Topic: Prepare for the life when you get old - page 19. (Read 2315 times)

that sounds sad, but in his youth your uncle worked very hard and had no time to waste, I don't know where the money went?
is he too imposing school fees for his child who has to go abroad? because from your story I heard he is very thrifty, there must be something wrong here.

Most times, this depends on the economic situation of a country, the availability of jobs on the labor market, and the morals children learn in their individual homes. It is never a bad idea to start up our savings plans for the future so that when we are old, we will also have something to rely on when we are retired and not strong enough to work again.

Why I made mention of family morals is because, when we give birth, we take care of our children, give them the best education or skills, and groom them in a way they could also grow to have their own family. the process of giving our children the best education and skills so they can explore, and if they start working or making money, they can also take care of us in our old age.

Why I also mentioned the economy of the country and the labor market is because in most countries, it's difficult to get a well-paying job.

I will use my grandpa as a typical example. He was the father of eight children, and while he was working as a civil servant, his salary was not much, but he managed to send all his children to the highest institutions. Two of his sons are lawyers, one of whom is a solicitor in Scotland https://i.imgur.com/yhRJRrJ.jpg. When my grandpa was working, he did not make any future investments for himself; all his investments were in his sons and daughters. He could not even build a house in the city, but today one of his children has built a duplex for him and my grandma in the city. It's been about 15 years now since my grandpa retired, and even the pension he is receiving is not consistent because the state government doesn't pay every month; some time they owe him up to two or three months before paying. But my grandparents are not lacking anything because their children have well-paying jobs and are always sending money to my grandparents parents. I also send money to them because I was raised by my grandma.

So what I am just insinuating is that giving our children the best education, morals, and skills could also be a future investment in the sense that when we are old, they can provide for our needs.

In life, one thing is for sure: no one can predict the future, so it is good to always have good plans tailored out, like still making other investments. Someday our children will grow up and have their own family, and if they don't have a well-paying job by then, they will also be struggling to take care of the needs of themselves, their wives, and their children. If we, as their parents, are relying on them, we could be disappointed because it's going to put pressure on them and could lead to some family misunderstandings.

Of course this sounds ideal and can get more results in the end. It's just that not everything can be done when some of us are only able to make ends meet from day to day, do not get a steady salary and a minimal level of prosperity.

Saving for life and saving for the long term need to be encouraged with sufficient income. Because in essence the work taken can provide more guarantees. Investing in all assets is necessary, especially welcoming old age, stable assets are better than assets that have high volatility and are very risky.

That was one of the major cause of his financial problem because he spent more than his income. People often assume that they should spend all their money on their children so that when they get old their children will assist them financially. This is a very erroneous belief because a good school doesn't determine a good job or financial independence. Please don't get me wrong, it is good to give your children the best but you should also plan for your retirement because one day those children will have to face their own family. Nobody is even sure of getting a good job after graduation. Ensure you spend only what you can comfortably afford and invest for your future.      
 

It is true that a financially challenged persons might sometimes be moody or unhappy. But money shouldn't determine our mood or behavior. We must learn to be happy even when we don't have plenty. If we can provide our basic needs, then we should be grateful and happy because there are millions of people that are dying of poverty and starvation.    


The slogan for this young age is "work as you can, save as you can and invest as you can". This because time will come when you might not have the strength to work for 16hours because of old age or health problems.

An in-law is an in-law. It doesn't matter if he's someone older than you're. Except you meant to write "uncle's in-law". That's, as in, an inlaw to your uncle. If you're referring to a man who is married to your aunt as "uncle in-law", that's wrong. By the way, your uncle can only be someone from your dad or mum's bloodline. Nothing else. I even hear or read people say, "my cousin brother"or "cousin sister". What the heck does that mean? A cousin is a cousin, except you say a "male cousin or a female cousin." You guys should stop complicating stuff with all those unnecessary placements. As a Nigerian, I understand your drift but those from other nations may not get it (in the deep sense of its usage).

No parent should be absent in the lives of their children, especially the formative years. Making ends meet shouldn't be a reason for not being around. Keep your family close and tight by being around in their lives.

Yeah, always plan for the rainy days. However shit happens and sometimes our plans just come crashing at the dying minute. Like the man in your story, I advise people to get into jobs/employment that will allow them time to themselves and family. That will allow them dictate their own pace and not being dictated to. Acquire skills and in acquiring those skills, make sure they're skills that can be used online.

Through OP's story, I want to share this even though everyone thinks of equality for life as a fact that never happened. This life not everyone knows how to be satisfied with what they have, sometimes we vaguely run after external things that we have fallen into and do not accept the adaptation and demand justice to come. with yourself.
I myself see people around me struggling with current social problems, although I can help with money, I don't want to do it because simply to satisfy them at that time, but they will continue to be sad. suffering when the progress is over, and I can only share, try to get rid of those things by being more satisfied. Positive thinking will help us overcome difficulties and create motivation to work more effectively. Accumulating wealth in old age is not worth thinking about for me, right now do the best you can do not look too far this life is not normal, every preparation will make you stuck with more problems annoying.

Whatever we do in life we should try to have a good structure of our life, one thing I often understand about people nowadays is that, at present condition they might feel all things will continue to be as it's but no, what do we do?
We have to set a good investment plan which will keep generating revenue for us to keep man earning continually.

Then boiled down to your uncle sending his daughter to study abroad without him working is a result of lack of planning because as man you don't have to go against your income or when you notice your not financially stable he would looked for university around his country that is more affordable than going overseas.

So it's better to live according to our income than to live above it which might cause us a serious damage that may result to heart failure, blood pressure and many diseases that may paralyzed his body. Savings may not help us but investment would help us the most since is a constant generation of revenue.

Old age is the stage we are all going to witness at last when we would have lived an accomplished life, what we have eaten today and left down for tomorrow will determine how our future with old age is going to look, this now calls for adequate preparation by investing on what has value, creating values and making savings for the future, we can choose a desired investment that will be profitable enough for us.

Did he invest somewhere else? Because based on the story, it seems that he didn't get any investment that will make his money work for him. I guess that's the one thing that he lacked when he's been on those times of earning well as a seafarer. As he grew old and on his age, it's hard to get some onboarding again and that's the reality unless he's been with the company for so long and he's got a senior position that's needed in the ship. Sadly, many old folks have been experiencing this, working all of their lives and doing everything to send their children to the best schools and give them the education they deserve unknowingly didn't prepared for what's to come to them. And to those that are earning well for now, this isn't just the only story that I've heard of, too many have compromised their future and didn't think of themselves just to give their family a good life. You still need to take care of yourselves because when you get there, you'll never know who's there to help you.

Saving money when we are still young is a good preparation for the future, the problem is how can we save money when we don't even have it, or we cannot support our daily needs, then there's nothing left for saving, it is hard specially when we are poor and we only have a minimum wages. I believe that there's a lot of people that is suffering with the situation they wanted to save money but how?.

nowadays even if you have complete requirements for that specific job, it is not only you but there are also others who wants that position so the competition for that opportunity only becomes more aggressive. there are also specifications for the job such as age and his/productivity. in your uncle's case, the company could easily replace him with fresh and young job seekers even if he has decades worth of experience. sad to say but that is the reality nowadays we are facing, that is why even if this sounds cringe, the word YOLO is always needed when it comes to opportunity and at the same time you also need to change how you handle your finances and your living means so that when rainy days come, there will be less problems in your hand coz admit it that ones someone is facing financial difficulty, almost everything seems to be annoying and you are always not on the mood.

Well, according to the story, the OP wrote according to the information available to him. He might not have gotten the whole gist. There was where the OP said that his uncle actually had good savings but he used his savings to sponsor his daughters education outside their country.
This could be called wrong planning or something like that. Did he actually save to send her daughter to school or she saved for retirement?
He was supposed to use what he earns to sponsor her daughter's education and then save or invest for the future. Not the other way round.
According to the article, his uncle has spare time in his job but didn't establish something he would be doing with his spare time to earn more.

The list mentioned above is a good practice in planning for your future, you can't always rely to destiny if you don't act for yourself. It's part of our journey to have fun and spend some money to unnecessary thing. However, it doesn't mean it won't work due to these activities, if you started doing earlier these practices which you could adapt and be part of your lifestyle, then maybe even a little spend of money wouldn't be hurt your savings and investment. If you fix your mindset to have better future then it might change the way you see things. Because having a plan is much better than waiting for your destiny.

at least we have arranged a good plan for life in old age, there are indeed many things that must be prepared even though many say that it may not necessarily go according to plan or what happens in old age or in old age is predestined in life .

Even so, I believe and know some people are very panicky about living in old age, because of that they are afraid of many things about their finances.
maybe we are all here too, yes, from now on, prepare as good as possible plans that will make it easier for us for the future, such as investing in money or knowledge.

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.

I think here the concept is getting clearer, we have to put our money in something that makes its value increase, because if you just save your money it won't increase.
so I think investment is the right choice for our old age.
If indeed your uncle is diligent in saving and investing his money, I think now he will not be upset and have financial difficulties.

I'm not really sure who's the wrong in this situation and who should I blame, but few things in order to make you survive and doesn't suffer financial problem are:

1. Make sure you don't save your money, but invest on few commodities e.g. Bitcoin, gold, stock, real estate etc.
2. Have a small business in your home, it's better if you have an autopilot business where you don't need to work anymore.
3. Teach your children how to use money in a correctly way, don't overspend and use it for luxury lifestyle.

When you're still 25-40 years old, it might be the peak of your career, don't think you can work until you're death because an old people can't compete with fresh graduate young people.

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 ?