Rajeev Verma
A good economist is not just someone who understands large-scale financial markets, global trade, or government budgets. A true economist is someone who can apply the principles of earning, saving, spending, investing, and analyzing money in the simplest form — in personal life, household decisions, and professional planning. In reality, every person deals with economics daily; only a few do it wisely.
A good economist begins with earning money. Earning must be based on skills, effort, and value creation. Money earned through knowledge and hard work is stable and respectable. A wise economist never depends completely on one income source. They understand that the economy changes, jobs evolve, and businesses fluctuate. Therefore, they prefer multiple income streams — salary, side business, rental income, dividends, or consulting. The more diversified the income, the stronger the financial foundation.
Once money is earned, the second skill is saving. A good economist knows that money saved is not money wasted — it is future security. Savings protect from unexpected situations like medical emergencies, job loss, or family needs. Most experts suggest saving 20–30% of total income. But the habit is more important than the percentage. Even small consistent savings grow with time.
After saving comes budgeting and expenditure. A sensible economist spends money mindfully. They differentiate between needs and wants. Needs are essentials: food, health, education, shelter, and basic transport. Wants are comfort items: branded clothes, dining out, gadgets, luxury purchases. A disciplined person never spends for showing off; instead, they spend for utility and value. The secret is simple: Don’t buy because others have it — buy when you genuinely need it.
Next comes investment, the most powerful financial tool. Saving stores money, but investing grows it. A good economist understands inflation — the rising cost of living. If your money is not growing, it is actually shrinking. Investments can be in mutual funds, gold, real estate, stocks, government schemes, or business expansion. Time is the biggest friend of investing — the earlier one starts, the richer the results.
Another trait of a good economist is avoiding unnecessary loans and debt. Loans are useful only when they help in building assets — like education or house purchase. But loans for lifestyle, travel, or celebrations create financial stress. A wise person uses credit as a tool, not a trap.
Finally, a good economist practices financial review and learning. They track where money is going, update knowledge about the financial world, and adjust strategies based on goals. They believe in growth, not comparison.
In conclusion, a good economist is someone who earns with honesty, saves with discipline, spends with wisdom, invests with vision, avoids wasteful debt, and continuously learns. Money is not just meant to be spent — it is meant to be managed. When money works for you, life becomes stable, confident, and meaningful.
RAJEEV VERMA 