Most of the Indian Senior Citizens die rich but they do not live rich.
The younger generation is moving away from Real Estate, whereas the Seniors are still engrossed emotionally in Real Estate.
The Seniors have built houses not only for themselves but also for their children, and even for those who have settled abroad or outside their home state.
The next generation is least interested in these houses. They have no time to look at these gigantic properties. The next generation is very asset light.
One such Senior Citizen died at the age of eighty five. His wife had already passed away a few years ago. One son lives in London and the other one lives in New Zealand. They have the nationality of those countries. Neither was interested in the house their father had built when they were younger.
The father had written a Will before his death to divide all the property equally between his two children. The sons did not have the time or the inclination to get the property transferred in their names and then sell it. Both of them made a power of attorney to sell the property in someone's name. Thereafter the proceeds from the sale of the property were sent to their home country.
Our second traditional investment is in Gold and Silver items. Investing in Gold and Silver is often very emotional. This is done in the form of ornaments for daughters-in-law or for grandchildren, instead of buying pure gold.
The new generation often does not like old fashioned jewellery items. As such, they are broken down into new designs. It goes back and forth. The new generation prefers to wear imitation or fake jewellery rather than genuine jewellery.
In some countries, gold is kept in pure form as an investment and a very little quantity in jewellery items.
The third emotional investment is children's higher education.
Occasionally, senior citizens take out loans for their children's higher education by cutting down on their hobbies/needs. When the children get jobs, they pay off those debts but in some cases the parents have to repay these loans.
Going beyond this, some Seniors are investing in policies or other investments to facilitate education for their grandchildren.
Taking out a loan for children's education is understandable but why invest in grandchildren's education now, especially when your children have already started investing in SIPs for their children's higher education?
What is our mindset? We don’t want to ask for any financial help from our married children but we feel that taking care of our grandchildren is our responsibility! You thought about your children when they were growing up. Why are you now thinking of your grandchildren in your old age?
Your lifespan is increasing. Your costs are rising. Think about it. Do not forget your own pleasure while thinking of others. Live life for yourself. It is rightly said that most Indians spend miserly all their lives and make the next generation rich.
So, If you are over 60, and are now 65 due to the fact that life expectancy has increased a little, live your life well. Spend on your hobbies and fulfil your Wish List, so that you live rich and don't just die rich!
~ sharing a friend's WhatsApp post
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