Many of us find managing money and becoming well off difficult.
Actually, it is not complicated.
For senior citizens It might be sensible to live frugally to fulfill his needs. Most might be thinking that it is outdated thinking.It might put many off.If needs are less
, automatically there might be savings.May be over a few years say 7 or 8 you might have a sizeable amount as savings which can support rest of life
Many crave for luxuries seeing the neighbour. We would like to boast that we have the latest car ,luxury villa or where to invest. It improves our standing in social
circle.Thats no way of becoming rich.
To do well , one needs to do compounding of money saved.Thats why schemes like PF or PPF are good . At end of life at retirement most have a sizeable sum.
It would be a good idea not to go for short term withdrawal.
Risk taking one needs to avoid.If one has lifetime savings, investing all of it for higher return in one entity is risking. Some investment might be justified after
setting apart a major amount in hard saving instruments.
If you are investing a small amount spread it over a number of companies or mutual funds -debt funds with good returns or mix of debt and equity.Invest in
solid companies with long time good records. Do not be carried away by what you see on TV or news.
We need to look at our own life and lifestyle instead of our well off children earning and playing with big money with lifestyle which matches it.Let us be self
sufficient with our own money and remain viable until end of life
Actually, it is not complicated.
For senior citizens It might be sensible to live frugally to fulfill his needs. Most might be thinking that it is outdated thinking.It might put many off.If needs are less
, automatically there might be savings.May be over a few years say 7 or 8 you might have a sizeable amount as savings which can support rest of life
Many crave for luxuries seeing the neighbour. We would like to boast that we have the latest car ,luxury villa or where to invest. It improves our standing in social
circle.Thats no way of becoming rich.
To do well , one needs to do compounding of money saved.Thats why schemes like PF or PPF are good . At end of life at retirement most have a sizeable sum.
It would be a good idea not to go for short term withdrawal.
Risk taking one needs to avoid.If one has lifetime savings, investing all of it for higher return in one entity is risking. Some investment might be justified after
setting apart a major amount in hard saving instruments.
If you are investing a small amount spread it over a number of companies or mutual funds -debt funds with good returns or mix of debt and equity.Invest in
solid companies with long time good records. Do not be carried away by what you see on TV or news.
We need to look at our own life and lifestyle instead of our well off children earning and playing with big money with lifestyle which matches it.Let us be self
sufficient with our own money and remain viable until end of life