One of my biggest regrets is being unable to splurge on my parents – buy them expensive gifts, take them on holidays, etc. My dad died when I was in debt (due to his hospital bills), and my mom became ill soon after. So I keep telling young people that there is a small window in their 20s and 30s when they can accomplish much before their parent’s age and need care.
1. Build your resume! Take risks! If there is no financial need for you to go to work immediately after college (UG), then read more! Qualify yourself. Upskill yourself. This will have a lasting impact on your lifestyle and networth (if you keep spending in check and invest right). This is also the time to take career risks! Switch jobs, create a company etc.
2. Go out and see the world! Not just travel. If there is no reason for you to stay close to your parents, go out and study elsewhere or work elsewhere. The exposure will open your mind and give you a new perspective on life.
3. Invest like your life depends on it! Once you start earning, make investing for long-term goals a non-negotiable habit. Invest at least 75% to 100% of your expenses each month for retirement (this includes the mandatory EPF contribution + employer contribution).
4. Buy them a large health insurance cover if you work in a corporate set-up where nothing is permanent. Make them go to master checkups once a year.
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5. Take your parents out on holiday, buy them stuff etc.
Once your parents become old or sick, it would be quite difficult to do any of the above. So make hay when the sun shines!
Ps. Another regret I have is (I have bag loads of them) that my son never knew his grandfathers (my father or father-in-law). He did not spend a lot of time with his two grandmothers either. If we could go back, we would have become parents much earlier. Among other benefits, my son would have enjoyed the warmth and love of healthy, able grandparents. Please note: I am not suggesting using grandparents as unpaid babysitters!
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Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 13 years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), LinkedIn, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free, AUM-independent investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,500 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
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