RETIREMENT (Forget Fleeting Pleasures and Start Saving)

The writer believes that a beautiful camaraderie
makes life a wonderful journey.

            Every Malaysian is a saver, either for short- or long-term goals. Those who save only for short-term goals usually use their savings to make their dreams of travelling, buying the latest gadgets or owning dream cars, for instance, come true. To tick off their wish list is an achievement, a satisfaction and an ultimate success.

            Those who save for the long term, on the other hand, prioritise their needs ahead of their wants. Their definition of satisfaction is when they are able to live their post-retirement with a smile, not a frown, on their faces. They prepare for the future and hope for the best.  

            However, it seems like there are more people now who save for temporary satisfaction. Take sales during festive seasons, for example. Shopping complexes and hypermarkets are flooded with customers excited about discounts, rebates and promotions. Customers have the mantra “Don’t worry, be happy” in their head.

            Savings are not only a necessity, but a must. To rely solely on Employees Provident Fund (EPF) savings is an inadvisable decision, especially when a recent study revealed that retirees would have a difficult time surviving on the amount they have saved in EPF.  

            It is true that it is hard for us to start saving once we are obsessed with spending, but where there is a will, there is a way. We need to realise that overspending will only lead to negative repercussions, thus, we need to ditch the habit by all means. 

            Sometimes, Malaysians take positive thinking the wrong way. For some, living life to the fullest means focusing only on the present, assuming that things will get better in the future. There are people who believe that one needs to spend every penny one has if one does not want to regret being the richest person in the cemetery. This is ridiculous.

            Prevention is always better than cure. Hence, young people should plan for their old age carefully as it will be too tortuous for us to think about looking for a job to eke out a living when we reach 60.

           

            Learn to save money. It's now or never.

Courtesy of New Straits Times

1 February 2015