Start early, compounding, saving is not enough you need to invest, plan early for retirement, lead a simple life…..etc. are things that I keep screaming. Assuming a person comes to this blog at age 21, it is about 15 years too late!!

You need to teach your children all these concepts at class 5 level or class 8 if you want to include COMPOUNDING AS THE first chapter! There is some talk of Sebi introducing these concepts in school, but I am yet to see the syllabus, and the implementation plan. Knowing Sebi, there may be no mention of banking, and life insurance. Surely there will be no mention of Real Estate. No way how they will talk of Equity, and currency trading which are toxic.

So to get the basic concepts through to your kids, YOU, have to teach YOUR kids about money. Thinking somebody else will is not going to happen!!

Even about old age – those who are in their ’70s and think their money is enough COULD be wrong. None of us have a clue as to how long we will live. So each generation looks at its previous generation and ASSUMES that they will live that long. Sadly Pattu cannot design a calculator which will tell you how long you will live!

So a person aged 77 years, a fixed corpus of Rs. 1 crore and a house may feel comfortable with his financial situation. Great. What happens if he lives till age 93? and his wife lives till her age of 94?

Are you prepared for this time bomb? Another 17 years? or 20 years? will your money be sufficient?

What about assisted living? what about day care? Who will fund it? Where will you live in your old age?

Scary, but longevity backed by poor planning is a time bomb on which we are sitting.

So get up and talk to your children about money. And children you need to know what is in store for you?

A poor middle age backed by a rich old age? or…..lol