A journey begins with a small step and then as you go along,
you reach the destination, you first wanted to reach. But then a human being is
a different animal. He’s not satisfied. He wants more, and that too quickly.
He’s greedy. And then a new journey begins for a newer destination. So
enjoy each of the journeys
The goal will be different in each of the periods :
Say till you are 22 -24 years, you are building the
basic skills, wherein you study and get the various degrees.
Let me try to put a framework n this journey / destination :
·
Age 25-30 – Early days, new money ,
enjoying the money, fulfilling the basic needs – moreso, consuming more
rather than saving .
·
Age 30-35 – You realise the need to save
and accumulate some monies. ( Marriage, kids, emi’s all come in play)
·
Age 35-45 – You work crazy to accumulate assets
.
·
Age 45-50 - You realise you have to
accumulate more, as inflation is eating into the assets and the new gadgets and
lifestyle looks too good to lose.
·
Age 50 – 55 – Again work crazy and invest
for retirement.
·
Age 55 onwards – Ponder as to how much should I
save for a retired life.
The above may not be true in all cases.
Wrote a piece on retirement in Financial Express . Do check
the link
http://www.financialexpress.com/news/cash-flow-key-factor-in-planning-for-retirement/1000689/0
In today’s world, one thing which we you need to understand
is that each one of you need to be financially literate. Do
understand that its your money and you know the best. ( the product
manufacturers, the brokers, the intermediaries are all enablers who needs to be
used only as a guide for wealth creation)
