What is common between a bank account and a gun?

There are some incidents in life that leave their mark forever. One such incident I often tell people about happened when I was a young man. Despite being married, I was far too young to be called a mature man. I tied the knot at 24, an age when most young men are just emerging from the cocoon of university life, stepping into the real world, full of uncertainties. It was around this time that I met a friend who had recently joined the Indian Police Service. After some casual conversation, I asked if he could help me get a gun licence, as I wanted to keep a licensed revolver.

His reaction was of astonishment, as if I had asked him for his kidneys. I had only asked for a gun licence—a small favour, I thought, from a police officer friend. But he was taken aback. He asked why I needed a gun and what purpose it would serve. "For my protection," I replied. He shook his head and said, "No, a gun doesn’t protect." Intrigued and somewhat agitated, I asked, "What does it do then?"

"It shoots bullets. It hits the target, and potentially kills it," he explained. For the first time in my life, I listened without interrupting—rare for someone just embarking on a journalism career.

His words struck a chord and I realised that a gun is designed to fire bullets, not flowers or gold coins. The circumstances dictating its use could easily spiral out of control. I saw this obvious fact in a whole new light when I heard it from someone whose job involved handling guns. I abandoned my desire to own a gun, fearing I might lose control of it. If you can't handle something, it's best to stay away from it.

This lesson made me reflect on my approach towards money, especially when managing my salary account. I used to treat money as a means to buy anything and everything, often spending it all before the next payday. My salary had a fleeting lifespan of 30 days or less, owing to a self-diagnosed condition that I like to call "uncontrolled transaction syndrome."

Much like a gun-toting cowboy, I used my salary account like a gun. As soon as the account was loaded, I would start firing transactions indiscriminately until it was empty. At times, I was so broke that I would have to transfer small sums like ₹30 and ₹40 from one account to another to reach the minimum withdrawable figure of ₹100. Alas, there was no Paytm or like in those days!

I left the desire to own a gun because I couldn’t control it. Unlike a gun, you can't shun money or bank accounts; you must learn to manage them. It's crucial to control your transactions and invest wisely from the start of your career rather than waiting for the time when you have ‘enough’ to spend and then start investing. Starting your investment journey early ensures you have enough resources for an uncertain future.

Thus, your bank account is similar to a gun; it is highly powerful and can cause great damage if not used with control. Never treat your bank account like a gun, indiscriminately firing notes like bullets. Instead, control your financial transactions, invest wisely, and ensure a secure future.