Prepare for the life when you get old

[virasisog]

I think that person has focused on saving and giving his family a comfortable life which is admirable but he missed grabbing the opportunity of investing or even putting up a business so he could have a passive income in case he losses his job. We should always look forward to the possibilities since our future is really unsure. It's fine if we want to give our families a comfortable life but we should also know the importance of investing especially when we get old. We should also balance our lifestyles and focus on our needs over our wants. How we manage our finances now will affect our future so we better be wise in spending and handling our finances.

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[slapper]

Your uncle's tale illustrates how quickly life can change and the significance of staying alert. We act like nothing can go wrong and we have endless time to do anything we want.

Yes, time and doors close quickly if you miss them. Budgeting and savings are highlighted by your uncle's financial problems.

As we mature, we care more about family and health. However, we cannot ignore our finances. We must save and invest for retirement.

Your uncle's story inspires you to start planning even though the future seems far distant.

[deathcode]

Last week, I met one of my uncles-in-law who has been a sailor for many years. In the past decade, he has been out of town and travelling all over the world to make a living. He has two children to raise and being a father who is always absent from their growing-up, he somehow does not know how to get along with his kids once he is back home once a year. In this transition period, usually like one month or two, he will find him some odd jobs  to make money to support his family. Unfortunately in this economic downturn, it is very difficult to find a job so he is quite upset now. Staying at home means no income and this makes my aunt very anxious. This uncle is in mid fifties and he is one of the most diligient people I've ever known. Ever since he was young, he would always keep busy doing all kinds of jobs to make money. I have to say that he made some savings for some years but it was most used up by sending his daughter to study overseas. Under today's economic condition, he has to wait more time to be assigned onboard and it is said his salary will be slashed big next time he has an offer. Well, to make a living, he has to accept that. He used to be a happy-go-lucky guy and always have a smile every day, last week I saw him, he was more like silent and upset.

As he ages, the window for him is closing. I never saw him encounter any financial problem because he has been diligient and frugal. This meet-up has completely changed my mind. Even people like him are struggling financially and we'd better prepare a comfortable life for the old version of ourselves. This uncle is still doing okay although with some struggles but I am sure there are millions who are broke and wish they could have made and saved more money when they were young. Always plan for the future. What do you think ?

I don't know, as far as I know, a sailor has a salary that is high above the average job on land, even though it's just a low class crew member.
Moreover, your uncle is a sailor who takes routes that cross various countries in the world, in my opinion, not just any ship can sail taking cross-country routes and I'm sure that the possibility of money or savings that your uncle have may still be quite a lot even to send his daughter abroad.
I don't know or maybe your uncle has other problems that make your uncle unhappy, because life's problems are not only limited to economic problems, there are many other problems that will be faced in life.
Apart from that, we really have to be able to make the best use of our time and income to deal with old times, creating a small business ourselves is a good thing because when we retire from the world of work we still have things to do and can produce money.
Investing in certain instruments such as gold, stocks, property and even Crypto is a good thing.

[bangjoe]

I'm not really sure who's the wrong in this situation and who should I blame, but few things in order to make you survive and doesn't suffer financial problem are:

1. Make sure you don't save your money, but invest on few commodities e.g. Bitcoin, gold, stock, real estate etc.
2. Have a small business in your home, it's better if you have an autopilot business where you don't need to work anymore.
3. Teach your children how to use money in a correctly way, don't overspend and use it for luxury lifestyle.

When you're still 25-40 years old, it might be the peak of your career, don't think you can work until you're death because an old people can't compete with fresh graduate young people.

Steps that should be taken are related to the problem indicated by the OP. Speaking wrongly or not, it goes back to myself in my opinion because we don't have preparation for old age. From here we must realize that it is important to have an old age fund or retirement fund to support our needs in old age which basically we can no longer work with like when young.
Why do you have to invest, yes because if you don't invest, you will definitely be required to work in old age to make ends meet.
Age 25-40 is an age full of ambition and freedom because the energy and mind are still capable of doing anything to navigate life.
The point of consideration is only two for people whose economy is middle to lower, namely using young age to better prepare for old age or using youth to have fun but old age will be the victim.

[Davian144]

I think here the concept is getting clearer, we have to put our money in something that makes its value increase, because if you just save your money it won't increase.
so I think investment is the right choice for our old age.
If indeed your uncle is diligent in saving and investing his money, I think now he will not be upset and have financial difficulties.

It would be more precise if while saving also invest some of what has been saved into some valuable assets, because after all investment is a very important thing now and to start with, of course there must be capital first so that if someone has saved and some of their savings can be used as as an initial capital for investment, I think it is a very good choice to start now because someone can run it while continuing to save in his life for a brighter old age.

[KiaKia]

Saving more money is not the solution, I have noticed that most older men today get used to the jobs or businesses they are into, that even when the job is no more doing fine they will still stay, hoping that things will get better.

I am not saying that's the case with your uncle, but while growing up always be open to a new idea, do not get too attached to a business because most business is time-based, in the future the business might lose interest and you will start making less money.

In short, most businesses don't last a lifetime, this is the mistake that our elderly men makes and as they get older, switching to another money-making business will be hard for them, it is not too late for your uncle, until the late 70s, people his age still handle businesses very well.

[bitzizzix]

I think here the concept is getting clearer, we have to put our money in something that makes its value increase, because if you just save your money it won't increase.
so I think investment is the right choice for our old age.
If indeed your uncle is diligent in saving and investing his money, I think now he will not be upset and have financial difficulties.

It would be more precise if while saving also invest some of what has been saved into some valuable assets, because after all investment is a very important thing now and to start with, of course there must be capital first so that if someone has saved and some of their savings can be used as as an initial capital for investment, I think it is a very good choice to start now because someone can run it while continuing to save in his life for a brighter old age.

Yes, and more precisely if both are done, saving and also investing and this is very important in life now and also for the future.
You don't have to be big to do both and you can do both with the smallest first and do it gradually as long as you can afford it, and save for sudden needs that you can use anytime without having to interrupt your investment because this is for the future.
it's not as easy as it sounds, and this applies to those who still have a regular income or a regular job to really put it to good use.

[aoluain]

I think here the concept is getting clearer, we have to put our money in something that makes its value increase, because if you just save your money it won't increase.
so I think investment is the right choice for our old age.
If indeed your uncle is diligent in saving and investing his money, I think now he will not be upset and have financial difficulties.

yes, totally agree with the investing thing but not so much the saving thing, FIAT evaporates
and more so over the last couple of years, there really is no point in saving FIAT in the long
term, maybe for a short term goal its ok.

Then what asset do you invest in? where would anyone start investing, what asset?
personally and especially over the last 18 months its blatantly obvious there really
isnt anything other than Bitcoin? I cant see it.

[mvdheuvel1983]

 Always plan for the future. What do you think ?

Life doesn't always wound up the way we planned it. It is quite unfortunate that your uncle has to face the situation he is in currently. I hope it gets better for him. Over the years as I watch some older folks, and senior colleagues in relation to your story, he is what I have to say
-sometimes we give up family time so that they can have a good life better than the one we have. Maybe that was his only option as at them.
- having some sort of fall-back-on savings or funds is very important. Because they come back to save us.
- If you are making a lot of money as a young person plan for your future by investing in real estate, or gold. Just buy an asset that will appreciate in value over time.

[MarjorieZimmermanGinger]

There are two important points that are missing from the story that your uncle experienced and what stands out is that he cannot monitor the growth and development of his child and does not have a pattern to maintain financial stability when he has the opportunity. The importance of having a concept in life, especially if we already have a wife and children, maintain cash flow stability against income/expenses and plan something for the long term, be it education, health or savings for old age. What can we do to make it easier, even if talking about opportunities is difficult?

• Invest money that we have in several places and try to balance it with income, so that other needs are also not ignored.

• Build a small business when you get the opportunity to start and focus on growing the business.

• Start living in simplicity, buy something you need and don't try to compete with anyone for prestige.

If life is not well planned then until old age we have to work hard to provide for the family and in the worst case we will regret not starting to organize a better life when we were young. There are many people who have this kind of problem and it will be very difficult for them to try to fix it after they enter old age.

[Woodie]

I think this message needs to be told to everyone when they get to be adolescents/teens that we need to prepare for old age as you wont be the youth you are forever!

And OP as you have discribed your Uncles situation, i think lets face it...things might not always look as they seem as people know how to hide bad situations and it was only at the end of his career that things got to the open and everyone knew how bad things were.

Sometimes living within our means also allows for resources to be saved up and used for the future because  we never know what life can through at us healthwise.

[TribalBob]

Financial planning has actually been taught by our parents since we have understood money, and when we are adults our maturity is in facing the future and making choices, thrifty we will be safe in finances if we are old, wasteful will be miserable in old age (there have been many real results )
for now it's better to save money than to waste money where who knows what will happen in the future with increasingly unclear economic conditions, increasingly severe inflation and other financial challenges

[Hamza2424]

Live in present and don't think a lot about the future will destroy your present and if you can't live a good present how is it possible to live happily in the future? This looks like philosophy and illogical but this is the only fact. The kids you have now invested in them will be beneficial for you in the future they are gonna support you and serve you when you get old at least in our society this is how you spend your old life. Give them good moral values and educate them with skills to be financially stable in the future nothing more you can do for them rest is destiny.

[Razmirraz]

Many unexpected things happen after someone is not as strong as they used to be, one of which is what happened to your uncle. Your uncle's economy is very smooth as long as he is still active as a sailor, there are no problems to worry about. This is life, you need early preparation for old age, when the economy is smooth, don't forget to save or invest for old age.
No one can deny aging, the older one gets, the weaker one's condition becomes. At his current age, uncle needs to take care of his health, he can still make a living by opening a business around where he lives.

[xSkylarx]

The sad truth in reality is that a lot of people that should retire in 60s is broke and hardly survive. Ive seen a lot of documentaries and people around me that they are 60 but still they working because if they stop and rest they dont have nothing to it. The problem with this is that you've been employed for how many years but still you dont have savings for your future once you are old and mostly if you have benefits then that's good but how about those contractual person they dont have benefits at all and underpaid. Sad truth but no matter how we save for future we still caught off short and un able to prepare finance when we are old

[Helena Yu]

Not everything can be planned in this life, even despite our desire and the necessary actions for this. Unfortunately, we cannot control our own destiny. Therefore, sometimes in our life events occur that break all our plans. This, of course, does not mean that planning is not necessary. But sometimes it happens that already in adulthood or in old age you have to start all over again.

The @OP ask about a preparation when we get old and my 3 plans aren't really hard to follow, I'm not even mention if you're already reach 25 years you must have big house, a car, and $1,000,000 in your banks, when you're already reach 30 years you must have 3 big houses, 10 super cars and $10,000,000 in your banks etc. Those thing I mentioned before was often said by successful young generation and it's really unrealistic!

If you think my plans are hard to follow, you must a person who's only work from 7AM to 5PM and then playing video games from 6PM to 12PM, repeat without think the future.

You are quite right about my view, it means that My views are same on this but still j wanna say that we don't know our lives and as how much time we still have.

Death is inevitable, but make sure you're eat healthy, have daily exercise, etc to make you live longer.

[Bitcoin2009]

We must immediately prepare for old age, never be extravagant because we think that we will continue to get income, the best thing to prepare for old age is investing, there are many investment choices from low risk to high risk, we should spread our money to many types of investments so that if there is 1 which is a problem can still hope for the others.

[benalexis12]

   Not all the time our physical body is strong, yes his intention is good to go abroad, we should also consider that even if we send money to our family, we should also have savings for the future.

   Because if we send most of our salary to our family, the time we worked hard for when we spent energy away from our family will surely go to nothing.

[andriarto]

The sad truth in reality is that a lot of people that should retire in 60s is broke and hardly survive. Ive seen a lot of documentaries and people around me that they are 60 but still they working because if they stop and rest they dont have nothing to it. The problem with this is that you've been employed for how many years but still you dont have savings for your future once you are old and mostly if you have benefits then that's good but how about those contractual person they dont have benefits at all and underpaid. Sad truth but no matter how we save for future we still caught off short and un able to prepare finance when we are old

indeed a dilemma when we are old but do not have good finances to enjoy our old age. if we have children and are already working and attention maybe not too concerning, but imagine for those who are not so lucky, of course it is very sad to see. therefore from now on I start learning trading for my retirement, with the hope that by that time I will be good at trading and can work to stay productive, without many burdens of life

[Kakmakr]

I read somewhere that only 5%+ people of the world, can retire comfortably.... the rest will have a difficult time making ends meet and they will barely survive on the money that they get from their pension.

We live in a world where not enough people are saving for their old age and retirement... people seem to think that the governments of the world will have enough tax money to pay for their mistakes.