From Chief Editor s Desk 02

From the Chief Editor’s Desk

The Interests of Common Man in the Context of Financial Management

The meaning of money in life

Life can be challenging when there is dearth of money. On the other hand, if there is excess of money and no wisdom to handle it efficiently, it can also lead to innumerable challenges. In spite of this strange situation, since times immemorial, there has been a tradition of searching for the meaning of life in money. That is probably why meaning of life is understood to be synonymous with money. The science related to wealth is called Economics. Our rishis of yore integrated money with the three other purusharthas (endeavors) to form Purushartha Chatushtaya (The four endeavors) – Dharma, Artha, Kama and Moksha. The manner in which it is defined implies that money that is earned through righteous means (dharma) is appreciated while the money that is devoid of dharma is rejected. In the history of human evolution, when money had to be represented through physical means, it started first with the exchange of material things (barter system), followed by the era of gold coins and then silver coins. In the modern age, it is being represented by watermarked paper or currency notes.

There are many anecdotes in Vedas and Puranas. Srimad Bhagawad Gita which is the source of wisdom to sadhus, sanyasis and renunciates, Lord Krishna counts ‘Arthaarthi’ (one who turns to the Divine to get wealth) amongst his devotees. There are many stories in which divinity of Gods and Goddesses has been associated with wealth. Goddess Mahalakshmi is the presiding deity of wealth. Kubera, the lord of yakshas, is the deity of wealth accumulation. He holds the position of Dhanadeesh (the lord of wealth). Even the most ascetic and the epitome of Yoga and Knowledge – Lord Shiva, considers Kubera his friend. In Bhagawad Gita, Lord Krishna mentions Kubera as one of his manifestations. The deity who has the authority to punish or appreciate when it comes to money-related matters is Lord Saturn (Shani). There are stories which say that because of evil aspect of Shani, Dharmaraj Yudhisthir gambled and lost his wealth and King Nala was exiled in the forest and had to undergo many difficulties. Those who utilize their money for noble purposes and for the service of the downtrodden will always be in the good books of Lord Shani and enjoy prosperity.

It is indeed surprising to note that while vast majority of people yearn for wealth and find their life meaningless without the same, they hardly understand its true meaning. It is true that economics is taught in schools and colleges and universities award doctorates in this subject.

5 “SCIENCE complements RELIGION.” - Physicist, Paul H. Carr

Akhand Jyoti November - December 2014

Nobel Prize is also being given in this field for the past few years. All the mediums of communication have also given importance to this subject. In fact, financial management has emerged as the main topic in both electronic and print media.

Several economic issues are discussed in the media every day. Experts in financial management and renowned economists together discuss compelling issues related to Sensex, share market, import-export etc. During Parliament’s budget session, there is typically a flood of such discussions. Be it a farmer in the village or a normal salaried person, they are initially uninterested in these discussions. Firstly because these discussions do not reach them and even if they reach them, they might not comprehend these topics.

Secondly, the other important thing is that the experts participating in these discussions are not concerned about whether or not what they are talking about makes sense to the common man in the society. In these circumstances, in the entire gamut of knowledge related to financial management or economics, common man has probably been able to understand just one word –‘menhgaai’ (price rise, inflation). He has to face the consequences of this word every day in his life. All his daily affairs are dependent on this word. There is probably not a single person in our country who does not understand this word. Housewives are so familiar with this word that they almost believe it to be some demon that snatches away the happiness in their lives.

Whatever be the circumstances related to economics, there is a dire need for new perspectives and rethinking on them. The science of economics might be for scholars, specialists and the elite, but the objective of financial journalism has been to develop an understanding of economics in relation to the common man. But we don’t know why the present perspective of financial journalism is miles away from the interests of the common man. Both the worlds of electronic and print media are entangled in the issues pertaining to big industries and corporates. There needs to emerge an economic vision for the common man and training on the same. Yugrishi Pandit Shriram Sharma Acharya, in his writings has provided guidance on all aspects discussed so far. He has spoken and written extensively on all financial needs in the life of a common man. This can be clearly seen, understood and read from the vast literature he has written.

This guidance can provide the fundamental intellectual basis for research and study on financial management with common man as the focus. This is a fundamental and timely issue that calls for diligent thinking in a completely new light so that common man can learn the art of right earning and utilization.

The need of the hour is an economic vision that is in line with the present times

When day to day life of an ordinary man is closely linked to money, the economic vision should also be created as per the needs of this era. A financial vision, that gives a clear understanding

“Spirituality and science attempt to understand reality in the universe; while one (spirituality) explores the inner world, the other (science) explores the outer world.” - Vijaya Pandurang Bhatkar , the architect of India’s first supercomputer PARAM 8000

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of money in the context of spiritual, individual, familial and social life, should be brought forth. In this new vision, common man should be able to understand all the definitions and jargon related to the subject. Financial training should be based on this premise so that each and every person can earn and utilize wealth as per his individual needs. If this training is planned and executed properly, then neither will anyone be cheated nor will anyone dare to cheat. Everybody starting from housewives to laborers, farmers and school children will learn about the right means of earning money, right spending and resource management.

When we are talking on the topic of financial interests of common man, there are many things that need to be understood in this regard. For example, investment, budget, savings, income and expense management, expenses during crisis etc. Similarly, we should enlighten the masses about the role of money, its relationship with one’s own self and society. They should know about the financial laws that affect the common man. There might be some more related issues and unknown equations that need to be solved. In a nut shell, we should evolve an economic system that not only trains the common man but also eases his life and takes care of his daily needs.

Scholars of Dev Sanskriti University have been thinking, discussing and brainstorming on this topic for a long time now. Discussion with external experts is also in progress. The conclusion that has emerged out of these sessions is that we should formulate a system for financial management based on the principles given by Param Pujya Gurudev. A thorough research should be done on all the issues that affect the interests of the common man. This is a very important issue that cannot be ignored any longer.

Spirituality cannot blossom in financial ignorance; only poverty can flourish. Similarly, even while a person is financially well-informed, he neither knows how to spend it wisely nor organizes it well. Thus meaningless spending and misuse of money continues unabated. In such a situation, there can only be increase in strife and discord in both family and society. Noble tendencies and inclination to service are also developed when one is good in managing his finances. So, the importance of financial planning cannot be ignored both for individual and common good. We should all understand that along with land, house, farm, shop, factory, gold and cash, age and intellectual ability are also investment capital. In this context, it is important to know that it is not enough that budget is being put together by the government. Each and every household should prepare a budget of its own. It’s not just the government that needs to keep an account of income, expenses, profit and loss. It is the responsibility of each householder. In the absence of household budget, many of the essential needs remain unfulfilled and money is spent on unnecessary things.

7 “Since science and religion provide two different perspectives on the human situation, they must ultimately be able to be reconciled.” - Jeremy Griffith

Akhand Jyoti November - December 2014

Financial affairs of the common man

Savings are as important as budget. They play an important role in the financial affairs of the common man. How to save and where to invest money? There are many government and private means of protecting and enhancing your savings. However, one should develop a broader perspective on various methods of saving. Whatever options are available should be inspected and whatever is not evident should be searched for. This outlook of critical review should be brought in the context of taxes and laws. These are two things which frighten the common man. They have to clearly understand these two things and only then they can strike a balance between welfare of the self and the nation. If all the aspects of taxes and laws are clearly analyzed and understood, then ethics and justice will become an inseparable part of the earning methods.

It is quite natural for exigencies to arise in the life of a common man. Handling them efficiently requires money. This sudden surge in requirement usually prompts them to do things that they repent later. These remain burdensome throughout their life. If everyone is aware of planning for the emergencies, then many a challenge can be easily handled. They can also prove helpful when their dear ones are in trouble. To achieve this, we just have to explain them clearly as to what plans are suitable for which age groups of people and how they can benefit them. If there is dearth of suitable plans, then we should definitely put together a detailed scheme for the same. We should trigger and activate appropriate studies and surveys to gather this data.

Param Pujya Gurudev gave us a vision of a glorious future for the 21 st century. One of the pillars of that vision is to develop an economic vision and training that will reach each and every household in the country. The truth that any upheaval in financial affairs of the country deeply affects the individual, family and society at large, is very well understood by all. If the situation is bad, then its all-encompassing effect can pollute the atmosphere in the society. People tend to become pessimistic and get addicted to various vices. There is an undercurrent of tension in the families which leads to discord and unrest. The negative financial state of affairs leads to corruption and many other problems in the society. The present affairs of the country mirror this situation.

Hence, deep understanding of the financial interests of the common man is essential. Only when this responsibility is shouldered by financial experts will they fulfill their fundamental objective for which this specific branch of journalism was born. With this as the medium, the science of economics will also strive to make its definition - ‘Economy is the art of making the most of life’ - meaningful.

(Pranav Pandya)

“Science and Spirituality are two ends and you have to keep yourself at the middle. Science guys will call it, equilibrium.” - Prerak Trivedi Akhand Jyoti November - December 2014 8