We all need to sve for tax purpose atleast....People in age group of say 25-30 if start saving in PPF also Rs 70000 which is t he max limit for year for 30 yrs till there age of 60 (assumed retirenment) can have a corpus of Rs 87 lacs... risk free..... i understand i have not considered inflation...but still its a good savigs...
how individuals earns and spends and the government taxes it's citizens and spends on it's services and welfare provided to them determines the efficiency and status of the nation.
individuals and families should spend more on improving the education, health, furthering employment skills, healthy living condition and and investment on business to widen their horizon and furthering their self reliance and less dependence on government.
the government on the other hand should provide efficient infrastructure like roads, drainage, water and irrigation, educational and research institutions, law & order and national defense security.
it is a an act that should compliment one another i'e the people and government. no magic slogans "gharib hatooh", "roti kapda makhan" will ensure them. it is the hard work and savings again hard work and saving that will ensure.
the political leaders should be honest and sincere and dedicated to nations. if they were interested in their own welfare they can go to other occupations like business etc. and should retire from politics or not enter it.
Savings for future means when you are dependent(health wise) or job less or when you have all time in this world doing nothing. So earn wisely & spend wisely in such a proportion that you can enjoy the benefits of savings even today, tomorrow & forever...
Although in our India ,saving the excess money is a tradition. But in today's high inflation era merely saving is not suffucient but investment of that money is important. You should get 15 % more on your saving/investment to beat the inflation. Otherwise over the years inflation will convert your savings into negligible output. And after doing so much sacrifice of pleasures one will get no output at the time of retirement. this is also ridiculous. so invest smartly is only the option.
used to take cycle even for 20km, eat in universiy canteens, spent freetime in library and social work. going to temple and beach. even when there was no money i was very happy
i dont know that what this article tells us, no emotions,no happiness, no joy, no birthday celebrations, no new dress, no car, no party, no new house, no eating, no drinking, no tv, no to everything....and we accumlate lot of money...and do what with that ???. there should be a fair thinking on savings, but if start cutting down on everything then what is the meaning of life...living...if you loose money somewhere unneccessarily...u will gain some money accidentally...this is called life..i dont think these many restrictions r required...and without emotions,joy,happiness by ourself and with our family,relatives and society...what is there in life...better to leave everything and go to himalayas..!! there should be a sensible spending..within the budget we have .thats it..
Re: i do not understand the meaning of life after reading this !!
by vikas chauhan on Oct 14, 2010 12:42 PM
good questions. Rediff people are getting crazier. What should write is everything in balance. In sanskrit, there is proverb : ATI SARVATRA VARJYET
Re: i do not understand the meaning of life after reading this !!
by sk ms on Oct 14, 2010 02:39 PM
It doesn't say don't spend.It just says don't spend when it is not a necessity. Article does't say dont buy car. If you think , most important "You Think" you need then go ahead and buy but dont buy just because everyone in your group have one. Similarly people buy first day first ticket at preminum price sometimes at 200-300% to watch a movie. Next day you can see the same at regular cost so diff can 1 day make in this case. Now that doesn't mean if you have to get a heart surgery next day then wait for few days to get a cheaper doctor or hospital. That cannot wait. But the same movie on 2nd day is no different so there is no point in 200% premium cost .See the criticality and spend. Personally I have seen that food quality is the best in tier 2 restaurnats.. may be a 2-3 star with decent ambience that food quality in 5 star hotel. Just for brand sake dont go for premium price. On the other hand if you really like a great food go ahead and have it even if it costs a fortue.. but dont do it for brand , society or prestige sake
Re: i do not understand the meaning of life after reading this !!
by vikas chauhan on Oct 14, 2010 12:42 PM
good questions. Rediff people are getting crazier. What should write is everything in balance. In sanskrit, there is proverb : ATI SARVATRA VARJYET
You have saved through smartly but invested poorly, brings to you nowhere. Invsted in Kotak Life Insurence and ING Life Insurence; hoping a good return will dash your expectations. Invested three years back will give a negative returns upto even thirty%. Be safer, invest in Post office and get assured returns of 8-9% on Y-O-Y basis. Be smart in saving but be wise in investment, and do'nt be fooled by sweet voice.
Re: Save smartly, and invest poorly.
by Krishna on Oct 14, 2010 12:01 PM
A debt fund would be a better and tax efficient choice and a MIP with a little risk would be still better.
