Topic: Prepare for the life when you get old - page 13. (Read 2303 times)

Good advice, but I've never heard of it. Now bitcoin can be our gold coins, because it is called digital gold. In our time, you should not rely on the pension system, because it is not enough for a good life, so we ourselves should take care of our prosperity. If it is more convenient for someone to buy gold for this, then I think that this will also be an excellent plan, for such a long period, gold will protect your investments from inflation and crises, and will also rise in price well.

Although I just heard this old saying. but to be honest I'm a little interested in the contents of the old expression. and it is quite reasonable if we do. because the value of gold is indeed the strongest to survive and is not too affected by inflation. I was even quite surprised when I asked my parents about the price of an adult goat long ago if it was bought in gold when my parents were young (decades back). and my parents answered about 4.5 grams to 5 grams per goat.

And now I'm trying to try to convert the price of gold into my country's currency. and match it to the current price of an adult goat. and I was quite surprised because in fact the price was still the same if bought with gold then one goat could still be bought with 4.5 grams to 5 grams of gold in my country. so I can say that the value of gold is not too affected by inflation. and if it's about saving for old age then you are right that saving it in gold is the right move. but that is only for savings and not investment. which means the value will not increase at all. gold can only maintain its value.

One of the best ways to save money before getting old is to start a business with some of your savings. As the family's head of household, giving your wife some of your savings to launch a business is beneficial and will also generate income that you can use to invest in bitcoin before getting old. Although no one can predict the future, taking action now to benefit yourself later on is crucial.
I've seen a lot of people who work a regular job and also managing a family business to ensure they never lack anything, and I'm confident that even if they retire from their jobs, they won't be in need because they established their goals in advance.

I heard an old phrase once about saving for retirement, it requires a worker to save at least 1 or more gold coins for every year they have worked.  This is in order that no matter the currency that might exist in 50 years times after you start work you will still have the gold which does not rust, degrade or devalue especially over decades.  If you do not have this minimum in addition to pension or other ideas of saving like a house for example then expect to struggle with issues like inflation which are not new and can be expected to always arrive in time for old age.

one should have a small home - because at the end all the children will go to other places and will be settled with spouse
One should have some funds - to have food on the table too pay the nursing staff. at the end we all are going to die and leave everything behind.

In life, there will always be regrets because there are times that we can make a mistake no matter how prepared we are but we should not think about it heavily. Just move on and try to improve your self in hopes of avoiding those mistakes again. If we are too old already I guess we can't do much anything but to just stay calm and wait for our time to leave this world.

We might have our kids, we can only teach them or give them some tips on how can they improve their life. Some people enjoy hard while they are still young, there is nothing wrong with that and this was better than regret enjoying when you are old already. Sure you have a lot of savings but you are too weak to enjoy it all. It's still useless.

Parents who still experience difficulties in their old age are parents who did not educate their children better or they themselves never had a good education in their youth so that they still have to experience more bitter difficulties in their old age. That is why it is highly recommended for everyone to better educate their next generation and in this case I mention their own children so that they can help them in their old age.

Because when someone is in old age, the next generation like children will be very valuable for him to be able to run his business or manage his assets properly. So before moving into old age everyone always recommends continuing to have a more qualified education and more assets so that in old age you don't have to work harder, but only enjoy the results in a more relaxed manner.

Yes, it may be especially true. The idea of living old age happily is something we all strive for, but financial pressures can make it challenging. Many parents find themselves working hard to make ends meet, selling assets to support themselves in their old age. However, it is important to remember that proper preparation is the key to a comfortable retirement.

I think Investing in assets that generate passive income can help relieve financial stress and provide a steady stream of income during retirement. It's important to start preparing for retirement early, prioritize saving and investing, and seek advice from a financial professional when needed. With proper planning, we can all look forward to a happy and comfortable old age.

In my country we have life Assurance company as an income earner it is most appropriate to pay premium to prepare for life at old age, in my country all government workers are entitled to monthly pension after retirement though their salary earned isn't up to amount paid during active service, nevertheless the amount paid as pension is enough to feed and cater for themselves.however non government workers e.g company workers who are not entitled to pension are advice to utilize life Assurance, this had been a saving grace for a lot of elderly retirees, however due to economy hardship in my country it hard for non government workers to save and register with a Life insurance company.

That is something that people in this forum will definitely do because of course they read a lot of investment advice and get a lot of reference sources in preparing for old age, a wise decision if we do share what we get from active income to several assets that can be give us additional income or what we call diversification, some of the things we might be able to do is that if our income can be enough to diversify, if not it will be difficult if we force what we can't afford, I think if we are young it's more whether we invest in ourselves to increase and or increase our potential or abilities that we have so that careers become easier to earn income, and we can be more flexible to make assets that provide passive income for old age.

I did read your long post, and I'm pretty sure that there are many here in our country who are experiencing the same as your uncle, or even worst.

You said that you uncle is doing okay though even with the economic downturn that we have face worldwide. I've seen some sailors (or in our term, seamen) here in our place that are now having a hard time because they didn't save any money when they are young. They've spent it on some things that they didn't need, and when they got old, they are now having a hard time. Just to share. My older brothers are sailors for decades as well, but the good thing for them is that, they know how to save money for their future. Unfortunately though, they are a bit hesitant, and a bit new when it comes to investing. I didn't follow them because I want to do something different from them.

If I will give some tips aside from what the OP has share which is "Always plan for the future", I think these are what I will say.

1. Invest. It's isn't that hard to invest right? If you are quite new, and you really wanted to invest, go invest into index funds. If you are more risky, go invest into stocks. Investing in assets, particularly those who are giving annual dividends (stock market) is the way to go. Imagine you build your base when you are young, and when you are old enough, and can't work anymore, you are getting annual dividends without doing anything. Imagine how much Warren Buffett is getting annually in his dividend stocks.

2. Save. The younger you start, the better it will be. Don't save for the sake of saving, but have a deep reason to save whether it will be for emergency funds, or you want to invest into something etc. Always save for the future.

Having a high income is useless if you don't know how to invest, and save. You will not work forever, so build a base when you are young. Invest. Save. These are the things that will help a person when got old.

We should go through old age with happiness, but there are still many parents who are busy making money and it seems that the burden of living is increasing, it's only natural that many parents sell assets because when they're old it's very difficult to make an income, but we must always remind you that when you're old you have to have good preparation by investing so you can get passive income.

I have witness friends from less priviledge home and turn out to big boys that made money bag for their self but they are consumed by these latest luxurious life and the life impressing thing teenage do, instead of reinvesting that money into something big; when you want to advise them, they will tell you it is because you are yet to make one for yourself that is why you want to advise them, they will continue to flex that money until everything vanished and start struggling for another means. If I am lucky to have enough money at as I grow, I will save and invest them for rainy days.

It is quite obvious how extremely important financial planning is since it would be a best gift to yourself when you grow older or retire in the future. Life is very unpredictable, so we should at least be ready for the perceivable events that might happen. It is best to plan everything and start saving at a very young age that considers your financial situation. Also, invest on yourself to continually improve and make yourself be active and healthy since these would make a difference when you got older. Lastly, I personally believe that we should continually revamp our knowledge so that we could always catch up to the advancing world that we live in.

The fact is nobody wants to work his entries life   everyone eants retirement and rest to enjoy his life on old times and for that everyone should think about their old age when they are young and strong.
Work hard , earn money,  invest in profitable businesses,  think carefully before using all the money so that In later age they'll fave any financial problems and they don't get dependent on anyone for their needs.

Your uncle was very smart and diligent in making money when he was still strong and healthy, but he forgot how to save money safely as an investment to enjoy in his old age. Saving fiat money will run out when it is taken bit by bit, instead he should be saving money in other assets like real estate that can grow in value.

Neither party is to blame in your uncle's case, he is good at making money but he doesn't have a long term plan. He must teach his experience to his children so they don't make the same mistakes, it's important in life to have assets to enjoy in old age.

Anyone hopes that old age will be passed happily, you don't need to work hard but only do things you like such as culinary hobbies, traveling, traveling the world and so on, but not all of these hopes can come true because many things can get in the way, especially when we are young prepare well so that when we are old we will regret it.

It is something that everyone knows and dreams of, but life is not what we dream it to be. If you come from a 3rd world country, you will see how hard life really is. Many people have to work from 16 to 18 hours a day to support their families, it is also difficult to save, let alone invest to generate passive income. My parents are also over 60 this year, but they still have to work hard every day to earn an income, I know that at that age, it is the time to enjoy life, but because the economic situation is not as expected.

Many people are not ready when they enter old age, they are still renting a house, children are still in school, there is no passive income and so on, this makes old age a suffering thing, from now on we must actively look for sources of income, don't just rely on active income , focus is also looking for passive income income.

His unnecessary expenses are responsible for this situation. After a certain age a person loses the ability to work and after a certain age people become physically weak.  Then he has no ability to work or earn. So from young age everyone should reduce his unnecessary expenses and save money for future otherwise everyone will be in this situation. And there may be another way out of this situation.  This problem can be solved if the government of the country gives a grant to everyone after a certain age and covers their daily expenses.  And everyone is entitled to this benefit from the government in his old age.  Because everyone pays 15-50% tax to the government from the income they earn at a young age

As a person cannot retain his source of income for all time and the one who job has a tenure of 30-35 years.  And after a certain age everyone becomes disabled.  So everyone must think about his future and reduce unnecessary expenses and save for the future. As if he can spend this savings in his misery