Well, talking about retirement is still a taboo among youngsters. The moment they come across the word “Retirement”, they start reacting weirdly as if they have been asked to submit their property papers. For them, imagining about retirement is boredom. They perceive retirement planning as the most tiring part of their life.
One fine evening, while on my way back home, I was having a casual conversation with my workmate about our financial conditions.
“Are you saving for your retirement”, I asked in general.
“What? Saving for my retirement? Dude, I would rather spend it away on a luxurious holiday. I have just started earning and you are talking about getting retired? Come on man, grow up. Life is all about having fun. Forget about retirement at this young age. It’s a boring part of life which no one wants to see my friend”, he replied while giving a weird look all over his face.
“I still need to party, buy my dream gadgets and want some chick action in my life too. So talking about retirement at this young age is a big NO!! Let me enjoy my youth buddy. Retirement is for oldies, not for youngsters like me”, he added.
Such a callous attitude towards one’s own hard-earned mney was not new to me. In fact, we never bother about saving when we start earning. ‘Why do I need to save for retirement at this young age when I can save it later?’ is a typical response from 20-something. We just go with the crowd and spend like a boss without fussing over our financial situations.
As per my experience, people seem to be uninterested when it comes to savings. The only thing they think of is “Kharcha”. The moment they start earning, they dream of having an iPhone, luxurious watch, expensive leather shoes and so on. The list starts piling up every year. Even if they have to take a loan to buy all those unwanted stuff, they don’t shy away from availing it. And in this whole vicious cycle, they get honey trapped in paying heavy EMIs every month, every year.
Plus, I have also observed that at the end of the month, most of the people end up with nothing in their bank accounts. In fact, many of my colleagues were found surviving on the money lent by their peers or friends. Is this the way you want to live rest of your life? Is it a matter of pride that you stay afloat on someone else’s money because you can’t manage your finances and expenses well?
Even though, everyone wants to be rich still no one is willing to save. They just keep on spending foolishly on things which they don’t even need in their common life. It’s due to the lack of financial literacy and poor financial management skills that a lot of people end up becoming broke.
Before I wind up this post, I would like to draw your attention towards a survey “What do people love to plan when they start earning“. Just have a look.
As per the survey above, almost 48% of the people plan to buy their dream cars when they step into their earning age. And let’s not forget that 7% of the people who plan to retire rich. Really? Just 7%?
Do you genuinely want to spend your retirement miserably? Do you really believe that you would secure a decent source of income by the time you retire?
You need to think. That too, deeply.
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