Millenials…let’s start with some basic calculations shall we? Coz chances are that, the way you are perhaps looking at your retirement plans (those who are, that is!) might just be based on a few faulty calculations!
Well, when I say calculations, I don’t really mean the usual ‘how much will you earn after so and so years’ vs inflation calculation. I’m guessing you already know all that. What I mean is, have you considered the possibility that some common things that you know, and what you perceive of them, might be faulty?
LET’S TAKE AN EXAMPLE…
Let’s think for a moment that now you are a senior citizen and you had a fixed deposit in a bank @10% interest in 2013. You have been getting Rs. 35,000 per month since 5 years helping you to lead a worry-free life. But now, when the deposit has matured and you re-invest it in 2018 at an interest rate which is lower, you start to get Rs. 26,000 every month.
So let me ask you…how much has the returns reduced for you, percentage-wise? A whopping 25%! Yes, the interest rate might be down by just 2.5% but from your point of view, your returns for your fixed deposit has gone down by 25%, isn’t it?
Bu hikaye Mad About Money dergisinin February 2018 sayısından alınmıştır.
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Bu hikaye Mad About Money dergisinin February 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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