Mother’s Day Money Advice. Because Mom Knows Best

They say experience is the best teacher. Sukhmander Kaur Sanghera is 88 years old, and has learnt much in her eventful life during which she has experienced a closed economy as well as today’s globalisation. Her most important advice? “Save money for your retirement and old age,” she says. “Spend money only where it is necessary. Don’t waste it,” says the octogenarian, who is an avid card player. Planning for retirement is easier for those who get pension; “those who don’t, need to ensure they save money that will accrue interest,” she adds. Being prepared for emergencies is also important so keep some liquid cash, she says.   

Sukhmander Kaur Sanghera, 88, feels saving for retirement is a must

You Never Know When You Will Need The Money  

Jaya Chowdhury, a 62-year-old homemaker, also believes in being prepared. “I got married at quite an early age and due to lack of financial knowledge in those days, I did not invest my savings. But later, as I knew more, I invested in fixed deposits, MIS (monthly income scheme), post office savings, National Savings Certificate (NSC). I haven’t looked back since,” says Jaya. She has used those investments to pay for her daughter’s marriage expenses, son’s Master’s course and also for other purposes. “If there is one thing that I have learnt from life, it is that you never know when and where you might need money. So, investments should be done with a long-term view and consistently so that the value of the asset grows. I would advise young mothers to always set aside some portion of their salary or income for medical insurance, investments and household expenses,” she adds.   

Financial Independence 

Rashmi Anand, a 36-year-old mother of two boys, took a career break but was worried that getting…

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