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RETIRE WITH PRIDE - 1 : Retire From Working Not From Earning

    Mr. C.S. Sudheer | Friday, July 22,2016, 05:01 PM
 

More than 45% of the working citizens of our country, do not save for retirement. Shocking isn’t it? What’s more shocking is that even among the citizens who save for retirement, few are confident of having money to enjoy a good retired life. Are you one of these citizens? Are you aware what happens if you do not have sufficient money in retirement? You would have to ask for money from your children, which can be pretty embarrassing. You can have sufficient money even after retirement, only if you retire from working and not from earning. But how can you do this?

You would have to build passive sources of income which would continue earning for you, long after you retire. Your assets earn you income, as long as you live. Want to enjoy a retirement free from money worries? Our wealth doctors will help you build passive sources of income, so that you will have money long after you retire. All you need to do is give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

In this article you will learn a couple of tips, which will make sure you keep earning, long after you retire.

Build wealth. Enjoy retirement

Time for a famous saying by Warren Buffett “Never depend on single income. Make investment to create a second source”. Building assets helps you enjoy a great retired life.  Wonder how this can be true? It’s time for an interesting story.

Manoj who is 62 years, retired a few years ago. Manoj started his career as a bank officer and over time, retired as a bank manager. Manoj lives with his wife Seema, in his apartment in Bengaluru. His two sons Vinod and Vikas  are well settled and visit him often. Unlike several retired citizens of our country, Manoj has the money to enjoy his retirement. Manoj always believed that retirement was from working…not from earning. Manoj’s motto…Build assets which generate income even after retirement. Manoj worked for a bank and could easily avail a home loan at low interest. He bought his apartment several years ago, with a home loan from the bank. His apartment was on the outskirts of Bengaluru, when it was built. Today his apartment is prime property. A number of his co workers at the bank, built their homes availing home loans from the bank. They too live in their own apartments. But Manoj did something different from his co workers. Manoj did not say “I have my own home. Let me enjoy life”.

Manoj again availed a loan from the bank and bought a second home in Goa. Goa was a popular tourist destination back then and remains so, even today. Initially Manoj did find making his repayments on the home loan difficult….but he has no regrets today. Back then Manoj had to compromise on the good life. His friends spent a lot of money on holidays and fun trips. But Manoj had to always say “No…Not today….some other time”. Back then the concept of holiday homes was new in the country. His friends mocked him saying “You don’t go on holidays. Why do you need a holiday home? ”. Manoj finally had the last laugh. Manoj has rented out his second home in Goa as a holiday home. This home fetches him good rent. Being in Goa, there is no shortage of people looking for a holiday home. His home is always booked. Today Manoj’s friends have no money to enjoy retirement. They have stopped working and unfortunately also stopped earning. Today, Manoj goes on holidays with his spouse even after retirement.

What do you learn from Manoj? Saving for retirement is great.  But don’t forget to take it a step further. Build assets even if it means availing a loan to do so. These assets will earn you a lot of money, even after you retire. You may stop earning….but your assets never will.

An engine which never stops giving money

Retirement is inevitable. One day you have to retire, just like everyone does. But does retirement mean you must go with a begging bowl to your children? Would it not be great if you retire only from work and not from earning? Let’s listen to this interesting story on Sanjay and learn how even in retirement, Sanjay had money.

Sanjay is 63 years old and is enjoying retirement. Lack of money is not a problem Sanjay faces, even after retirement. How does Sanjay have money, when so many of our retired citizens live hand to mouth? The secret…..Sanjay always believed in retiring from work and not from earning. Sanjay worked for a real estate company as an accountant in Bengaluru. Sanjay lived with his wife, Sujatha and his two sons, Adarsh and Nikhil. Sanjay followed this saying by Will Rogers “Don’t wait to buy land, buy land and wait. Sanjay worked hard….saved hard…and then bought plots of land on the outskirts of Bengaluru. Why did Sanjay buy land on the outskirts of Bengaluru? He followed a saying by John Jacob Astor “Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!"

Sanjay bought two plots of land on the outskirts of Bengaluru in the early 1990’s. Koramangala was the outskirts of Bengaluru in those days. The price of land was around INR 300 per sq ft. Hardly a decade later, the price of land in Koramangala soared to nearly INR 2000 per sq ft. Sanjay bought another two plots of land in HSR Layout in the early 2000’s. This was the new outskirts of Bengaluru. When Sanjay retired in 2013, he gave Adarsh and Nikhil a plot of land each, in Koramangala. They were millionaires instantly. He then sold one of his plots of land in HSR Layout for lakhs of rupees and lived life like a King. He rented the other plot in HSR Layout for a steady source of income. Sanjay had discovered the engine which never stops giving money.

So what have you learned from this article?  To enjoy a good retired life you need money. Retirement is not the time for you to worry about where the next rupee is coming from. Simply build assets which will make sure you are not only well supported, but also thrive and enjoy your retired life. Your assets will keep earning, well past the time you retire. All you have to do….Retire With Pride.

Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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