Hello Readers! 

The generation today find it much difficult to organize their finances in a system, do you have the same conflicting emotions? Have you ever noticed your elders or the senior citizens in your house, how managed or organized they are with their finances?

Well, yes, we the senior citizens are very well managed and involved with their finances, this habit of them must be learned by the generation today. However, you might have also noticed that the elders have money that generation today would not like that very much.

Accurately, there are some money habits of elderly that generation today will envy and some which they absolutely detest and don’t want to emulate ever.

Here are some traits of the elderly that will inspire the generation today, while some aspects that they would like to do differently.

TRAITS OF ELDERLY THAT INSPIRES NEW GENERATION

Completely Involved And Much Conscious With Their Money

If I ask you about your total current expenses for the month, what will be your answer? Do you have that net calculation? Well, today’s generation hardly does it. They rarely have any idea about how much they spend. They only realize it when sitting down and reconcile their expenses. At that time, they feel that they have been spending far more than they had assumed.

But if the same question is asked by senior citizens, they will clearly answer you how much they have spent and where they have to spend their money. They have the data for every single pie that they spend. Many of them have a system of recording expenses and reconciling their bank accounts every month.

The young generation finds it tedious to track their expenses and keeping a record of every single pie spent is difficult for many. Well, for these young generation people, preparing a budget and handling their finances as per the budget can help a lot. When they manage their finances in a system, they end up spending less and only on necessary things. Ultimately, they end up saving a good amount of money.

Delayed Gratification

Are you a shopaholic? Have you ever bought any product or dress that attracted you through its look, but now it is kept in your wardrobe useless because it is out of trend now? Or have you ever bought anything expensive just to justify your temptation, but now you are no longer using it?

This often happens to us. For most of us, waiting and giving a thought to what we are buying or to something which has our fancy is not normal. And this ultimately ends up buying things that give us momentary joy and sometimes regret in leisure. But this is not in the case of the elderly.

While buying something or when they have to decide something, the elderly have the habit of giving a proper time to research and think over it. This ability to think ensures that most of their money is spent on things that really are needed or experiences that bring them joy.

Here what the new generation must learn that they must never be frugal with their money. Whenever you spend money on something, be it cloth or gadget, or in case you are deciding your investment, be sure that whatever you spend on is useful or brings a long-lasting joy into your life.

TRAITS OF ELDERLY THAT NEW GENERATION WOULD NO LIKE TO OPT

Depriving Self To Ensure Your Children’s Welfare

Well, this is an old habit of the elderly, keeping their child their first priority, even before themselves. We come across senior citizens who are parents of very well-to-do children. They have accumulated much wealth in their working days, even in their retirement, they try their best to use only the capital appreciation or interest portion of their investment and the rest they keep safe for their children. To keep their investment safe, if they require to deprive themselves of even simple things which bring them great joy, they do that without any hesitation.

It is very good to secure the future of your child but is much better if you secure their future by giving them a quality of education, instead of creating wealth and building a house for them to reside in forever. Make themselves much qualified that they can construct a better future for themselves on their own. It is much necessary for you to plan your peaceful days of retirement. Not only hard working for your wealth is necessary but enjoying your hard-earned wealth is also necessary.

This is something that the new generation must avoid.

Seeking Safety At All Cost

The elderly have a habit of being in a position that benefits them and keep themselves safe. They are very less habituated to experimenting with things, especially when it comes to their investment. The safety of their investment is a priority even if it comes to son the cost of less tax advantage and low- returns. They even don’t care about how increasing inflation affects their investment. This kind of investment might work out for some, but for a major population, it would make sense to have a diversified portfolio. Like they can spread their investment in Mutual funds that give good returns with inflation combating feature and more tax efficiency.

There is a lot of money strategies and habit of elderly that we can learn and opt, they help us in smooth management of our finances, while there also are some habit that we must ignore, or we must opt it in a different way.

For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee of future returns).