Did you think that having ample money is an assurance of a good, prosperous life? Mr. & Mrs. Malhotra live in an upmarket housing society in South Mumbai. Most people would see them to be truly blessed, prosperous and would want to be in their situation. Read on and discover how you would feel in the shoes of Mr. & Mrs. Malhotra.
Here is an insight into the perfect life of Mr. & Mrs. Malhotra
* Current networth of R11 crore. (This includes home worth R2 crore, farm house worth R1 crore, RBI Bond Investment of R1 crore, jewellery worth R75 lakh, PMS schemes – R25 lakh, their share in family’s commercial properties in Aurangabad, Delhi and Ahmedabad valued at R4 crore, their share in family’s business premises in Mumbai valued at R2 crore)
* Loans and liabilities: Negligible, some car loans
* Have half a dozen gold and platinum credit cards
* Have premium relationships with all companies: Private banking, premier banking, priority circle, etc,.
* Sought after for business by all relationship managers of all companies
* Two children studying in the United States.
* Generally, a 5-star lifestyle
Here are some more insights
* Ongoing business income: Practically nil
* Investment income: R6 lakh p.a. from R1 crore invested in 6 per cent RBI bonds
* Basic expenses: R9 lakh p.a. approximately a deficit of R3 lakh and gap widening each year with inflation.
* Commercial properties are all under double dispute i.e. amongst siblings and with encroachers. Assets cannot be used as they are part of family trust and trust was formed by Mr. Malhotra’s late father, who died in 1996 without a Will. Assets can be seen but cannot be used or touched till disputes are resolved. As a result business premises in Mumbai also under family squabbles for the last eight years.
* Children’s fees in USA partly paid — no more liquid money available for fees.
* Now, the Malhotras are considering taking a loan for a number of things, which in my opinion is a very bad idea given their situation.
Their situation is so critical that it is hard to imagine that someone who is worth R11 crore today has problem in funding their children’s education. Children have to work and earn their fees, while their parents i.e. Mr. & Mrs. Malhotra are under depression, cannot afford to think about holidays, feel strangulated to maintain their lifestyle.
If you think that