Lightly guarded India temple holds $22B treasures

NEW DELHI (AP) — A vast treasure trove of gold coins, jewels and precious stones unearthed at a lightly guarded Hindu temple in India was expected to grow further in value Monday as the last two secret vaults sealed for nearly 150 years are opened.

The government has increased security since the treasure's discovery in recent days, which has instantly turned the 16th-century Sree Padmanabhaswamy Temple into one of the wealthiest religious institutions in the country.
Four vaults recently opened at the temple in Trivandrum, the capital of the southern state of Kerala, held a vast bounty that unofficial estimates peg at $22 billion.
The treasures unearthed so far include statues of gods and goddesses made of solid gold and studded with diamonds, rubies, emeralds and other precious stones, crowns and necklaces, all given as gifts to the temple over the centuries.
The volume of gold and silver coins was so enormous that the investigators weighed the coins by the sackful, rather than counting them, officials said.
The temple, built by the maharajas who ruled the then-kingdom of Travancore, remained under the control of the erstwhile royal family after India's independence in 1947.
India's Supreme Court ordered the inspection of the vaults after a lawyer petitioned a local court asking the state government to take over the temple, citing inadequate security. The current Maharaja of Travancore had appealed to the Supreme Court against the petition.
The inventory began last week and the final vaults were to be unlocked Monday afternoon. The public knew the temple had treasures but not the quantum.
Before the trove was uncovered, there was almost no visible security at the temple, save for a few local security guards patrolling the complex with batons, mainly for crowd control.
Kerala's police chief, Jacob Punnoose, said he sent extra police officers to guard the temple and is planning a high-tech security system to protect the treasure.
"We plan to enhance security in a manner which will not interfere with the activities of the temple or devotees," Punnoose said.
The security plans include the installation of digital electronic networks, closed circuit cameras and metal detectors at the entrance and exits of the temple.
Manoj Abraham, city police commissioner, said two battalions of special armed police would provide security outside the temple complex.
"Later, we will discuss with temple authorities and members of the former royal family what kind of permanent security system should be put in place," Abraham said.
Every year, devout Hindus donate millions of rupees worth of cash, gold and silver to temples. Some temples in India are so wealthy, they have formed trusts which run schools, colleges and hospitals that offer free treatment to the poor.
The discovery has sparked a debate over the future of the treasure trove.
Vellappally Nateshan, a Hindu leader, said the wealth should remain with the temple authorities.
Some social activists in Kerala have demanded the treasure be handed to a national trust to help the poor.
Kerala's top elected official, Chief Minister Oommen Chandy, however, assured the people that the wealth would remain with the temple.
"It is the property of the temple. The government will protect the wealth at the temple."
Chandy said the government would bear the cost of stepping up security at the temple and ensure that worshippers were not inconvenienced.

Top 5 Tips to Build Wealth and Success

Warren Buffett is worth $45 billion. That wealth isn't only a factor of savvy investing and good business — the "Oracle of Omaha" is also known as a penny pincher. Buffett still lives in the same Omaha, Neb., home he bought in 1958 for $31,500.
Follow his frugal formula, and you too may wind up with a lot more money than you ever dreamed.
This week Financially Fit covers five tips to build wealth and success.
1. Live Below Your Means.
Being wealthy isn't just a product of your salary or investment prowess; it's learning how to save.
"We can make a lot of money, you can make a little bit of money, but the second you spend all the money is when people get into trouble. Saving is the key to preserving your wealth," says Ed Butowsky, managing partner of Chapwood Capital Investment Management, a firm that manages money for wealthy individuals.
As many Americans realized during the booming real estate market, just because you think you can afford something doesn't mean you should buy it. Keeping an eye on your bottom line will pay dividends over the long term.

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2. Bounce Back From Defeat
With nearly 15 million workers unemployed right now in the U.S., it's easy to get discouraged. Don't! Most successful and wealthy people have overcome obstacles and failure along the way. Steve Jobs was ousted from Apple when he was 30. Today, he's a billionaire and a legend. Plus, after getting fired, he created another billion-dollar media company, Pixar.
"Bouncing back from defeat is something all great achievers have. They have this undying belief good things will happen and will continue to happen," says Butowsky.
Take Michael Jordan. "His airness" was cut from his high school basketball team. Motivated by the rejection, Jordan became a star the next season. The rest is history.
3. Self-Promote
Regardless of the profession, the rich and successful tend to have a strong sense of self-worth — key to skillfully navigating an upward career path. Mark Hurd, who was ousted as CEO of Hewlett-Packard in August, couldn't be kept down for long. Using his business skills and connections, in September, Hurd was named president of Oracle. (Hurd and Oracle founder Larry Ellison are known to be close friends.)
4. Have Street Smarts
Bernie Madoff lived the high life for decades, scamming unsuspecting clients, with a money-making formula that proved too good to be true. Only afterward did we learn that with a little due diligence, most clients could have easily uncovered the fraud.
But it's not only the swindlers and the con men you have to watch out for. Many times, friends and family take advantage of the rich. Whether it's a handout or an investment idea, Butowsky advises his high net worth clients that in most cases, it's wisest to just say "no." The best way to do that: have someone else do it for you.
"You need to really set up a wall between you and your family," he advises. "If you don't want to give them (family or friends) money ... saying no is probably a good idea."
5. Buy Cheap
The rich can afford to splurge, but that doesn't mean they do.
John Paulson, a billionaire hedge fund manager, bought his Hamptons "dream house at a bargain basement price," according to Greg Zuckerman, author of the Paulson-based book, "The Greatest Trade Ever." The story has it that Paulson eyed the home while it was in foreclosure. Finally, on a rain-soaked day, he purchased the home on the Southampton town hall steps. He was the only bidder.
On New York City's Upper East Side, Michael's— The Consignment Shop for Women— has been a bargain-hunting destination for more than 60 years. "We have a good percentage of women who can afford to shop on Madison Avenue but really like the idea of saving that money," says proprietor Tammy Gates.
From Chanel to Gucci and Louis Vuitton, the store specializes in high-end designer merchandise for a reasonable price. Speaking of her clientele, Gates says, "they're wealthy for a reason. They recognize that bargains keep people wealthy. Paying top dollar when you don't have to doesn't make sense."