You only live once" (YOLO) mindset:
This perspective encourages living in the present and enjoying life to the fullest, potentially without much regard for the future or saving for potential difficulties.
"Save for a rainy day" approach:
This emphasizes the importance of financial preparedness and security by setting aside money for unexpected events like job loss, medical emergencies, or other unforeseen circumstances.
Balancing both perspectives:
It's possible to find a balance between enjoying the present and preparing for the future. This could involve setting financial goals and saving a portion of your income while still enjoying life in the moment.
Financial security and peace of mind:
Having a "rainy day" fund can reduce stress and anxiety related to potential financial problems, as you have a buffer to fall back on.
Avoiding debt:
Having savings can prevent you from having to rely on loans or credit cards during emergencies, which can lead to further financial strain.
You only live once" (YOLO) mindset:
This perspective encourages living in the present and enjoying life to the fullest, potentially without much regard for the future or saving for potential difficulties.
"Save for a rainy day" approach:
This emphasizes the importance of financial preparedness and security by setting aside money for unexpected events like job loss, medical emergencies, or other unforeseen circumstances.
Balancing both perspectives:
It's possible to find a balance between enjoying the present and preparing for the future. This could involve setting financial goals and saving a portion of your income while still enjoying life in the moment.
Financial security and peace of mind:
Having a "rainy day" fund can reduce stress and anxiety related to potential financial problems, as you have a buffer to fall back on.
Avoiding debt:
Having savings can prevent you from having to rely on loans or credit cards during emergencies, which can lead to further financial strain.
Or
only a small fraction of our income to retirement plans - indicating a potential gap between desired retirement lifestyle and the reality of own savings.
Here's a more detailed breakdown:
Retirement Expectations vs. Savings:
A large number of individuals in India, particularly younger ones, desire early retirement and anticipate a significant monthly pension. However, a considerable percentage of them are not saving enough to meet these expectations, suggesting a potential mismatch between aspirations and financial...
