3 Indian Celebrities with Amazing Retirement Planning Skills
Do you want to get rich? Can you maintain your standard of living even after retirement? If the second question makes you think twice, you either saved for retirement a little late, or you saved without a plan. Both are detrimental to your retirement goal, whether normal or early. If we look at some of the most successful people across the world who planned their retirement well, here are the things we pick up:
Start as early as possible
Celebrities such as Bollywood actors and Indian sports people have short career span. Despite the fact, they enjoy lavish lifestyle even after their retirement from their primary job? Such pinnacle of success is possible because of the future retirement planning. Priyanka Chopra is an example who started her career young. She was only 17. The actor bought multiple properties in Mumbai and Pune for her retirement days. She may work for long years or even a short span of time. She gave financial planning an early start.
Pension and retirement plans are two must-do investments for a secure future. The skills that you require in making this critical decision are patience, persistence, rational thought process, and a coach standing by you. Indian Cricket Team’s ex-captain, M.S Dhoni gives you personal finance goals. He worked hard, remained focused, worked towards building the skills to ensure that he has a consistent source of income supporting him. With the success of two other travel firms, now he plans to launch a five-star hotel in his hometown. He knew his fate while he was playing for the country. Investment always lured him. We must learn his strategies.
Plan for Contingencies
Hope for the best but be ready for the worst. Contingency planning is the best way to financial planning for the worst circumstances in future. Here’s someone from Bollywood who will teach you what contingency planning is all about. Amitabh Bachchan is a name the world knows. His voice makes him stand out from the crowd and therefore, he has insured his voice. Without his voice, he may stop earning. Insuring his voice gives him the financial freedom in case anything happens to his voice. When planning for financial security, you need to be ready with your contingency planning.
Saving for Retirement is one of the farthest but crucial financial goals for everyone. Some of us even think of retiring early and getting out of the rat race. In other words, we are looking for financial independence earlier in life. If you are also one of those, who either want to retire rich or retire early, following two questions will check your readiness.
Do you have funds to retire early? How ready do you think you are to meet this goal financially?
Inflation is high and those not saving enough will have a difficult retirement. Inflation kills your purchasing power and standard of living in future. You will see no change in the lives of strategic pension planners such as Priyanka Chopra, Amitabh Bachchan and M.S Dhoni. Inflation will never stand in their way. You can have a first-hand experience of this situation by comparing what you are paying now with what your grandparents used to pay them. It is an important aspect to consider before you choose the best pension and retirement plans for you and your family. By strategising your ideas with the help of Insurance plans, you can use a strategy to impact your savings fund at the time of retirement. Try increasing the value of your assets and property beyond the level of inflation to face the situation.
Plan early, start early, build your wealth and capacity both.
How planning and investing early for retirement help
It may sound like a theory, but early retirement planning is a tried and tested strategies of successful people. There is no secret to wealth multiplication of the celebrities other than the early plan. Moreover, you get the benefits listed.
- You buy time to take more risks and bounce back to recover
- You earn through compound interest which gives you highest returns in the coming years
- People at young age spend more than save. Early investment helps you plan your budget and get more significant corpus amount
- Your affordability improves compared to others
It is never too Early to Invest for Retirement!
“Early to bed and early to rise makes a man healthy, wealthy and wise”. Can we tweak this saying a little, “Early to plan and strategised retirement keeps a man away from stress, close to wealth and financial freedom”? If this blog motivates you to get your pension plan sorted after sixty, new pension scheme is one of the answers. Are you eighteen and more? Pay Rs 500 per month or Rs 6000 per year and enjoy your life after your retirement.