Friday, April 07, 2006

Financial knowledge is a must

As usual I was having my usual talks about money with my colleagues. I asked them, "Do you know why we do not have a lot of money?” I wanted quick answers and asked randomly. No answer. Then I asked them what would you do if you had 1 Million dollars. Again no answer. Silence prevailed though one of them said, "I don't know". Well, that’s the answer to the first question.
We do not know what do with too much money. I believe that is one of the reasons why we do not have enough money.

We were again talking about the importance of investing. Well, everything is going quite fine. Why do you need an investment. Right now you are well off and generating income. But, till when you will be generating income. Do you think this is a never ending resource. The sooner you realize and understand it you would be empower yourself with the knowledge to do something about it.

Let's understand this. The average person completes his education and starts earning a decent income by the age of 25. He would be working till the age of 60.With so much work pressure,stress levels, odd working hours and many other factors our efficiency may last 25 years. Almost everyone in the IT, ITES fields are below 30 and are so tired and stressed out by the end of the day, I am not sure how can they continue for another 25 years. So an average age where income generation would stop is around 55 years.

Now, would you call it quits and end your life the next day. Absolutely not. Technology has advanced so much that they find a solution to all your health issues. You would be lying in a hospital with the oxygen mask, life support system, medicines etc. You may want to take a cruise trip, as you did not find time earlier. You may still want and need so many things may be more than what you required earlier. But, hold something is missing. You are not earning now. You are not generating any income. Can you imagine yourselves surviving for many year without any income? You will definitely want to hang on to your life even if you are not earning.

Don't you want to continue the same lifestyle you had in your income generating years or would you be happy to lead a miserable life, depending on others. Take some action before its too late. There is never a wrong time to do a right thing.

This is where what you had done in your income generating years would help. How you saved your money? How you invested your money? How you channelized your money etc. etc. Those investments and saving are your income generators now. You must and should have or educate yourself with regards to the financial knowledge to create income for your non-working years.

Google
Read More Articles On:

1 Comments:

At 10:38 PM, Blogger Todkar said...

And what are ur sugestion and way fwd?

 

Post a Comment

<< Home