We see the world through our own experiences. You and I can both look at the same thing and see something entirely different. That’s most definitely true when we talk about financial concepts like retirement planning, financial planning or estate planning.
If you cannot put yourself into another’s shoes and cannot see things as they see them, you may find it difficult to understand why they make the decisions they do.
Here’s a story that shows how two people can look at the same situation and see a different world.
A young man walked into a bank to apply for a $100 loan. The loan officer told him he was crazy. “Use your Visa to take a cash advance from the ATM.”
“I only want to borrow the money for 30 days,” the young man replied.
“We charge a $25 loan fee. What you want to do makes no sense.”
The young man paused a moment. “Yes. I understand. But I really want to borrow the money. I’ll even give the bank my car as security. Not just the title, but the car itself.”
The loan officer gave up and approved the loan. The young man handed over the keys to the car, received his $100 and left the bank.
He returned 30 days later to pay off the $100 (plus change for interest) and to collect the keys to his car. The loan officer, having had time to ponder this strange deal, asked the young man to sit down for a cup of coffee. “This must be the strangest loan I’ve ever made in all my years as a banker. It aroused much interest around here. Everyone is thinking there must be more to the story!”
Yes. There was more to the story. The young man explained he had to be in London on business for a month. And he could find no place where, for $25 and change, and with such security, he could park his car.
Who was “right” in their understanding of the purpose of the loan? The young man? The banker?
The next time you don’t quite see eye-to-eye with another, think about this story. Do you understand the other person’s world?
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A career in financial planning is still lucrative despite the worldwide financial crunch. As long as money is used in our economy financial planners will be needed. You have to pay your dues to become a financial planner but once you pass the test and prove your mettle, you can expect a handsome return for your efforts.
The person was none other then Mr. Vijay Mallia from India.
Only Indian can think like this…