Last Updated on June 1, 2022 at 4:10 pm
Here is why we should invest both money and time as much as possible when our parents are young and able, else it may be too late to rectify. If you are under 35, that is a young earner, then this post is for you. If you are above that age, then you are likely to agree with me!
Announcement: A new seminar is available: How to construct a long-term investment portfolio – a guide for beginners. You can sign up via this form. This is meant for absolute newbies to start investing in the right way, asking the right questions and not make the mistake of choosing products in the very first step and repent later!
You may wonder what is the relationship between how much I invest and how I spend my time with the health and ability of my parents. Fair enough. This post is about some eventualities in our lives and why we need to be aware of them and prepare for them as best as we can.
Join over 32,000 readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! 🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
Your Life Changes Many Times in a lifetime! If you look back, there would be a handful of times when your life changed: when you changed schools or went from school to college or from college to a job. When you got married, when you became a parent and so on. Another such event is when your parents move into the evening of their lives. This is when their activities slow down. They have lifestyle induced diseases like diabetes, heart issues or worse syndromes, disorders, malignancies etc.
Then, they would begin to depend on you – physically, emotionally, financially. This typically happens when they cross 55, 60 or when you cross 35, 40. The parents that we knew all our lives will suddenly change to somebody else – not suddenly but over years.
This implies that there is a sudden demand on our time and/or money and this can be a difficult change to make. More than money, time is the problem. We may need to change our schedules, change jobs or even move from another city or another country. Money-wise there will be a sudden increase in recurring expenses as we may need to buy more medication, hire therapists or care-givers. Also, many senior citizens do not have adequate health insurance.
So this could be a huge drain on our resources (and theirs). If so, investing will take a back-seat. Even income could take a back-seat. Eg. if you are someone who earns from contracts, caring for parents may force you to take on less work.
Make the most of “today”! If your parents are independent and able today, all I am saying is the above is a possibility. There is no need to get scared for it and it is impossible to prepare for it. All you can do now is:
- Invest as much as possible for your long-term goals. Cut down expenses and invest
- Invest your time into things you always wanted to do. Later on, you may not have the time to do them.
- Make your parent’s dreams come true. Buy them stuff that will help them lead an engaging, productive life. When they are mobile, take them on holidays. Take them on a flight if that is new to them (naturally when the situation becomes better). This is my biggest regret as explained in this video
- Set up a secondary source of income so that it might be a fall-back option if you have to work from home.
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 5000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 1,000 investors and advisors use this!
New Tool! => Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join over 32,000 readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email!
About The Author
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 ten 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 investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 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 is!! 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.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)