What percentage of your income you save monthly ?

[Deleted member 9785]

My view is what's the point of saving so much money if you're not enjoying living with it in the best years of your life 20-50 say. eating, travelling, buying stuff, gifting etc. Again, just my view..

watch the mvie baghban

 

[panchabhut]

My view is what's the point of saving so much money if you're not enjoying living with it in the best years of your life 20-50 say. eating, travelling, buying stuff, gifting etc. Again, just my view..

Met someone last week. He is 83 yrs old, wife no longer alive and children settled abroad. He has various diseases that require him to employ other persons even for day to day marketing and had a large medical expense.
He retired from Govt service in 2000, when he was earning 18K a mth. Today he is getting 60K as pension from Govt, barely able to manage all his expenses.
The fund requirement to maintain the same lifestyle roughly doubles every 10 years. So if you are in 30's, and spending 50K a month, just remember that you will need about 800K a mth to maintain the same lifestyle when you are 70.

 

[rafzy]

Met someone last week. He is 83 yrs old, wife no longer alive and children settled abroad. He has various diseases that require him to employ other persons even for day to day marketing and had a large medical expense.
He retired from Govt service in 2000, when he was earning 18K a mth. Today he is getting 60K as pension from Govt, barely able to manage all his expenses.
The fund requirement to maintain the same lifestyle roughly doubles every 10 years. So if you are in 30's, and spending 50K a month, just remember that you will need about 800K a mth to maintain the same lifestyle when you are 70.

Thanks for sharing that man. I'm not against the idea of saving for the future, infact I plan and do it, but not trying to save so much that I forget to live my life today. Just trying to balance and not just focus on saving every single penny for a future (which may or may not come).

 

[techt]

Met someone last week. He is 83 yrs old, wife no longer alive and children settled abroad. He has various diseases that require him to employ other persons even for day to day marketing and had a large medical expense.
He retired from Govt service in 2000, when he was earning 18K a mth. Today he is getting 60K as pension from Govt, barely able to manage all his expenses.
The fund requirement to maintain the same lifestyle roughly doubles every 10 years. So if you are in 30's, and spending 50K a month, just remember that you will need about 800K a mth to maintain the same lifestyle when you are 70.

This is the bitter fact that no one realizes it early. A guy 30s spending 50K per month will need about 2Lakh per month in the 60s for the same life style.
Better financial planning is needed.

 

[RAMESH BABU N]

A guy 30s spending 50K per month will need about 2Lakh per month in the 60s for the same life style.
Better financial planning is needed.

THIS does not happen.
At 30, one need a lot of more money to buy basic needs (clothes, furniture, TVs, appliances), then comforts (2/4 wheelers, house, needs of kids....) and then luxuries. With low incomes, and more expenses, there is very little scope for savings. Loans are taken, EMIs balloon.

But, by the time you are 60, the daily/weekly/monthly expenses come down drastically - you do not buy clothes, vehicles, appliances, furniture, flats, houses.... ALL ARE ALREADY CREATED BY YOU. No outstanding loans, no EMIs, not worried about fashions or trends or fads.
Instead of assets creations, you do only asset maintenances - at a fraction of costs.
When the grown up kids are well settled n married, you will have excess assets - and start selling some - at huge profits (real estate, bullion, stocks....). Because, kids priorities will be beyond your's n they need better n more modern assets in better places.
The only expenses which increase are medical. Some spikes in gifting n travel also die down. Only health related expenses keep on increasing.
The plus point then is - returns on investments keep increasing, almost minimal sustenance n maintenance expenses and well-off n better placed kids. Generally no worries.
That's a reality for most of the lot - planned n systematic life course. Unless one screws up this with illogical n stupid decisions on the way.

 

[Deleted member 9785]

Met someone last week. He is 83 yrs old, wife no longer alive and children settled abroad. He has various diseases that require him to employ other persons even for day to day marketing and had a large medical expense.
He retired from Govt service in 2000, when he was earning 18K a mth. Today he is getting 60K as pension from Govt, barely able to manage all his expenses.
The fund requirement to maintain the same lifestyle roughly doubles every 10 years. So if you are in 30's, and spending 50K a month, just remember that you will need about 800K a mth to maintain the same lifestyle when you are 70.

sad life with such poor children who abandon parents in old age