Category Archives: My First Lessons

Affordable Traditions

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“This is the marriage season, I will be very busy”, said a neighborhood moneylender. How do weddings make a lender busy?

Did you get it?

Weddings obviously mean business to many like caterers, decorators, jewelers, etc.  We missed out another category of businessmen who look forward to the wedding season – The moneylender.

The affluent lay down certain traditions to show-off their prosperity.  In the process, probably they do not realise the quantum of damage they cause to society.

A practical example.  In our town, at any wedding, the entire community was invited for three full course meals. ‘Sigree noota’ – all the members in every family were on the invite list. This translated to 200-250 people on two of these meals and 400 people for one of them because people from the neighbouring townships were also invited.

Funnily enough, for those who could not attend, a parcel to their home! Obviously, these meals mean a lot of money.  Someone who probably wanted to boast about his wealth must have started this and with time this became tradition.

Those who did not have adequate sources of income, also had to host three meals.  They were worried that if they failed to host 3 meals they would be looked down upon by the community. Their fear was valid.

Whenever invited by the affluent class, even the members of the low income profile families would go for the dinner.  Not attending was considered as an unfriendly act. Once they went, it was understandably difficult to avoid inviting when there was a wedding at their own home – an endless chain.

Think of the amount of harm this tradition caused.  Those who could not afford, borrowed money.  Some sold or pledged their homes to finance the meals.  A few had to convince their wife and daughters-in-law to sell or pledge their ornaments and jewelry.

Obviously, loans from banks was not available for weddings.  Therefore, they had to borrow from private lenders. The maximum amount a moneylender would lend would be about half the value of the property pledged. An additional condition was that if the loan was not repaid before the amount accumulates to the total value of the property, the owner lost his right to the house or the jewelry.  The interest on private borrowing was anything from 24% to 36% (usually monthly compounded) per year.  This means over a period of 2 to 3 years, the amount repayable would double.  In short, within 2-3 years if the loan was not repaid, hard earned pledged items became the lender’s property.

Why? What is the root cause?  Is it just to maintain a tradition in the society? Will the society for whom this has been done come to his rescue? No. Just forget it, they would be busy gossiping!

The irony is it hardly made any difference to the guests, but the host was doomed. It wouldn’t be surprising if, in certain cases, it led to suicides. What is the point of following such traditions? Inspite of knowing the consequences, no one dared to amend or rectify.

Justification : “why should I be the first one to defy tradition?  Let someone else take the blame”.

Solution?

If we can sensibly act.  For example, at my wedding in 1971, we were reasonably better placed financially and could have managed to host 3 meals easily.  For me, this was an opportunity.  I explained the above consequences to my dad.  He was well aware of such unnecessary burden on some people in the community.

I suggested “Kakaji, why not we restrict the wedding celebration by hosting just one dinner? Let us take the blame for curtailing this tradition and the change could save someone”. My dad was in favor of a positive change in the society and he readily agreed.

Yeah, we did it!  We changed over to all-in-ONE dinner for my wedding.  It is almost 43 years since then and this system is followed to date!

This is just an example of one tradition at a wedding.  Sure, there are many other such opportunities at weddings, but the same principle hold good for birthday celebrations, religious ceremonies, anniversary functions, death ceremonies, etc.

Value of return gifts is another classic example.  If you can take a bold lead in curtailing them down, you have done a great service to society. My appeal to youngsters – Enjoy and Celebrate in life. But sensibly, curtail the formal events to the extent everyone in the society can afford.

I have constantly tried over 40 years ‘Take no gifts and give no gifts.” Some firm traditions of giving and accepting gifts have discontinued in the family.  However, I was only partly successful. But you could do better, will you?

Written: Badri Baldawa                                                      Edited: Meeta Kabra

The Puff

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My family owned a tobacco business for a few years when I was a child.  All the adult men in our family had to smoke to assess the quality of the tobacco.  The youngsters, particularly from the family of my uncles, were not prohibited from smoking. If they had to be a part of the business, they had to know the taste of the tobacco.

Smoking, however, never interested me.  As a child, I thought smoking was bad for youngsters and may be good for older people who earn out of it. I didn’t smoke and my dad didn’t want me to smoke ever.

Around the mid 1950s, on one specific occasion, curiosity got the better of me – I wanted to know what a smoke tastes like.  I chose a time when my dad’s office was empty.  I closed both doors to the office.  To ensure that no one detects me, I crept under the office table, and put a beedi in my mouth, filmy style.

I tried to copy Dilip Kumar, N T Ramarao or Nageswar Rao, the then Hindi and Telugu famous movie actors. I lit the beedi, and took my first puff.  Oh no! I started coughing immediately. The cough just would not stop.

My dad was in the quality inspection room located just behind the office room.  He sent our senior supervisor Girijappa to figure what was wrong with me.  Girijappa rushed, looked at me, understood what I was upto. He said it is not unusual and that it happens when you smoke for the first time.  That was the only puff I had in my life.  I hated the concept thereafter.

I thank that puff for keeping me away from smoking forever.

Written: Badri Baldawa                                Edited: Meeta Kabra

Joint Family Culture – An Experiment:

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“Get married, stay independently and live your life.” – A message to all my brothers.  In the 70s, such a statement was considered revolutionary, at least in our Marwari community!

Joint family structure has the advantage of members sharing each others’ responsibility. It also means that all members have equal rights on the total income made in the family, irrespective of the each one’s ability to contribute.

Gradually, with higher education, wider options of living standards, and modern lifestyle, slightest lethargy by any member wasn’t tolerated by those who contributed better to the family, especially financially.  Even things like disparity in number of children and ratio of employed children, decided the status of a person in the family. With this, the ‘let go’ attitude and emotional factors started eroding to a large extent.

This created a class differentiation within a family. For some time they tried to suppress a lot of their individual desires. These suppressions accumulated and in course of time, burst into anger, frictions, and fights within the family.

Obviously, it started creating more conflicts and misunderstandings, ultimately leading to divisions in the family, with bitter arguments.  The joint family concept started eroding at a fast rate. Even the large and absolutely rich brothers amongst  families like Birla-Bangurs, Ambanis could not stay together.

In our own family in 1960s, two sensible, intelligent and experienced ladies would start fighting for no reason. We ultimately split but there was a surprise pleasant discovery for me.  After the division, the grudges between the two women disappeared very fast. Love and affection got prime importance, once again.  One wanted to help the other, even if it meant going out of way.

I learnt a lesson.  It is better to keep a little distance to maintain good relations.

I was about 27 years old when my dad passed away. I have 6 brothers and 4 sisters (3 unmarried at that time). If my dad’s family stayed together, we would’ve been about 25-30 members under one roof – each, obviously with their independent opinion.  Even if there were cordial relations, a divide amongst brothers would’ve been eventually, unavoidable.

The question then was if one should wait till misunderstandings develop, then fight and separate? I therefore thought, it was definitely better to stay separate from the beginning, well before frictions develop and thus retain the love and affection between the family members.

I resolved that I should take my father’s responsibility to educate, support and set-up my brothers to a stage, from where they can lead their own life. My aim was for every brother to have his independence in running his family.  At the same time there should be cordial relation, love, and affection amongst us. It was a challenge for me to devise the right formula.

It was easier for rich and industrialist families to resolve this: Divide the assets; give each of them nice places to stay; allocate enough finance and provide a base to carry on business for their future.  But the reality were different for me.  Assets were zero, bank balance zero, properties zero and the business, a big zero too.

However I was determined to go with my philosophy to the best of my abilities.

  • Accept responsibility. In the absence of my father, fulfilling my own requirements would not be my priority, till I complete my responsibilities towards educating and settling my brothers and marrying my sisters.
  • Prefer a job over business. Given my situation, limited but assured income was better than having own business where income might be larger but uncertain.
  • It would be in everyone’s interest that I draw a line until which I should shoulder my brothers’ responsibilities. I should support till they get married and have a house of their own. Thereafter each brother should stay independently and live their own life.
  • Initially since all of them might not have enough funds to buy a house, to those who need,  I would extend them financial support to the extent it was possible for me.  Any financial help would be a loan. This was so that they respect the value of money and so that they and their children could say it is ‘our own house’ instead of ‘tauji’s house’.
  • Since a home is an essential, to avoid undue financial burden in the initial stages of carrier, the loan would be interest free.

With the implementation of the above, every one was forced to realise his responsibility and be prepared to standby for anyone who needed help. There were hardly any arguments between brothers or their families.  Every one was at liberty to decide what is best for their individual family, without any interference from others.

In today’s lifestyle, even two married brothers staying together may not be practical. When I look back today, “once married, stay independently” was the right way to go between brothers. I am happy that my decision wasn’t proven wrong.

Written: Badri Baldawa                         Edited:  Meeta Kabra

My Philosophy of Studying

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“If others can be University Gold Medalists, why can’t I?” was a question I challenged myself with in college.  Initially, it sounded like a difficult dream.  So what?  If I am different, nothing is difficult.

Having decided to make my dream into a reality, I met a few examiners to find out what they looked for while assessing answers?  The way I understood, they checked if –

  • all relevant points to the question are covered.
  • answers were written in own language, instead of rote answers from text books
  • new points/observations made were justified well

I figured, If properly worked out, it was not a difficult task to score well. I got excited and a burning desire to achieve this took root.  Next, I had to challenge myself to get the best out of my abilities.  My strategy was four fold –

  1. Guru Samarpan: Take maximum guidelines from my teachers
  2. Self-discipline: Be sincere to yourself and
  3. Study Plans:  Have a proper plan in place for studying
  4. Approach at Examination Hall

To elaborate –

  • 1. Guru samarpan:  I surrendered to my professors and lecturers completely. Once the teachers realised that I am devoted to them, they started taking more interest in my queries and doubts.  They were happy to share their books, their notes, their knowledge and even their home.
  • College library would lend only 2 books at a time.  But my beloved lecturers gave me a free hand to borrow more books under their names.
  • For getting any doubts clarified, I had access to their office and home at any time, on any day even during holidays and long vacations

2. Self-discipline: I created self-interest and devised my own methods of studying. I was convinced that I didn’t study to just appear for exams, but I did it to understand the subject well. It was important for me to enjoy both studying and appearing for exams rather than considering them as a strain. That was my mental make-up.

3. Study Plans;  To actually implement I devised the following Study Plans;

  • Studied each and every chapter in depth by referring to class notes and books written by various authors on the same subject. This brought new and complete insight in the topic.
  • Prepared my own notes from all the material read. This helped me retain and assimilate all the knowledge I accumulated. One cannot make own notes without understanding the subject well.
  • Made separate notes on the differences of opinion between various authors.  A mention of these differences in the answers gave an edge over others’ answers and created a “different” impression to the examiner.
  • Created hints for answers.  I summarised the notes in short hint format for each chapter and revised the short notes rather than going through the entire descriptive notes, every time I revised.  Once you remember the hint, it is easy to write on the subject in detail because you know the subject well from your earlier hardwork.  Also, it saves revision time and enables to cover all points on the subject, which is important to give complete answers.
  • Left no surprise element for the examinations.  I did not believe in studying only the ‘selected’ or ‘expected’ questions just from exams point of view.  I studied all the chapters so that I was ready to face any question.  This does wonders for your confidence.
  • Studied round the year. I did not believe in studying just 30 or 60 or 90 days before examinations.
  • Made a proper timetable of subjects to be revised on each specific day for the last 4 weeks before exams.
  • Considered tackling examinations an excitement awaited and not a fear.  Bindaas (Carefree) I would go for a movie the night before examinations, (certainly the day before the accountancy and statistics exams!)
  • Stayed cool and quiet just before exams and conserve energy.

4. Approach at Examination : At the Hall: 

  • Avoided eleventh hour revision.  I believe, a dominant part of what you retained whatever little studied at eleventh hour compared to what you have been studying throughout the year.
  • Allowed half-a-minute cool-down time before reading the question paper. That helps to balance mind, memory, and temperament.
  • Allowed about 10 minutes for unexpected long answers and last 10-15 minutes for rechecking the answers.
  • Allocated time to each question in proportion to the marks it carries.  If 180 minutes are available to cover 100 marks, after allocating for rechecking and buffer-time, I devoted about 15-16 minutes for every 10 mark question.
  • Some times the answers to a question could be long, but considering the marks it carries, the examiner didn’t expect a lengthy answer. I kept the answers’ length as per the marks allocated. No point punishing and irritating the examiner by writing irrelevant and long answers.

I implemented the above strategy and got University First Rank in my B.Com.  A similar approach helped me in getting all India level ranks in my professional exams  – CA, ICWA and CS.

Dream your Best, Plan your Best and you will Achieve the Best

 

Written:  Badri Baldawa                             Edited: Meeta Kabra

 

 

Work Ethics Begin at the First Interview

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My first job was with a company that I had audited as an article during my Chartered Accountancy. There was no formal interview. That was in 1968. After about 5 years, I wanted to go for a change of job. Here’s a snippet of my interview with the finance director of a British company with operations in India, Mr. Shepherd:

He: Badri, you have credentials good enough to get you a job with any of the top companies. How do we know that you will continue to stay with us?

Me: Mr. Shepherd, I promise you I will not leave you before completing 4 years. But I cannot promise to stay with you beyond 5 years.

He: Why do you say that?

Me: I am confident that I will train my assistant to take over my job completely within 4 years. I will have nothing new to contribute after 5 years in the same job. Unless I get a different opportunity, it will not be in your interest to retain me after 5 years.

 

He: What is your role in periodical management reporting with your present employer?

Me: I have introduced annual budgeting, monthly profit statement and detailed variance analysis of actual over budget.

 

He: What is the profit level of your present employers?

Me: The latest published financials of the company reveal a profit of  xxx crores.

 

He: Are they making enough profits this year, rather, what are their current profits?

Me: I am sorry Mr. Shepherd, professional ethics do not permit me to answer this question.

 

He: Badri, when can you join us? Can you join us tomorrow?

They gave me an appointment letter with a grade higher than the maximum scale they advertised.

 

In interviews, I believe it makes a better impact, if a candidate:

  • Clearly and confidently speaks about his own thoughts and intentions rather than shifting blame on those with whom he was associated so far.
  • Never spills out the trade secrets and disclose information, which the earlier employers passed on to him in good faith or he had access to while executing the duties.

 

Maintaining these  basic ethics gives confidence to himself and to the new employer.

 

Editedby Meeta Kabra

My Unexpected Well Wishers

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Year 1962

I was studying in Bellary and secured 1st class in SSLC, which was an exceptional achievement during those days.  1st class passings were rare. My dad encouraged me to go for the best possible education for my bachelor course in commerce. I applied for admission to the best of the colleges in the state, St Joseph’s College at Bangalore.

I was called for an interview.  Father D’Souza, the principal of St Joseph’s College, didn’t take too long to approve my admission to the college.

The college had a large student hostel which was very difficult to get an admit to.  Normally the hostel authorities didn’t even entertain inquiries for hostel admission.  Exceptionally, of his own accord, Fr. D’Souza asked me if I’d like admission to the hostel.

Fr. D’Souza:  Do you need admission to the college’s student hostel?

Me:                 I don’t know, Father

Fr. D’Souza: Why? Oh, you have arrangements to live in Bangalore?

Me:                 No, father.  I don’t know where I’ll live.

Fr. D’Souza: In that case, take provisional admission to the hostel before it is full.

Me:                 I cannot afford it, Father.

Fr. D’Souza: Then, where will you stay?

Me:                  I don’t know.  But I know I cannot afford the hostel, Father.

 

Fr. D’Souza left to go to the next room.  I was worried; had my uncertain answer deprived me of an admission to the college too?  After about 5 minutes, he returned with Fr. Colaco, the college Vice Principal and Dean of the Hostel.

My head was low with slight fear as they both looked at me.

Fr. Colaco:  We don’t have any policy for free boarding seats in the Hostel

Fr. D’Souza: But we have a proposal for you.

…..pause…..

Fr. Colaco:   The teaching faculty of the college gets free boarding at a hostel closeby.  However, they share the mess expenses.  As a very special case, I can allot you a room in that hostel.

 

Me:                 Thank you very much, I am obliged Father.  But, I may not be able to bear the cost of the mess expenses either.

Fr. D’Souza: Then, is there a way we can help you?

Me:                 Yes Father.  Please let me live there and waive me from having to join the hostel’s mess.

 

They looked at each other and maybe they signaled.

Fr. Colaco:    That is possible.  We can give you just a place to stay.

Fr. D’Souza: How will you manage food though?

Me:                I will manage with some economical arrangement outside.

Fr. Colaco:   But you will not get good food outside.

Me:               Father, my intention is to get the best of education here.  Food doesn’t matter much.

Fr. Colaco:  Ok. I will send a note to Victoria Hostel. God Bless You, my son.

Fr. D’Souza: God Bless You.

Me:              Thank you Father (D’Souza).  Thank you Father (Colaco)

When I came out of the Principal’s room, I had tears in my eyes reflecting my happiness.  Why they had tears, I do not fully know.

I carry those blessings to date.

I arranged for food on monthly coupon package system with an Udipi Restaurant, located between the College and the Hostel.

I was living in a hostel where I could associate and interact with some of not only well-known Commerce professors but also of other faculties. This I guess is what they call, a blessing in disguise.

Written by Badri Baldawa

Edited by: Meeta Kabra

My First Lessons in Finance

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“Badri, can you go to Hiralal Bhai and tell him that I need Rs.50 loan to get some grocery. There are no grains at home for Maa to cook”, my father, known as Kakaji to most youngsters in the family, told me. The year, 1957.

Hiralal Babaji was my dad’s cousin. His grocery shop was about half a kilometer away from home. This 70 year old, respected gentleman was kind-hearted and very helpful person. I loved him.

I was immensely happy, as a 12 year old boy, I was recognized and given a responsibility. I ran to Babaji with the message.

Pat was the reply from Babaji, “Pirthya* na jaar bol, peli ka liyeda rupya peli laar deveju.  Rupya muft ma padya ha kai? …… Rupya Jhhaad par koni laga”.  (Tell your father to return the money that he owes me already!  Is money lying around?  ….. Money does not grow on trees).

I was shocked and left speechless.  I never expected that reply.  I went there thinking it was my right to get that Rs.50. I left, my head hanging in shame – a shame not just for me, but for my dad. I communicated the message to kakaji without lifting my head since I didn’t have the courage to watch Kakaji’s face.  This incident was my first major disappointment. A sense of rejection made me analyze the event seriously and formed my first lessons in Finance Management.

  • Develop a status where one can extend financial support to others and know when to say ‘yes’
  • Believe in financial discipline: Know your own limitations
  • Know when to say “no” even to your beloved ones, for their good.
  • Money is not freely available, one has to earn it.
  • Do not take the availability of finance for granted.
  • Wealth and status can be earned by maintaining low profile.
  • One can share love without limits, but not money.

This small incident had a major impact on my philosophy on financial matters. I valued every paisa – what it rightly deserved.

I had just accepted a self-imposed challenge. Life now, had a purpose –

I will plan and create a situation where we achieve a status not only to take care of ourselves, but to help the needy.

I am indebted to my Babaji Hiralalji for inspiring me by teaching the first lessons in my life

* * *

 * My dad Prithviraj Baldawa was called “Pirthya” by rest of the eldermembers of the family.

 

Edited by: Meeta Kabra