Many people who are born in the 1920s, 30s, 40s….and are now in the twilight of their lives, have lived frugally. As these are the people who saw the British Raj, the second world war, rations, as well as the 97% Income Tax..they treat every bit of money as precious.
Not to say that money is not precious, but hey it is now time to spend! Go to a dentist, change your dentures. Travel by air, you can afford the taxi fare to the airport and the airfare itself. Paint your house, change your furniture – you can afford it, and it is worthwhile living well.
I know of at least a couple of people aged OVER 85 years and penny pinching. How much is their net worth? Rs. 2 crores! One of them said ‘but for that I will have to withdraw from my capital’. I had to explain that withdrawing from the capital is a RISK only till the age of say 69-70, not at the age of 85.
Hugely scared of ‘that one big medical bill which I may have to pay’ is really a big worry in a country where there is no ‘Long Term Care Insurance’.
Having said all this, I do not think it is easy for a person who started on a salary of Rs. 120 p.m. to spend Rs. 12000 on a hotel bill or on a travel ticket. However at least parents who have big amounts of money stashed away in equities and real estate should learn to spend the dividends/ rents instead of saving that for their children. The children may or may not need it.
But clearly YOU deserve it. So go live well – not that I am advocating a huge burn out (which you cannot do anyway!!) but at least the dentures, the gas, the furniture at home, the painting of the walls, the taxi ride and the plane ride….none of your grandchildren are going to miss the Rs. 200,000 that you used up while giving them Rs. 1,98,00,000…..
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