• Home
• /
• KT Network

Stay practical, not emotional

My father was a shrewd businessman. He never deviated from his principles and remained practical throughout life. He never took decisions under the influence of emotions. When he retired from business, he handed over the management of Al Adil Trading Company to me and left for India to enjoy his golden days. Although he made me the manager of the company, he prudently took care not to pass on his ownership rights. In lieu of that, he kept receiving his share in the annual profit. Even after the demise of my mother, he preferred to live alone. I insisted that he come to Dubai and live with us forever, but he declined my proposal politely every time.

One day I asked him the reason behind his obstinacy and he smilingly said: “My dear son, it does not mean I don’t love you, but in my opinion every person should retain their freedom, personal space and dignity as long as they live. We often observe that most senior citizens pass on their wealth, rights and responsibilities to their children after retirement and then become helpless and dependent for their every need, turning their life miserable. I am not foolish enough to commit that mistake. I believe in always remaining self-reliant.”

He told me the pathetic story of his neighbour’s wife. The neighbour had been a wealthy person. He had a family consisting of his wife, a son and a daughter. The children were both grown up and married. In his last days, the gentleman gifted his entire wealth to his children, dividing it equally between them, and keeping his apartment flat and a healthy sum for his wife. After his death, the widow started living with her son and daughter-in-law. After some time the behaviour of her jealous daughter-in-law completely changed and she began to hate her mother-in-law. She made her husband an accomplice in her plot and both of them started harassing the poor old lady to transfer the ownership of the flat and her share of wealth to them. The widow did not her get her daily meals on time and when she fell ill, the son and daughter-in-law neglected to provide medical care to her. Her life was like a prisoner under constant watch. One day when her daughter came to visit, she related her condition to her daughter and sought asylum in her house. She never returned to her son after that.

Concluding the story my father told me: “Son, a wise person should not lose his financial freedom till death. Enjoy your hard earned wealth lifelong, make a will when you foresee the end of your life and pass on the entire property to your spouse first. After them, let it be inherited by family or friends or whoever you wish. Never take important decisions emotionally, but practically. One day you will also grow old. There are only two things that stand by you forever — your spouse and your money. Remember my words.”

Dr Dhananjay (Jay) Datar is the chairman and managing director of Al Adil Trading.