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Money Can Buy Everything Except Happiness-wrong

Discussion in 'Snippets of Life (Non-Fiction)' started by HariLakhera, Dec 26, 2021.

  1. HariLakhera

    HariLakhera Platinum IL'ite

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    MONEY CAN BUY EVERYTHING EXCEPT HAPPINESS-WRONG

    My bank informed me that I will be poorer by almost 30% as calculated on the basis of interest income two years back and now on my fixed deposits with them.

    As far I am concerned, forget about happiness I can not buy most of the things I need.

    In the early days, I was a Hazarpati (earning in thousands) and was happy because I was in a position to buy most of the things I needed. Added to that I could save some and by the time I retired in 2003, I became a Lakhpati, if not Crorepati. Now I was totally dependent on the interest I was earning on my retirement fund, as I worked in the private sector. Initially, it looked okay till 2014. Then something happened and the interests rates started falling. Along with that, the prices of essential items of daily use started rising. Added to that are the health issues with growing age.

    I am just wondering, how come I was happy with Hazarpati and unhappy with Lakhapati. What has gone wrong?
     
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  2. joylokhi

    joylokhi Platinum IL'ite

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    Very true:blush: Nowadays it appears you can only be happy if you have sufficient money for your needs and wants too! Compared to the cost of living now, interest rates and any sort of passive income appears very meagre. So, the constant itch to find ways to increase incomes! I had passive income from equity to fall back on some years back. That too, is so volatile now, and cannot be relied upon. As we age, Health and wealth in that order are a basic necessity.
     
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  3. HariLakhera

    HariLakhera Platinum IL'ite

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    Like you and me, there are millions. But possibly we do not count.
     
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  4. iyerviji

    iyerviji IL Hall of Fame

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    Yes whatever you have mentioned is true
    Retired people have to depend on the
    Investments and now a days interest rates are very low
     
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  5. kaluputti

    kaluputti Gold IL'ite

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    Yes, nowadays we need to do a lot of balancing to see the difference between what we need and what we really need...:grimacing:
     
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  6. HariLakhera

    HariLakhera Platinum IL'ite

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    This is causing erosion of capital also. If the amount of interest earnings come down, either one has to reduce expenses or take out from the capital.
     
  7. Viswamitra

    Viswamitra IL Hall of Fame

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    Dear Hari Sir,

    It has been ingrained in our mind that we need to save fixed money over our service period and use that during our retirement. We are great earners but not necessarily a great investors by tradition. A new generation of people are more interested in building multiple income streams during their prime period and build the skills both for earning as well as investing. We have been trained to focus our career on one thing and be loyal to it and we are not even trained to negotiate well to grow our career.

    Frankly, our career doesn't grow in equal proportion throughout our prime life as set up by the British rule. There are a few years which are stunningly extraordinary for career growth and for building personal wealth while other years are different. I think it is essential for us to not only learn the trade in which we specialize in our educational system but also learn how to manage our finances as part of our curriculum.

    When we consult investment advisors, they use a scientific method by calculating what we need to save before we stop working or have lower income stream such as social security after taking into account standardized inflation in order to lead a comfortable life post retirement. Some even end up working much longer in order to meet this goal. This skill can be built by each individual to understand this method and build wealth.

    Even though money doesn't buy everything, it can help to address major health condition or even a crisis post retirement.
     
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  8. HariLakhera

    HariLakhera Platinum IL'ite

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    Dear Shri Viswa,
    During our working life, we made many growth charts for the company we worked for but left it to the employers to make our growth charts. Employees should also grow with the company depending on the work profile but it does not happen. That way I was lucky in the sense that from a foot soldier in sales and marketing I reach the position of GM Marketing but not in the same company.
    Now some organizations are offering stock options along with fat salary to professionals.
    There is every chance of going down if the company goes down, though.
    As you said, we were trained to save for the rainy days and build a good retirement fund. With rising prices and reduced interest rates, any retirement fund may become insufficient depending upon the expenses.
    Debt and equity options are there but are risky.
    It is where the Government comes into the picture. There are so many benefit schemes for seniors in India today and those who can save from day one will be benefitted. Governments should come up with schemes for those who had no such options when they were young.
     
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