“Wealth can only be accumulated by earnings of industry and savings of frugality”-John Tyler
Not everyone is endowed with fortune. It is a product of untiring pursuit. Kabir was also in one such pursuit. He was one of the slum dwellers in Delhi. He toiled hard in a hospital and earned a good sum of Rs.18,000. Some people may think this sum to be trivial but keeping in consideration his demands, it was lump sum. Even he did not have a wife and children to support. He had few requirements as aforementioned and hence he could save as much as Rs.8,000 to Rs.10,000 per month out of which he gave is parents (who stayed in Uttar Pradesh) Rs.5,000 o Rs.8000.
Kabir was smart enough to be account holders in Delhi as well as in his village in Uttar Pradesh. The only point of regret was, though he had a bank account, he did not exploit them to the full potential. Besides, the bank in Delhi were ‘not so co-operative’, as he says from his personal experience. He was often waylaid. He was unaware of facilities like individual loans and locker. He did not know which interest rates would be advantageous to him. Concisely, he was financially illiterate. Hence, his savings were not properly channelized.
This is one of the many real life instances. There are many more Kabirs out there in the street who are still unaware of the various governmental plans and policies. And so, the dire need of financial literacy which will grant flexibility to the people in their use of money.