Does a man who hasn't made his millions have the moral right to advise people on how to manage their money?
The man with the peaceful smile gazed at the two friends chatting next to him.
Doer: But how much money have you made?
Thinker: Not much.
Doer: Do you have a house of your own?
Doer: And you drive that rickety Maruti 800?
Doer: In what capacity, then, are you giving me financial advice?
Thinker: As someone who has some knowledge of finance.
Doer: That’s no good. If you want to advise people about money, you must be rich yourself. That is, if you want them to take you seriously.
Thinker: But my being poor has nothing to do with the knowledge I have or the advice I give.
Doer: Of course it does! If you’re really knowledgeable, you should be rich.
Thinker: By that logic, all finance ministers, fund managers, analysts, economists should be rich.
Opinion in Outlook Money