moving away from high paying corporate life would create anxiety.

Invariably we see individuals and families complaining of materialistic way of living and yet pursuing it under the disguise of peer pressure. Similarly we also meet individuals who are not happy with corporate rat race but continue the grind as they fear the consequences of leaving it.

Each individual/family should not only decide its on standard of living but also own up the decision. If they do not own up the decision they will live in stress and pressure to enhance standard of living, and eventually be pulled apart. Only when they own up the decision to live simple life they will not compare themselves with others and enjoy the chosen level of quality of life.

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