Prepare for the life when you get old - page 17.

o48o

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Quote from: Argoo on April 04, 2023, 04:27:15 AM

Not everything can be planned in this life, even despite our desire and the necessary actions for this. Unfortunately, we cannot control our own destiny. Therefore, sometimes in our life events occur that break all our plans. This, of course, does not mean that planning is not necessary. But sometimes it happens that already in adulthood or in old age you have to start all over again.

Especially pandemics and wars. Well techically you can but it doesn't make much sense to only prepare for apocalypse scenarios if you want to make money. Even though i was doing just fine with my cryptos during pandemic, it was the war that rised the costs of everything and put my investments on thin ice. I lost nearly everything just for living as i hadn't stored any of it in fiat money. People got rekt in here just because their heating for the houses they owned suddenly cost more then ever. You can't really prepare for that. Even preppers had hard times when they needed to actually use their stash.

abralzain17

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Quote from: Marcellin9 on April 04, 2023, 03:41:48 AM

Last week, I met one of my uncles-in-law who has been a sailor for many years. In the past decade, he has been out of town and travelling all over the world to make a living. He has two children to raise and being a father who is always absent from their growing-up, he somehow does not know how to get along with his kids once he is back home once a year. In this transition period, usually like one month or two, he will find him some odd jobs to make money to support his family. Unfortunately in this economic downturn, it is very difficult to find a job so he is quite upset now. Staying at home means no income and this makes my aunt very anxious. This uncle is in mid fifties and he is one of the most diligient people I've ever known. Ever since he was young, he would always keep busy doing all kinds of jobs to make money. I have to say that he made some savings for some years but it was most used up by sending his daughter to study overseas. Under today's economic condition, he has to wait more time to be assigned onboard and it is said his salary will be slashed big next time he has an offer. Well, to make a living, he has to accept that. He used to be a happy-go-lucky guy and always have a smile every day, last week I saw him, he was more like silent and upset.

As he ages, the window for him is closing. I never saw him encounter any financial problem because he has been diligient and frugal. This meet-up has completely changed my mind. Even people like him are struggling financially and we'd better prepare a comfortable life for the old version of ourselves. This uncle is still doing okay although with some struggles but I am sure there are millions who are broke and wish they could have made and saved more money when they were young. Always plan for the future. What do you think ?

This is a good topic and can be an afterthought for all of us in this journey of life to face old age.
someone who always works hard every day and has the maximum income to cover the needs of the family will not guarantee a better old age if they don't save, or make good use of their money. In my opinion, to prepare for life in old age is by saving and having a valuable investment. with savings and investment, our old age will be very happy

EFS

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Nothing is guaranteed in life but it's up to you to take various precautions. The primary purpose of our investment is to lead a more comfortable life and to be prepared for future problems. As people on the Bitcoin forum, I think almost everyone is aware of this.
When investing it's best to spread it across various fields, not just crypto-currencies. Just as it's risky to store only Bitcoin, this is also true for other commodities. There's a good reason they say not to put all the eggs in one basket. Have baskets full of eggs in various places, and eggs outside the basket, and also have things other than eggs in your basket.

Hamphser

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Quote from: benalexis12 on April 05, 2023, 12:22:50 AM

Not all the time our physical body is strong, yes his intention is good to go abroad, we should also consider that even if we send money to our family, we should also have savings for the future.

Because if we send most of our salary to our family, the time we worked hard for when we spent energy away from our family will surely go to nothing.

You should really be having that balanced thing on which we dont really know on what would happen into the future and thats why it would really be just that right that you should really be minding about saving up for the future.Yes, we do love our family on which it is really just that normal that you would be giving it all but come to think that our body isnt always that just fine like forever.There would be a time that it would really be asking out for some rest or on the time you do gets old, there no something that you had saved or invested on which means on the time that you had reached out this state
then you would be still struggling on how to support yourself since you dont really have any financial back up at all.

Gyfts

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The best time to invest is when you're young because the money grows over time. Life expectancy is only going up and even countries that provide their seniors can't keep up with the costs so they're cutting benefits and leaving them on their own to live in destitute.

Bitcoin would be a prudent investment but I'd also diversify in other investments in case crypto doesn't give you the return you're expecting. Retirement age is anywhere from 60-70, plan for a minimum of 15-20 years. Anyone younger could need to up that range.

Silberman

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Quote from: Marcellin9 on April 04, 2023, 03:41:48 AM

Last week, I met one of my uncles-in-law who has been a sailor for many years. In the past decade, he has been out of town and travelling all over the world to make a living. He has two children to raise and being a father who is always absent from their growing-up, he somehow does not know how to get along with his kids once he is back home once a year. In this transition period, usually like one month or two, he will find him some odd jobs to make money to support his family. Unfortunately in this economic downturn, it is very difficult to find a job so he is quite upset now. Staying at home means no income and this makes my aunt very anxious. This uncle is in mid fifties and he is one of the most diligient people I've ever known. Ever since he was young, he would always keep busy doing all kinds of jobs to make money. I have to say that he made some savings for some years but it was most used up by sending his daughter to study overseas. Under today's economic condition, he has to wait more time to be assigned onboard and it is said his salary will be slashed big next time he has an offer. Well, to make a living, he has to accept that. He used to be a happy-go-lucky guy and always have a smile every day, last week I saw him, he was more like silent and upset.

As he ages, the window for him is closing. I never saw him encounter any financial problem because he has been diligient and frugal. This meet-up has completely changed my mind. Even people like him are struggling financially and we'd better prepare a comfortable life for the old version of ourselves. This uncle is still doing okay although with some struggles but I am sure there are millions who are broke and wish they could have made and saved more money when they were young. Always plan for the future. What do you think ?

People for some reason assume they will remain young forever, or at least that is the way they carry themselves, I see them wasting their money on stuff they will throw away in a year or two and I cannot help but to shake my head at their reckless spending, when you are young and healthy you need to set up a foundation for the future, so you need to work as hard as possible, save all the money you can and invest it in good assets, if you do this consistently once you reach old age then you will not have the same problems as your uncle.

so98nn

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I’m not sure how he made his living travelling around the world but that was main concern here. It’s not costly considering you have to travel everywhere and have higher expenses in the local currency where work is been done. I’m not saying it was bad way to do it but worlds changing very fast and you can always acquire any sort of skills you want over the internet and educate yourself for better job. Age is never a barrier when it comes to doing new things if you want to come out of bad situation. They still have time if they are near fifty or something. Various courses can be joined, and they can work out for stable job in their own country and focus on family as well.

Oceat

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This is the problem to most people who are in their peak of success, they forgot that one day it will all be gone for good since there is no permanent in this world. You can't expect to be working your whole life on the same company because somehow you will be replaced with a young ones or fresh graduates.

If you are one of them or at their peak of success at the moment, proceed to make a backup plans in case you won't be working with one of the company you are in. Invest your money or build a business that can sustain you for long or at least if it gets successful then most of the money you are earning from your work today will be put in your savings or on investment.

el kaka22

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I think it is important to remember that not having any money is not a shameful thing, and it happens to so many people in the world. Of course we should try to be richer, but at the same time we should look for peace in our life as well. Can I get richer? Can I be so much richer in 10 years that I would be going to New York and Paris and Milan for summer shopping?

I can, I really can, or at least I can try to, I can have a goal to do that. How? Simply just gather all my friends, and apply to all types of banks all together, and sell all the assets we have, buy a plot of land in a good place, build an apartment with 20-40 houses, sell them each, and be rich, and do this some more times and you are rich. Why not do it?

Because, a million things would go wrong and make us upset and have a worse life, richer but more angry and less happy. Sometimes money and lack of it, is not the end of the world.

Doan9269

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We can't expect things to always keep going as it has been for long, things change gradually and we also changes with time into old age, how we get money also changes because change is the only constant thing in life, we live a life of none regrettable one base on our today's decision from the income of what we receives from various sources in our business or enterprise, old age cannot allow us to funct as expected because the strength would have diminished but what we save up is going to be our final support in the future when we need help financially.

naira

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Quote from: benalexis12 on April 05, 2023, 12:22:50 AM

Not all the time our physical body is strong, yes his intention is good to go abroad, we should also consider that even if we send money to our family, we should also have savings for the future.

Because if we send most of our salary to our family, the time we worked hard for when we spent energy away from our family will surely go to nothing.

There's nothing wrong with sending money to your beloved family every month. Because it depends on you in managing finances starting from salary. Don't get me wrong, we work to fulfill life, to please those we love but not to put aside preparing for the future. You just need to set it up in such a way and be smart about allocating your monthly salary.

Don't be too economical to talk about making your parents happy, because you can get this far thanks to those who work hard when you don't know how to make money. They fight to keep you alive no matter what way they will for the sake of the people they love. And after we grow up, have a family, have a job, get a salary and do we deserve to put our parents aside? leaving them with nothing for the rest of their lives?

ethereumhunter

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I agree to prepare for our future by saving some of our income. We will not always be able to get easy money like what we are getting now because there will be difficult situations that make us have to survive. While we can still make money, we have to start saving and no matter how much money we save, it's still worth doing.

And we already have crypto that we can make our long-term investment to save bitcoins and sell them when the price reaches a peak. It will work well for us, especially if we can buy more bitcoins now.

robattfield

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I'm still quite young to think about this and I assume a lot of people here are too, worrying about the future is not good and preparing to limit this makes me feel quite conflicted about thinking about life. Instead of being too far away, let's live and work well in the present, I agree that everyone's life has different circumstances, but the common difficulty we all know is not complaining but thinking. Positive to do better I myself am not too afraid that in old age I will have a difficult life, simply a positive life in the true sense, I am sure there will be nothing to prepare.

isaac_clarke22

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Quote from: Helena Yu on April 04, 2023, 03:53:08 AM

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#1 is quite of a risky move unless the money intended to invest is really just like something you're prepared to lose already. No source of income = no investment for me. You never know what will happen the next day, so it is still better that you still have some money saved. If you have a stable income, number 2 would be a great idea. Something like a commission-based work might be a great idea, since you're entirely in control on when you can take clients unlike in your usual 9-5 where you are truly fixated on schedule otherwise it is a paycut.

OP's daughter is just studying abroad, so I don't think that number 3 really applies unless it is a general situation.

soramon

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Investment is a good tool for us. At young age we should work hard and invest money for some purporse. Whether for child education or retirement investment. Me personally already plan that. Im still working and i want to get a better career for my self.

davis196

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Quote

As he ages, the window for him is closing. I never saw him encounter any financial problem because he has been diligient and frugal. This meet-up has completely changed my mind. Even people like him are struggling financially and we'd better prepare a comfortable life for the old version of ourselves. This uncle is still doing okay although with some struggles but I am sure there are millions who are broke and wish they could have made and saved more money when they were young. Always plan for the future. What do you think ?

I don't believe that I will be alive at the age of 65+ and I hate making long term plans. Even if you keep saving an investing your money, there's always the risk or losing them, either by getting scammed or making wrong financial decisions.
I'm sure that I won't be living a comfortable live when I get old, but I don't mind. What's the point of saving more money and having a comfortable life, when can't enjoy the benefits of being young anymore and your youth is gone forever? Sad

I know that life sucks, when you are old(all the old people around me are miserable). It doesn't matter if you are rich or poor.

Inwestour

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Quote from: Kakmakr on April 05, 2023, 12:37:59 AM

I read somewhere that only 5%+ people of the world, can retire comfortably.... the rest will have a difficult time making ends meet and they will barely survive on the money that they get from their pension.

We live in a world where not enough people are saving for their old age and retirement... people seem to think that the governments of the world will have enough tax money to pay for their mistakes. Roll Eyes

Retirement is generally a separate issue that everyone should think about. There are very few countries in the world in which people receive a decent pension, on which you can live well, for everyone else, the pension may not even be enough to pay utility bills and buy food. Such is the reality.

Therefore, you need to think about your well-being long before retirement, but this problem is not covered, because states cannot admit that they do not have money to provide for all pensioners, instead they raise the retirement age. And pensions are raised very slowly compared to the rate of inflation, so this complicates the situation even more.

Strongkored

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Quote from: Marcellin9 on April 04, 2023, 03:41:48 AM

Always plan for the future. What do you think ?

That's why it's better to invest than to save, saving only makes your money worth less due to inflation, while investments that are made correctly will provide long-term benefits, and that's great for those who want to live a quieter life without always having to mess around with costs life that continues to increase from time to time, unfortunately not many understand about investing and have no patience to wait for the investment to provide great benefits for their lives because getting profits in a short time is always more fun than waiting for more than 1 decade and enjoying these benefits.

Kakmakr

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I read somewhere that only 5%+ people of the world, can retire comfortably.... the rest will have a difficult time making ends meet and they will barely survive on the money that they get from their pension.

We live in a world where not enough people are saving for their old age and retirement... people seem to think that the governments of the world will have enough tax money to pay for their mistakes. Roll Eyes

andriarto

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Quote from: xSkylarx on April 04, 2023, 10:32:28 PM

The sad truth in reality is that a lot of people that should retire in 60s is broke and hardly survive. Ive seen a lot of documentaries and people around me that they are 60 but still they working because if they stop and rest they dont have nothing to it. The problem with this is that you've been employed for how many years but still you dont have savings for your future once you are old and mostly if you have benefits then that's good but how about those contractual person they dont have benefits at all and underpaid. Sad truth but no matter how we save for future we still caught off short and un able to prepare finance when we are old

indeed a dilemma when we are old but do not have good finances to enjoy our old age. if we have children and are already working and attention maybe not too concerning, but imagine for those who are not so lucky, of course it is very sad to see. therefore from now on I start learning trading for my retirement, with the hope that by that time I will be good at trading and can work to stay productive, without many burdens of life

Topic: Prepare for the life when you get old - page 17. (Read 2303 times)