Managing Money Beforehand Is Crucial To Survive The Winter Of Life
Money, Money, Money Always Sunny In The Rich Man’s World! This famous ABBA number underlines the importance of money in our everyday life and it is very crucial to plan financial investments well in advance to remain solvent. Also, its imperative to take stock of it when people are in their late 40s or early 50s as barely 10 years are left of their professional life.
Anirban Chatterjee, 52, a journalist did not invest much when young as he was the only bread earner in a family of five. With elderly parents, wife and a daughter to take care of, he barely saved enough to invest. “I had to pay for a home loan, car loan, child’s education in a private school besides accumulating money for annual holiday every year” said Chatterjee.
Certainly, it is not easy to save and invest when one has too many responsibilities. But at the same time, saving up is extremely necessary keeping ‘life after retirement’ in view. “My only safety net in terms of savings now is my provident fund and gratuity,” revealed Chatterjee.
However, he is now planning to invest in mutual funds, particularly systematic investment plans (SIP) to grow his money faster.
On the other hand, Amrish Kumar Sharma, 48, Regional Sales Manager, Pall India, has a different story to narrate. He has a family of four -- wife and two children. “I have some investments in the share market. I have a house of my own to stay and an additional one, which I have put on rent. I also have some agricultural land and insurance covers,” said Sharma.
Sharma, a resident of Delhi, National Capital Region, however, is still bothered about retirement as he feels these investments might not be enough to support him.
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