Just met a 70 year old man from our community. Interesting case study and pretty scary.
So fasten your seat belts, and have a sip of water before you start reading this.
Here is a man, not very educated (undergraduate) living in a nice house given to him by his wife’s brother. This man started his life as a sports coach in a school, and was lucky enough to get a job as a coach in one of the best Indian companies. The company gave him a house, a decent salary, provident fund, etc. and life was fine in his 20s, 50s, 60s,……
He got married to a woman who did not seek any employment (not sure if she was capable)..and life went on. The couple did not have any children – though at some points of time he supported his widowed mother.
Now at 70 (wife is 59 years old) he has a problem. All his money is over. Except perhaps a couple of lakhs in bank fixed deposits.
He is lucky that his brother in law has given him a house – but this man does not have money to even pay the society charges. So he needs a subsidy there too. He has no money to EAT, forget what happens if there is an illness to him or his wife.
So at 70 years of age he has no job, no income, no assets, – the typical American NINJA.
Questions to ask are:
What did he do with his salary income during his earning years?
Remember he was in the employment of a top Indian corporate which paid him decently.
Why did he not seek employment from age 58 (post retirement) as a sports coach in the new city of residence?
There is a good demand today for coaches – running, cycling, tennis, badminton….and even at age 58 he would have got a job paying about Rs. 6000 for a part time job in a school / college / corporate.
Did he live far beyond his means EVEN when retired?
If he did not buy any asset (like a house), did not pay for any major illness, did not pay for children’s expenses, where the hell did the money go?
Sorry my job is not to provide the answers it is only to ASK uncomfortable questions. Now squirm.
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