Financial Discipline for Men in their Middle Ages!

If you are in your 50s and still working,  ideally you shouldn't be taking anything from your salary for your expenses, instead your passive income should pay for all your expenses,  your salary should be as a whole moving to your savings.

But if that is not the case and you are still in debt, please pay attention urgently into raising a passive income! I have a writeup about it in my blog itself.

But, if by grace of God you are settled, I will tell you, why we have to "Utterly careful" about not fall into a financial trap in our late years,  as outlined below:

1. Good Properties:

    Please! Do not invest your lifelong savings into that beautiful mountain home!. I am citing this example because I am so much found of mountain views and beach houses myself. If I get a reasonably time and money to spend for my vacation, I will always go for either a mountain retreat or a beach house! 

But, if you have a similar taste as mine, please do not BUY any of these properties! The internet is full of vloggers who posts very tempting/beautiful properties for sale in such exotic locations. But, if you invest there, you may be left with little or less than sufficient monthly income for a healthy retired life. Also once you starts living there for some significant time, you may be exposed to the negatives about that property, which were not so apparent earlier!

So, always RENT even if the rentals are a bit higher. If you find a really cosy location, rent a neighbourhood home for few weeks and you can really understand about the plus and minuses of the location.

Good properties are attractive to me now than in my younger times, because I may have money to purchase them, but also a beautiful property is like a charming young woman! sometimes, wisdom may not be behind such purchases!

2. Latest models of expensive cars:

   I was always a car loving person, but that does not mean I should run about test driving every new model car that is available in the market and they have such tempting reviews. Most of our driving needs are very minimal once we cross 50 years and for that a good second hand car with a good reputation for reliability like honda/toyota with a budget not to exceed 2.5 lakhs should do. Now, do not go for latest technologies/models, because only time will prove their real worth and reliability. Also most modern cars are full of electronics which will break down once crossed 75000 kms and will be very expensive to fix.

3. Hospital/Healthcare expenses.

 This is something nobody will be able to avoid. But, we can plan ahead, so that, these are at a manageable level. These may include:

A. A healthy diet:

Try to have homely food as much as possible. Also,  learn some basic cooking skills. That way we can prepare some good meals at cheap rates without the fear of getting sick due to bad hotel food. If you are traveling try to avoid non- vegetarian food, as these are very easily spoiled. 

B. Choose  medicine without side effects. 

For this reason,  I always use Ayurvedic medicines. Other good option is Homeo.

C. BE Careful not to involve in road accidents. 

1. Drive only in non peak hours, between 10.30am till 3.30 pm for your daily needs. 

2. If you need to do long distance driving,  please start in early morning and retire to a hotel / room by 5pm or so.

3. Avoid evening rush driving and the crazy late night driving,  when all the bad elements of the society may be on the road.