Page 21 - Seniorstoday July 2022 Issue
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and sustain us till our end. Wealth can incapacitated by an accident or lose
be as easy to understand and as complex, business thereby disabling you from
depending on our own situational reality. earning; so, you have to save for that
Notwithstanding all the publicly available contingency. You cannot be a burden or
information and guidance on wealth and dependent financially on anyone, if you can
investment, the biggest challenge for help it.
a person is to get the right and honest
financial advisor who will understand her or Q – How much should I spend?
him and provide bespoke solutions. A – It is not about how much you should
spend, rather it should be how much you
wish to save. If you wish to save 40% of
your income, your expenditure should not
be more than 60%. If you wish to save 70%,
your expenditure should not be more than
30%. Expenditure should be a function of
your savings objective. It is for you to take
that decision. But saving is a must and non-
negotiable, whatever your age.
Q - How much should I provide for roti,
kapada aur makaan ?
A – These are needs for sustenance, you
cannot dispense with them. At the same
time, it should be tempered. Not more
than 70% of your expenditure should be
allocated to these needs, health included.
This is so that you have enough left to
satisfy your wants likes gadgets and
vehicles and lifestyle products and handle
any contingencies. In all this, we should
not forget to give in charity, for we are all
beneficiaries of someone’s munificence.
As a dreamer of sorts, I am imagining an
hour-long ‘arthasatsang’ presided over Q – There are so many investment
by Chanakya, addressing an audience options available today – like equities,
of the young and the old of today and FDs, MFs, debentures, government
lucidly answering their contemporary securities, etc – where should I invest and
questions on finances and wealth. Here what should be the allocation to these?
goes the imaginary scenario and interesting A – There are no definitive answers,
interactions. given the ever-changing macro and micro
Question – I am just 26 and am earning, dynamics of each of these. It is a question of
why should I save? relative risk, reward and safety of capital.
Answer – You may be fired or At any given age, investments in fixed
SENIORS TODAY | ISSUE #37 | JULY 2022 21
