Deferred and Delayed Gratification

The Financial Planning Association of Malaysia (FPAM) recommends that you start a savings and investment plan the minute you get your hands on your first pay packet. Why? So that you can meet your life's goals through proper financial management. Why? .....because your government do not have a social safety net for you when you retire. you only have your EPF and that will be gone in less than 3 years-so they say.

Retiring well or even retiring in style takes a lot of hard thinking from Day 1. The minimum requirements for comfortable ever after retirement are:

• a debt-free house
• a few sources of passive income to maintain lifestyle
• a long term care programme
• adequate life insurance
• a few good friends
• regular family gatherings
• reasonably good health until 75 years of age.

So looking at the above seven outcomes; to follow the advice of Steven Covey's "Begin with the end in mind", what should one do?


Heartsong