Subra sir After so many years of frugality, Spending money money throws them out of their comfort zone. Even spending needs some getting used to. It is not easy.
Sir how many people can have 10 crores at 55. I am an MNC employee with 2 kids and wife not working. So it's a tough balancing act for most of us. Honestly there is very little room to spend. Life in cities is very very tough.
The saying is a man should earn and save ( 60 yrs. Of age) I.e enough money only neededed till a few years (balance life) Then avoid thought of money worry, and concentrate on God, prayer, devotion, meditation etc pass a secluded life. Earning, saving till death is waste life.
The reasons why the older rich don't spend because they : 1. are unsure about future requirements of money for various family or medical related needs 2. want to leave a substantial legacy 3. have already had the experiences, and acquired things to feel fulfilled without lacking in any comforts. 4. don't have large financial requirements to lead an active social life
It's not about being wasteful but the whole purpose of working throughout the life saving every penny is so that you can retire comfortably and don't have to worry about money in your golden years the money can be spent on travel and to pursue something that they have not been doing their whole lives.. even after having so much money now they are afraid to spend them what is the point of accumulating wealth
The question itself is absurd. Spending is entirely left to the descrition of the individual who is old means more mature and don't like to be a spendthrift or not to be called miser, but it's judicial spending 😊
Good idea for your next book. I'm just read The Money Trap by Alok Sama (Ex Softbank) in which there is a short story at the end which puts this in perspective beautifully. PS: The book is not for everybody as it's about the Investment World, mostly Softbank.
Those who have adequate retirement funds and not spending on their comforts is stupid. I am one among those stupids.😢 The problem is, I am comfortable with the way I am living and there are very few desires left to be fulfilled. My wife goes on foreign trips with her sister though.
Jeevan ko aise jeerahe ho, ki shayd agle janam me ye paise leke jaouge. Ye hi moh maya hai. Paise kamane ke baad bhi use bhog na pana, is se zada dukh ki kya baat hogi. Paise ko kamate kamate saath saath enjoy karna zaroori hai. Budhape me aake royal enfiled chalaouge to daant muh se bahar nikal jayenge, aur pant me kuch aur. Tumse zada kamaiyab wo hai jisme experiences kmaaye sahi time pe. Daualt to sirf aapka moh hai
So 30X your annual income is what u propose? for what age may i know? if one retires at 40 then does 30X your annual income suffice him till the end !!!
it's impossible to guess for 60 years. In this case only thing which will work is to have 2x your expenses as EQUITY DIVIDEND income. +20x your annual income.
The figures you speak in this video looks for A class cities and for a rich area there. Since things are costly there those figures are justified. But if we consider purchasing power parity within A, B, C, D class cities and villages, for non A class even with much small amounts people can comfortably spend their retired life in their city / area.
Subra sir
After so many years of frugality, Spending money money throws them out of their comfort zone. Even spending needs some getting used to. It is not easy.
Words of wisdom. Thank you sir.
Sir how many people can have 10 crores at 55. I am an MNC employee with 2 kids and wife not working. So it's a tough balancing act for most of us. Honestly there is very little room to spend. Life in cities is very very tough.
how much money u have at 30 depends on how much you earn. At 55 it depends on how well you have managed your investing.
The saying is a man should earn and save ( 60 yrs. Of age) I.e enough money only neededed till a few years (balance life)
Then avoid thought of money worry, and concentrate on God, prayer, devotion, meditation etc pass a secluded life.
Earning, saving till death is waste life.
The reasons why the older rich don't spend because they :
1. are unsure about future requirements of money for various family or medical related needs
2. want to leave a substantial legacy
3. have already had the experiences, and acquired things to feel fulfilled without lacking in any comforts.
4. don't have large financial requirements to lead an active social life
For some people the joy is in earning money. I let my family members spent money i am happy with bare minimum
Spend on what. Some basic incremental comforts is fine but then after that? Why be wasteful either.
It's not about being wasteful but the whole purpose of working throughout the life saving every penny is so that you can retire comfortably and don't have to worry about money in your golden years the money can be spent on travel and to pursue something that they have not been doing their whole lives.. even after having so much money now they are afraid to spend them what is the point of accumulating wealth
Some people gets pleasure in saving and growing wealth. Some people gets pleasure in spending and showing off. It takes all kinds to make this world.
People only spend to showoff? What kind of poor parents raised you? Did you walk your way to school and back as a child?
@adipratapsinghaps your upbringing is showing in the way you reacted.
Very good vedio indicating mentality of present old persons who won't change their life style
The question itself is absurd. Spending is entirely left to the descrition of the individual who is old means more mature and don't like to be a spendthrift or not to be called miser, but it's judicial spending 😊
i know it is at their descrition but I did not know that the legal system was involved too. Thanks.
😂😂😂@@SUBRAMONEYPV
Good idea for your next book. I'm just read The Money Trap by Alok Sama (Ex Softbank) in which there is a short story at the end which puts this in perspective beautifully.
PS: The book is not for everybody as it's about the Investment World, mostly Softbank.
Because They Can take all their money to heaven with them.
Very unique topic & insightful gyan indeed!
Glad you liked it
Thank you Sir
On demise of many people, their money is left in the bank, finally it goes to gvt. Better spend in helping have notes.
good discussion.
Sir it's all Mindset,nothing else
Thankyou sir.
Guruji 🙏
Good One ❤
Saving all over the life make it habit even though when u achieve high corpus it is habit which does not allow u to spend, character gets changed
Those who have adequate retirement funds and not spending on their comforts is stupid.
I am one among those stupids.😢
The problem is, I am comfortable with the way I am living and there are very few desires left to be fulfilled.
My wife goes on foreign trips with her sister though.
Jeevan ko aise jeerahe ho, ki shayd agle janam me ye paise leke jaouge. Ye hi moh maya hai. Paise kamane ke baad bhi use bhog na pana, is se zada dukh ki kya baat hogi. Paise ko kamate kamate saath saath enjoy karna zaroori hai. Budhape me aake royal enfiled chalaouge to daant muh se bahar nikal jayenge, aur pant me kuch aur. Tumse zada kamaiyab wo hai jisme experiences kmaaye sahi time pe. Daualt to sirf aapka moh hai
Wah bhai .bahut sahi bat h apki
हिन्दी में होता तो सब के लिए उपयोगी होता
So 30X your annual income is what u propose? for what age may i know? if one retires at 40 then does 30X your annual income suffice him till the end !!!
it's impossible to guess for 60 years. In this case only thing which will work is to have 2x your expenses as EQUITY DIVIDEND income. +20x your annual income.
The figures you speak in this video looks for A class cities and for a rich area there. Since things are costly there those figures are justified.
But if we consider purchasing power parity within A, B, C, D class cities and villages, for non A class even with much small amounts people can comfortably spend their retired life in their city / area.