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- เผยแพร่เมื่อ 30 ต.ค. 2019
- In an MIT lecture in 2013, the latest poster boy of development economics offered golden tips on who should save and who shouldn't. #tbt
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Loved the way he mentioned his grandfather and the way he built his house. So quintessentially Indian.
Indians have tendency to use anecdotal evidence in their statements. It's kind of frowned upon but since his logic checks out it's justified.
10 years back I was earning 1/10th of current earnings. Was trying hard to save. Saved half of my salary by avoiding public transport and choosing to walk for an hour of commute (saving Rs 10 in the process). The abount I saved with a job of 1.5 years is what I earn in a month now. Had I known, wouldn't have struggled as hard. Things could have been so much easier and better in the hindsight!
The fact that you were trying hard to save 10 years back - not many people do that. I must say that it's a great quality that you have already developed in yourself.
If one doesn't know how to save in the first place, that person won't be left with much, irrespective of the salary.
You got lucky. I think you are in IT. Life is not predictable. If IT sector had not grown or boomed like it has, many well doing people wouldn't be doing so well.
Simple logic if you are not putting your savings in high return investment then don't save. Earlier people didn't invest in mutual funds but now it's easily accessible. So in this case savings is always good idea.
The reason why you are so successful today is because of your hard working nature. Be proud of the hard work you put in during your earlier years, they made you the man you are today.
Wrong, 100 saved 10 years back should be 400 now... so saving and investing is the key...dont compare it with current salary as it is free money, u did not worked for it market did.
Its basically Paradox of Thrift.
When everyone saves more, everyone saves less.
In other analogy, if there are more suicidal people, there are less suicidal people.
I am sorry, But I don't get it
@@lakshaygulati22001 An economy (specially during recession) depends on how much people consume. If you consume more, means you buy more from companies which means companies grow more and hence economy grows.
If you save the money instead of spending it, companies will face loss and shut down. Economy will become weak. Hence in return you will get less salary hence your savings will get less. So if each individual starts saving more, ultimately overall savings will become less after sometime. Hence a paradox.
@@lakshaygulati22001 as for the suicidal analogy. Imagine a society where many people want to commit suicide. A lot of them will commit, hence ultimately there will be less (suicidal) people.
@@discorddiscord7054 but people put their savings in bank which would be utilised in some productive work
@@lakshaygulati22001 Investment does not bring profit to companies. Comsumption does.
Automobile industry is in slowdown due to lack of buyers. Not lack of investors.
Trying to add humour when the class is serious .
Basically he got so involved into economics, that he almost neglected social appearance and how society behaves.
Theoretically and in isolation, this theory is correct. However, in current times when lay offs are a common thing, not having any savings can lead to catastrophe. However, he is right about 'not saving'. Any surplus money should not be saved but invested so that it gives you more money in the long run. Eventually, the goal should be to make your surplus money work into making you even more money.
When he says "should not save", he means that rationally thinking, the person who imagines themselves getting richer is expected to not save today- but it is an entirely theoretical concept, just like he mentioned in his opening lines :)
People who believes that their income will grow in future won't save . Good principle.
I didn’t get it. Can you explain?
That's simple wisdom.
@@VAZZU what's there to get ?
He's saying if you're in a stable job which pays you well & the one you also enjoy and plan to stick around for life, then you'll grow leaps and bounds along with the organization. So will your salary. & If at all this company has a pension plan for its retired employees...
In this case it doesn't matter if you save or not save since you'll always have a current regular income.
@@imrankhanpathan1470 If you have some big events coming in, like marriage, building a house, buying a car in that case saving is necessary, isn't it, even if you have got a stable income.
What you have said about your grandfather, reminds about my father who was a school teacher built our parental house in the same way. After building of one room, he used to save some money from his moderate salary and built another one. In this way he took several years to complete our house. But observing my father I got so many life lessons to proceed further in life.
He's like a celebrity
Not likely he is a celebrity
Uhh duh
Proud to be a bengali...to see him give lecture on mit and also he is a great economist who is adorned by noble prize.. 🔥
♥️ from TN.
@@jessipinkman7659 they are also the reason for your freedom. Shut the fuck up.
@@jessipinkman7659
And u only smoke meth
@@jessipinkman7659 ok
@@jessipinkman7659 crp is bengali dominated thats why u are jealous
I don't know how certain one can be about the job security, I think his concept was only applicable for govt. jobs in India before 2004 as at that time there was pension which kept on increasing with time, so you got job security and continuous increase in income throughout whole life.
Yes U r right. One can only afford to not save if you have a secure pension guarantee.
Saving isn't the best
@@glittersintheinterstellar9046 umm... Wat if you have a medical emergency?
I believe the full lecture is available on TH-cam.
And I believe I can fly
@@bilalomer1675 This is poetry.
It's available on MIT's official channel
@@anubhutijain5487 I see🧐 you are very knowledgeable...
th-cam.com/play/PLUl4u3cNGP620R91K4KP_fO4l3eeK5lDn.html
The full videos
In a bigger context, Its better to spend on something which enhances you like education than short term happiness which can pull resource out of earth... that way you spend but meaningfully.. just because you are certain of making more money tmw, does not give you ticket to ruin resources today
Poor people have a greater uncertainty in there life compared to richer people. that makes a lot of sense for me.
Thanku Sir
First I thought you are going to tell me how savings is important, that is ridiculous but then you told what really actually matters and everyone should do.
Don't postpone your joy and enjoyment of the present for future spending. You will likely enjoy it less than now. Save only as much is required and use insurance wisely.
Well said. Lot of people spend their lives in thrift and eventually all their savings are passed down and squandered by the next generation.
yolo shit
@@sunnyarora3557 It's LDMU
Yep my kinda person
This is a 1 hr 15 min lecture. This video is not a proper summary of the lecture, niether it has the head or tail what he was trying to say. So kindly watch the full lecture. It's a gem
Though I disagree on few points, yet I'd praise him as a teacher 👍
What points do u disagree with?? I would like to hear them too.
Smartass refuses to elaborate
This discourse excludes however people with irregular income.
Wrong - Even if you earn less you need to keep putting something away. Even if your salary increases multifold in the future, what you have will be less than the savings compounded over long time.
Exactly. I'm surprised he even made that statement. He's talking shit
The balance between savings and consumption is something for the market to decide. This continuous consumption has lead to the spread of hedonism which in turn has led to the unsustainable household debt in the western nations. There are many things I disagree with India , but it is our savings rate that has helped us sustain growth. Thank God, banks still beg to buy credit cards rather than credit cards being the norm of the day. Indian consumption has been brisk since 1991 and India on an average has been able to maintain a 25% savings to GDP rate atleast. The Keynesian paradox that higher savings lead to lower consumption is something that I disagree completely and thank God it is debunked. By the way, I am not a BJP bhakth!!!!
can u just shut the fuck up please?
Telugu valla meeru?
Thts a good analysis I didn't think of wow 👍...+ U mentioning tht u r not a bhakt kind of worries me as where have we come to where political siding is much more given notice than the facts
That's a better conjecture than somebody at a high position made at a highly prestigious institution. Common sense should prevail.... Indians have that thankfully 😀
Unsustainable household debt in western nations. Yeah sure. Like in India, it's sustainable. Its so sustainable that Indian rupees is one of yhe worst performing currencies in asia which relays one of the worst purchasing power group to Indians.
i.e. indeed Indians have to save.
Consumption has led to hedonism in west. As if India "chooses" to consume less, is what you imply, which itself is a falcious logic. Also, i didn't get what the vague aspect of hedonism has to do with economy or individual savings since it has more to do with purchasing power and production infrastructure ,where India lacks.
Having tons of festivals every year, unnecessarily expensive marriage ceremonies and many more such extravaganza, that happens in India can also be clubbed under Hedonism by that logic.
I'm not a congressi ,leftist or libtard btw, nor Bangladeshi.
No point saving if you r salaried with a guaranteed secure job. AB is so right.
Love him, though!!
The most important thing he mentioned that RETIREMENT is most predictable event and then he says IF you reach there 😂, I mean we can't predict a single second of our lives so this theory of savings for future is redundant at first glance only.
We can have contingency fund but it is not a good idea of delaying our present needs.
Yeah I was thinking about the same thing this life is unpredictable anyways.
I disagree with his views of Saving. Saving is a part of contingency plan and not just being rich or poor. And you should know when and where you are going to Park your money !
But value of your money is decreasing every passing day..... but that's not with investments like in Gold, land and good stable stocks.
But still you don't know what sort of stakes would bring you the fruit
Saving is good but investing is better. Do that so that you can spend when you want
Before boosting the video it roughly had 50 to 60k views, but After reboosting the video i swear it got double views within 6 days than it had the previous 2 years views combined.This is the (KAMAL) of money.
Well done Abhijite Banerjee sir.
Better advice would be Earn -> Save -> Invest
Save or invest. And invest in what. That's the question he should answer.
Cause you can save under you bed, and value of money goes down and you'll have lesser money. You can save money im bank and inflation would mean you are losing money.
See
If the answer of your question can be answered by him, he will be an investment banker rather than economist.
Economist research how people behave in economic interaction. Not where to invest.
@@siddivasuchaganti2801 I am studying economics, and i disagree with you bro. Let me explain- Investment banker is not a separate field of study. It's a job position. Infact i know alot of senior with economic degrees doing a investment banking job.
Now in my question, i am not asking for particular stock names that he should name. Sure that will be better question to ask a investment banker.
But how to treat money as a commodity and utilize it, instead of treating it as store of value.
Cause most people forget money's value is not constant. Hence Saving itself is a blanket term that doesn't benefit a person's wealth.
Nor is it (savings) constant at every age. The life-cycle hypothesis explains this.
@@kaberigomes2117 See
Anything With Constant Supply Doesn't have constant value. " Invest in what ?", What does that mean.
Convert your money into an asset where the return should beat inflation.
@@kaberigomes2117 See
Anything With Constant Supply Doesn't have constant value. " Invest in what ?", What does that mean.
Convert your money into an asset where the return should beat inflation.
@@siddivasuchaganti2801 Okay, what asset would you invest in.
Give me an example. And the real world rate of return from it.
Cause i have a theory on this hoping i could write.
Knowledgeable lecture. But I couldn’t stop myself from noticing, what’s with his collar :D
My consumption is less.. Generally.. I like spending of my family..
Hi, please give reply, iam from Hyderabad, india, i think after India's independence in 1947, many caste society elders & members got benifits from hidden public trust or union government India related commonwealth crown estates mater.., Can u explain about this very common secret public benifits mater?
Why that horirific music i. The beginning
How can I save money 💰 if my salary is not so sufficient to save
Where can I get the full lecture?
th-cam.com/video/nc7dDE4_3zs/w-d-xo.html
Here you go
th-cam.com/video/nc7dDE4_3zs/w-d-xo.html
Misleading title. Click bait
Is he really an MIT professor?
Yes he is.
No he was just passing by the class and felt like giving a lecture, so he gave this master piece 🤣🤣🤣.
Just kidding 😂
5 economists can give 10 directions for 1 way to go. Like astrologers.
👍🏿👍🏿👍🏿👍🏿👍🏿
The real question is: 'Should you be a slave of you're poor.'
Pandemic and technology unemployment has proven this professor wrong...where are the good paying jobs
To some extent, the Professor looks like Salman Khan; insightful depiction though.
Poor are not watching this video because of the digital divide we have.
for anyone who wants to study this in-depth, here is full lecture : th-cam.com/video/nc7dDE4_3zs/w-d-xo.html
India need 🆎like Finance Minister
He tried to tell something but failed
True.
His explanation skills sucks
@@auctal4625 that's why he is a noble laureate and you aren't.
@@swyamdipta Noble price measures how you explain idea to students ? Ok didn't know that , thank you .
@@swyamdipta Just a bongla saving a bongla.. OK nuff said.
@@Theone.fitness You spelled it wrong dude. Go check your spelling and come back again. Till then be offend and remember this insult.
He is a great Economist but .....
But what ??
But what if...
Didn't understand 😅
He confused me more whether to save money or not
Don't save many instead invest it in something, cuz the value of money will fall down due to inflation for example the Things you brought 2 years back might have probably become expensive in this present time.
What about entrance exams . People who fail exams just don't get jobs
They are using laptops in class, in our days 2010 if we take dummy touch screen phone to school its a day of show off before girls.
France vs England.
Madam curie.
He was high as fk
Had he not been a noble prize winner..... I would have given 1 out of 5 for this sort of lectures......he can be a great economist but not a good professor.
Nobody bothers what you would give 🤣, mr judge
@@loknathdas3111 i bother.... I told my opinion.... You are allowed to believe that this is a great lecture.
@@kingbing3315 Thing is, he isn't a lecturer.
@@thechinmoydeka oh yeah true... I think he was invited as a guest lecturer.
Shit.. he would have been greatly depressed after receiving such a rating from you..
why his stance is so hunchyy?
He is trying to look intellectual.
Wants to look like a mad scientist , only looks like the wicked crook he is .
Iam saving for playing with many young hot girls when i am 70 years old..
He may be good in his subject but I would never want him as my prof. Seriously.
Bade log.
Bcuz u suck at it
@@shwetabanjare6067 exactly and that is why I need a good Prof who is excellent in explanation..
No one asked u!
He will not give you any lesson because he dont want to waste his time
Don’t be cheap, that’s all. I guess.
Ecnomy can be exp. Interms of elphant also elphant need agood mohaut if elphant get astry the mohaut take care if mohaout go on roaming theecnomy will go out of hand mohaut not good both bad anelpant once trained or tamed is good he willdo hard work pick up log heavy stone can be used in temple and making of temlple if necessary mohout roaming ecnomy down white elephant is find only in Thialand iwhite elphant to keep is very difficult queen Elgebeth has also story of white elphant bananna leaf every thing req saddle is not put on ellephant howda is req. only trained mohaut can sit without howda.
Full video: th-cam.com/video/nc7dDE4_3zs/w-d-xo.html
*कई इतने पक्ष में हैं कि लगता है रामराज्य आ गया*
*कई इतने ख़िलाफ़ हैं कि पूछना पड़ता है भाई तुझे ऐसा भी क्या ग़म खा गया*
#KhabarKahanHai 👇👇👇👇
th-cam.com/video/pY8s798pbTQ/w-d-xo.html
If aman or pm orFm has the policy Uom. Use other money for persnal use and not onpoor and jobless then advice ofable is just like to play flute can you revive aburnt rassi which aciggerrt seller use to save match stick when we used to make room we used to keep bricks ready for mason at night dent in democacy cannot be dentist or ecnmoy idonot study due to helath jnu labirary is big save .
Baniya theory 😛
Ghadi mechanic noi.
Go ask a a marawadi and he will teach you better
Congress Agent 👏👏 and her wife even great 👏👏🤦🤦
Bhakts:
Indian's should boycott this Anti Indian Person
He's not anti Indian,he himself says the media portrait him as that
But those who are really anti Indian should be banned from India asap
@N Dash he's an atheist communist lol. Classic gaumata street shitter moment
Is he drunk?
Pointless video. don’t watch
Body language is very weak, not the type of energy you would expect from a top college professor
Do you want him to dance ?
Wish he could speak with more flow.
Han pata hein teri baap to mat sika . chal
😆😆
Very bad spoken English. So much stuttering.
Where's the stuttering?
All economy teachers are like this. Boring
It's economics, son. There is a thin line of difference between economics and economy.
@@sayakdasgupta5309 😂😂👍
True..
@Shaswata Chatterjee my bad.
@Vedprakash Meena The Mc Mohan line....the Line of Control...Goddamn it...why do people ask such stupid questions?? Why??
Horrible English... Not audible at all
?