No. This article is not about how Ram started saving when he was 21 and Ravan started saving at the age of 34. Then go on to say how Ram saved much less for a lesser period, and still has more money than Ravan.
I am saying much simpler things. Ask anybody who is above 50 years of age – what is one regret in their savings/ investment journey – and they are likely to say ‘not starting early enough’.
It is easy to understand the causes of delay. Your parents were not too well off, so you spent on furnishing the house. Then you bought a motorcycle for yourself and a car for your parents (still paying EMIs). You married your school sweetheart and so it was an early marriage. You were only 25 when you got married.
You have no kids but you are paying the housing EMI, car EMI, taking the load of household expenses. Your younger unmarried brother is staying with you and not contributing much towards the household expenses. Your dad has 5 months to go for retirement, but not much is expected as ‘retirement package’ from the builder where he is working…
Sure all these sound genuine, but old age is screaming for cash, NOT excuses why you started late.
Now search your soul and tell me that you REALLY, REALLY could not have started 4 years before with Rs. 500? or say 5000 or Rs. 25,000? – see what suits you. I AM SURE YOU COULD HAVE STARTED 5 YEARS ago…and by now increased the monthly amount to 10x – x being the starting point amount. I have seen people doing this…
So go MAKE A START….then RAISE THE AMOUNT…..and DO NOT INTERRUPT….you will see the benefits. And for some people I am sure it will be beyond their lifestyles. I know of 3 people who started a SIP with their first salary. One was an editor of a finance website..and is now abroad …has stopped it. Other 2 are continuing…and are thrilled with the result – achieved over the past .
In 2019 I might turn to one of you for examples!!
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