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Retirement And Money Management
Date Added: June 30, 2008 02:24:35 PM


The cardinal rule is that money management should begin at an early stage so that you can reap the benefits in retirement

Poor spend and the rest they save, but the rich save and the rest they spend!

If you want to fall in the latter category, here are some guidelines to help you build a comfortable nest egg for the future. Think of your savings as if it was a big cake that you need to apportion carefully.

Portion 1

Taxes - 30 per cent
Taxes form nearly 30 per cent of the taxable salary. This is one chunk that you need to be very careful about. Pay your taxes regularly as it is not only a moral duty but will also help you keep your house in order. Did you know that you get a tax break when you turn 65?

Portion 2

Investment - 10 per cent
This bit of the cake is the key to future comfort. It is for that twilight period of your life when you need to bank on your savings and investments. There are a whole lot of schemes that you can choose from - public provident fund, fixed deposits and life insurance policies that offer some great moneyback policies that give you a regular income at fixed intervals. If you have a speculative nature, you could go in for shares and stocks that give you a higher return but are highly dependent on the vagaries of the market. Investments help you save tax as well as protect you from the exigencies of the future. It is always advisable to go in for a life insurance and medical policy that covers your family and you.

Portion 3

Saving - 10 per cent
Remember the story of the ant and the grasshopper where the ant worked all summer to save for the winter months, while the grasshopper sang away the summer months and perished in the cold winter. So do you want to be like the ant or the grasshopper? Do you want to save for the future and relax or be like the grasshopper that didn't give enough thought to the future? Saving gives you financial independence, increases your spending power and caters to any unforeseen emergency. Remember that you need to start this practice in your youth itself so that there is enough stashed away for a cosy future.

Portion 4

Spend - 50 per cent
Now! Now! This sure is a big piece! But then life is expensive and nothing comes cheap these days. Go ahead and spend this portion on family and loved ones, on necessities and comforts. But always remember that this portion is highly dependent on the first three, so if you invest, save and pay your taxes regularly you will have always have enough disposable income to spend. Financial planning is the key to a happy and prosperous retired life. Learn to carve your financial pie thoughtfully so that you have enough tucked away for a rainy day.


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