Topic: Prepare for the life when you get old - page 7. (Read 2315 times)

Money should not be treated as an end in itself. Money is a financial tool (which I have repeatedly repeated) that can and should be used to improve your life, both at the present moment and when old age comes. But keeping them until old age is an unreasonable decision, because by that time it will depreciate significantly. It would be interesting to know if it makes sense to keep bitcoin until old age.

In old age, you can count on your children or they will count on you. Here, how it goes.

A carefree and wasteful life in youth will surely punish in old age, and therefore, one can't do without strategic planning and some restrictions.

This is the point.
Because now the resources are adequate, it depends on how we deal with it. Information is easy to obtain, sophisticated technology is widely available now, it's just a matter of how we generate interest in ourselves whether we want to move or not because of course what happens now is that the biggest problem is laziness and I think almost everyone has felt something like this.
Many people are indeed quite lazy to be literate on information and keep up with technology which makes us seem to be left behind with increasingly sophisticated technology.

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 ?

It takes planning and healthy habits so that old age is not a dead end.

It's true that we never know what will happen, so for me a side job is important and must be considered,
it will be much better for sure if you have more than one source of income,
we have to learn new skills because it will help.

To meet their daily needs, there is no money left to save, therefore some people have side jobs to meet their needs as well as to prepare themselves in case of an emergency. side jobs will be very helpful if you want to have money saved for the future

Money may be the most important thing, but it's not everything.  We need to prepare our attitude, health, psychology, relationships and other things in our heads.  Better preparation will help us anticipate risks.  When we are young, we have health, parents and friends will help us, but when we are old, we will only be able to rely on ourselves.

It takes planning and healthy habits so that old age is not a dead end.

~snip

agree, after retiring does not mean not doing activities anymore because by continuing to want to not quickly become forgetful (old) then we have to continue to train our minds with usual activities and what we like, then we will stay fit and well maintained.
finances can continue to decrease if you don't do odd jobs which can at least reduce expenses, because relying on interest from the bank from existing savings certainly cannot be sufficient, or as you do by creating jobs by growing vegetables and animals it will at least reduce the costs incurred might be issued.

I would love to do this kind of stuff when I go old, not really after with huge amount of savings but having a small property where I can grow vegetables and fruits together with animals where I can survive my daily needs, it's doable if you have a decent job where you can save some of your salary and start investing with small land property.

along the way, it's your way of thinking about your future and how you would like to live it after you retired.

Getting old doesn't mean you won't work anymore.  I think I will do something when I retire, a job that I love.  If I don't do anything I will quickly get older.  This I learned from the old people in the village.

Family finance is difficult to describe.  It depends on our own spending.  If possible, create food by growing your own vegetables and raising animals like chickens, ducks and pigs.

Always have some money in the bank is the best way to deal with the unexpected.

agree, after retiring does not mean not doing activities anymore because by continuing to want to not quickly become forgetful (old) then we have to continue to train our minds with usual activities and what we like, then we will stay fit and well maintained.
finances can continue to decrease if you don't do odd jobs which can at least reduce expenses, because relying on interest from the bank from existing savings certainly cannot be sufficient, or as you do by creating jobs by growing vegetables and animals it will at least reduce the costs incurred might be issued.

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?.

Don't lose your interest in life just because your good friend died. There's more to life and you can have sorrow temporarily but don't let that stop your interest in life. As we grow older, we want to keep things simple, when we're younger what we do is to have fun so we're all done with that but that doesn't mean old folks can't also have fun. We're all working with the best that we can so that we can have a good life and enjoy things that we wanna enjoy. But don't settle for less when we get older because the battle of life gets tougher, too many things are changing and we can't depend on the younger ones in our family as we get older. It's like enjoying the things that we've got now and then not to forget that we've got bigger things that we're preparing in the future.

Getting old doesn't mean you won't work anymore.  I think I will do something when I retire, a job that I love.  If I don't do anything I will quickly get older.  This I learned from the old people in the village.

Family finance is difficult to describe.  It depends on our own spending.  If possible, create food by growing your own vegetables and raising animals like chickens, ducks and pigs.

Always have some money in the bank is the best way to deal with the unexpected.

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?.

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 also understand that. Not everyone is given the same opportunity but I've been there and experienced that, still, those who don't give up will still end up with a better opportunity even if the current situation isn't giving them the best opportunities that they can have.
I know that it's a kind of discouragement to them and that's not giving them the motivation to change their lives and have some preparation for the future. As said, we all have the free will to change our lives and take every step and action that we think shall make our lives better. In the end, the real winners of life are those who don't give up even if they've experienced tremendous loses.