Welcome to Friday Fisdom..
Many Many Thanks to all for the overwhelming response to our last Friday Fisdom on Amitabh Bachhan’s films…we also got some interesting feedbacks and questions…
One of the interesting question was on our narration on retirement planning based on film Baghban….Somebody interestingly asked –Should we be selfish & not educate our children or spend for their well being? Would like to repeat what we said then … Baghbaan
The whole movie is around an old couple that spent their life and their life’s savings on their kids, only to find in their golden years that the kids were not in a position to help them at all.
As said then, Many parents have assigned a lower priority to their own retirement years and spent every bit of saving on education and marriage of their kids. The lesson in the movie is very powerful. You are on your own in your retirement years. Please plan properly.
Our suggestion is simple ….assume if you have 2 children and you spend on an average 15000 p.m per child for all their needs, please consider you having 3 rd Child and invest 15,000 p.m. in the SIPs too…
We are sure that even if you spend all the other money for their other needs, this 3 Child (SIP) could be enough to take care of your retirement 20-25 years later…
This Week’s Fisdom :
It is our prime responsibility to take care of all the needs of our children’s education, marriage etc, but it is also our responsibility to plan for our retirement, so that we can be living independently !!
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