I got inspired to write this post from two news items. These cases are of the so-called class of Indian society “EDUCATED.” However, after going through the news, I felt myself that they are not actually educated. Let me share those two and discuss about what education is.

Swami Vivekananda on Education

What is education?

Swami Vivekanada said “The education that does not help the common mass of people to equip themselves for the struggle for life, which does not bring out strength of character, a spirit of philanthropy and the courage of a lion is it worth the name?“. Today’s education system is the same of what Swamiji doubted about education.

Today’s education teaches us more to be slaves to our employer than using our brain for common sense. Go through below two incidents and you will come to know what and how low they are when it comes to common sense or about money.

1) Job seekers duped of Rs.1.25 Cr.

Two days back in Bangalore, an HR firm duped to 67 job seekers to the tune of Rs.1.25 Cr. This HR firm promised the job in Australia. Each job seeker who needs job in Australia must pay Rs.2 lakh as an initial cost of placement. Do remember that job seekers, who were cheated, are not ordinary degree holders. They are all BE and MBA Graduates.

So being engineering and MBA graduate they never used their brain while paying Rs.2 lakh. They blindfolded with dreams of getting a job in Australia. Now the HR Company, which promised them the job, shuts the door.

2) Two people held for cheating a NRI

Bangalore city police arrested two persons for cheating a NRI to the tune of Rs.60 lakh. This NRI a US based business person, wanted to set up a business in India. They approached many banks to avail a loan for the same, but in vain. Two people, who cheated him, somehow came to know about his requirement and contacted him with a lure of making him to avail a loan of Rs.300 Cr at low interest rate of 6%.

Just to make him believe in them, they visited the land where he wants to set up a factory. They asked for Rs.60 Lakh as a registration fee. This so-called educated business person paid Rs.60 lakh without doing his homework like what is the current interest in India or which bank offering him such low interest loan. Once they received Rs.60 lakh then never returned. Police were searching them.

What you can learn from above two incidents?

  • Being bookish or having so many degrees next to your name will not guarantee that you lead a better financial life.
  • Cheaters may come from any corner of life. So being cautious is the way to manage money.
  • By using common sense while dealing with money is more important than using your ego.
  • Merely by educating or having good job not guarantee you that you will be rich in life.
  • Even if you have accumulated so much wealth that your next two generations live happily will not guarantee that they live happily. Because in your absent anyone can take away your so-called wealth within a minute.
  • If you do not know the things you are planning to execute, then throw your ego. Try to garner the information from expert or known.
  • A lot of such cheating will not come to public forum only because of ego and status.
  • Finally educate…educate and educate yourself with common sense and general knowledge instead of bookish to your profession.

Photo-Facebook Swami Vivekananda Page.

11 Responses

  1. Basu, your article started of very nicely, however vivekananda’s view about education was more of
    philosophical,good moral and right spirit.

    But, you have ended up providing a materialistic shade on it, I know its a personal finance site :-).

    1. Chandra-I agree with your views. But it applies to all good causes. Because he is universal unmatched leader of our country. So nothing wrong if his few words can inspire even investors too in a right spirit 🙂

  2. Basu,
    A very useful article. The below statement is 100% true and I have been always saying this to all my friends and close ones. Thanks for a thought-provoking write-up !!

    “If you don’t know the things you are planning to execute then throw your ego. Try to garner the information from expert or known.”

  3. Dear Sir,

    Can you guide us from where we can download the Credit policy 2014 just released by RBI .


    Imran Ali

  4. Yes, it is true that many so-called well-educated people fall prey to dubious schemes of conmen / conwomen. Such people are at best ‘well-literate’ not ‘well-educated’ as they claim to be. However, not all who fall prey to such con jobs are dumb or ‘uneducated’, as many are too naive and ill-informed (and lazy to check facts) too. The clever con men play on the psyche of such people luring them with inducements of fabulous profits and such. So, in many cases it is also the greed of people which gets them into trouble. As someone rightly said, if something is too good to be true, it probably is.

      1. yes i accepted , if an uneducated cheats the public loss is for limited people , when the same thing will do an educated person become cheater it will loss for huge public , same insident happen in hyd, cheater works at infosis he has been left form the company few yrs back he targeted insurance agents he earned 10 laks money span of 3 yrs , he cheated intelengently , first he ask about need of insurance for 50 laks, next he say i give cheque of more than one lak, then he say after submit cheque please deposit 25 k to my acc, will give u 1 week very inteligently , after he say will pay will pay it will continue cheque will bounce, still his job in hyd

        no provision in our law to punish such fellows

  5. Thought provoking article Basa.
    A person who wants to set up a factory and run it, believes that loans are available @ 6% interest rate..then even God can not save him..

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