The personal impact of a recession can bring out the best or the worst in people. In my case, it was both. But on balance, whether it good or bad, I still haven't been able to figure it out. Only time will tell, I guess. But I am getting ahead of myself.
Let me start at the beginning. My name is Prerna and until a few months back, my husband Dhruv and I were living the vaunted Indian middle class dream. We were both working in mid-level positions in the same small but influential financial corporation. In fact we met as colleagues, became friends, then fell in love, and then got married. We had decided to postpone having children until I got promoted to a managerial position. So two decent incomes without any children translated into a pretty comfortable lifestyle. We had both grown up in families with financial troubles, so when we had a good income, we spared no expense at acquiring any luxuries. A sea-side 2 bedroom rented apartment in Juhu equipped with every luxury from a flat screen TV to a washing machine and even a drier. An expensive foreign-made sedan. Frequent foreign trips in Europe and East Asia. And of course, the services of a drive, a maid and a cook.
The problem is, we started living more like middle class Americans than middle class Indians. And by that, I mean, we racked up quite a debt. Our salaries were decent, but not lavish enough to pay for all these luxuries out of our pocket. So almost everything had been financed by loans, and most of our incomes went in paying the monthly installments, credit card bills, and the rent. The thought of saving for a rainy day did cross our minds occasionally, but Dhruv and I always said that we'd start saving once we get promoted to senior positions and our salaries grew really big. After all, the stock markets worldwide were booming, our bonuses every year were growing, our stock option value was multiplying, and our company was considered one of the rising stars in the financial sector. So we thought that as long as we were both young, we should enjoy our lives, and start saving later. The later, as it happened, was really bad.
Let me start at the beginning. My name is Prerna and until a few months back, my husband Dhruv and I were living the vaunted Indian middle class dream. We were both working in mid-level positions in the same small but influential financial corporation. In fact we met as colleagues, became friends, then fell in love, and then got married. We had decided to postpone having children until I got promoted to a managerial position. So two decent incomes without any children translated into a pretty comfortable lifestyle. We had both grown up in families with financial troubles, so when we had a good income, we spared no expense at acquiring any luxuries. A sea-side 2 bedroom rented apartment in Juhu equipped with every luxury from a flat screen TV to a washing machine and even a drier. An expensive foreign-made sedan. Frequent foreign trips in Europe and East Asia. And of course, the services of a drive, a maid and a cook.
The problem is, we started living more like middle class Americans than middle class Indians. And by that, I mean, we racked up quite a debt. Our salaries were decent, but not lavish enough to pay for all these luxuries out of our pocket. So almost everything had been financed by loans, and most of our incomes went in paying the monthly installments, credit card bills, and the rent. The thought of saving for a rainy day did cross our minds occasionally, but Dhruv and I always said that we'd start saving once we get promoted to senior positions and our salaries grew really big. After all, the stock markets worldwide were booming, our bonuses every year were growing, our stock option value was multiplying, and our company was considered one of the rising stars in the financial sector. So we thought that as long as we were both young, we should enjoy our lives, and start saving later. The later, as it happened, was really bad.