Personal money matters

"Money and happiness are 50% related"

Eminent abstract painter, L A X M A N S H R E S H T H A , speaks on his experience from being a struggling artist on the brink of starvation, to being teamed with India's most sought after artists.

How important is money to you?
Money is the most important thing in life, if you don't have it. Money is important to survive and for your own privacy. But I am not a businessman and I don't run after money. Money is incidental to my life.
Till 1975, I was a starving artist and I honestly thought that I would have to live all my life like that - a poor starving artist. But today things are different.The money keeps pouring in and I have to stop it from coming.
Do you believe that money and happiness are related?
Fifty percent, yes they are related. Money brings happiness, as it is able to ward off the tensions associated with everyday life.That's obviously true only if money is handled well.
Where do you invest?
I am not a business-oriented person. I invest in simple instruments that are the best (safest). Earlier I had chosen to park my saving with UTI but today it is only the absolutely safe Reserve Bank of India Bonds. Stocks don't interest me and I don't have the time to study or invest in stocks.
Who handles your investments?
There are two or three people who help me handle my taxation and other money matters, that since I started paying income tax in 1975.
At this juncture, obviously you have fulfilled your financial goals?
Yes, many times more than I would have ever expected or dreamt of. But it is important for you to note that I am a straightforward and simple person and money has not changed my style of living.The money is much more than I need, but I remain the same!
Do you enjoy spending?
Yes, lavishly. I own three cars; I travel extensively and do so well, without cutting corners. I was recently in New York and Paris and I have shopped around there and lived well. See, I have targets set on the amount that needs to be set aside and once I have crossed 2/3 times that limit, I don't have much interest in the
excess. I have no issues in spending that money.
My life doesn't depend upon money. I am an artist and I can simply withdraw from it all. I like to remain secluded for days. I like to listen to music, read and paint. There are days when I want to be alone in my white-walled studio.
Are you happy today or were you happy earlier?
While money brings 50 percent of the happiness component, there are other things that are important that money can't buy. I was happier earlier also. I have been very lucky to find a life partner who is full of love.
I also want to add here that often people tell me, "Laxman, you are a rich man." This is not entirely true. See, 33 percent of what I make is taken away by the gallery owners, 33 percent is taken by income tax, my wife takes away another 33 percent, so I'm ultimately left with just 1 percent in my hand!
What are your views on art as an investment?
If you had asked me this questions in the '70s or 80s I would say I don't know and don't guarantee you anything.Today,it is altogether different.Auction houses have changed the art scenario and art has become a commodity.I have sold my own paintings for Rs.600 in 1970 and today it will go for maybe Rs.10 lakhs

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