At your young age now, you will surely laugh at these options. You will never care to decide for all you know is you are young, able, kicking, in good health and with a very stable job. Yes, you are free to laugh at these options for to choose is free and according to your own will. While you are still young, especially this time when people compete among themselves as to who could buy first the latest gadget by Apple, the best clothing designs, the best cuisines, the best movies to watch every weekend and the best love of life your life you always want to see always happy and comfortable with you through your money. But people, you have to know that there is no guaranteed business and no guaranteed job. Usually realities and karma happen during old age when your income is getting shaky because of global crises and competitions and health declines, thereby, forcing yourself to exhaust your remaining money and even apply for loan and seek help from your children who also have family of their own and needs. That is what we call the option 2, you seriously chose in the past that is to enjoy now and suffer later.
The best option of course, is option 1, which states: Sacrifice now and enjoy later. If you only believe on this option you will surely be happy and worry free during your old age. What are you preparing for this option, no other, except, old age. Yes, it could also be applicable practically to students who do not pay attention to their responsibilities. There are also many students who like option 2, which states enjoy now and suffer later, the later realization is after four of five years in college, they cannot graduate because they are behind with those candidates for graduation, for they have so many bad grades like failures, dropped, Incomplete and keep on transferring from course to another and transferring from one school to another. Their years of stay in school will be abnormal.
If you are also working, option 2, must be your preference for so any reasons and one is, what if you live too long? How will you survive if you do not have savings? The pension you will receive monthly during retirement may not be enough for your medicine alone. There are programs that you may apply like long term health plans, health care plan, life plan, memorial plan, short term insurance plan, long term insurance plan called endowment, and other plans in your country that may help you during your old age. There is less problem abroad like America for they have free health care plan and health insurance, free hospitalization, free medical checkup during their citizens senior years , but there are Asian countries like Philippines, that do not give free health services to senior citizens, so many die broke.
You have to decide now which option to choose. Juts save 10% of your total monthly income and after 20 years you will become a millionaire. That is the secret of those who became millionaires by saving, not by spending beyond their needs. Let us be wise for repentance come at the end, unless die too soon, but all of us aspire to live too long, so make sure during old age , you won’t live in LOSS.
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So sad, many of the people who have better work failed to protect their income trough some savings.there is no guarantee that during retirement,the body is still strong and healthy. Health declines as we age , so while you are still young do try to save some amount for your old age. It should be to pay yourself first, that is supposed to be done by all of us before everything else because we work hard for the money and money is hard to find this time. There are insurance companies that offer better services during old age. In my case, I already purchased health insurance through Kaiser Philippines and pension plans from SSS which I pay at the maximum. I have from GSIS since I am employed in a government run university as an associate professor. The feeling is better if there is security during old age.
Thanks for reading guys.
Of course , iwould choose option 1. Though , i don't have to sacrifice , but see to it that i always would save and see to it that i always pay my conributions to SSS if I am privatelty employed and at GSIS if I am with the government. And while savings , i also would enjoy life as it rolls , have some simple comforts and st of all keep myself healthy so i can live to enjoy the pension.
That is very good of you having savings for the old age and rainy days. There areso many I knew retired broke, Why, because they sold in advance their retirement pension. So bad that the friend of my friend, has to work hard despite sickly and old. He was so pitiful. He also had a vice that brought him to land below the ground forever because he has no money to go to doctor and buy medicine, his children never care him for they were so mad at their father why sold his pension just for a plan to open up a business which he never had experience. His money to be used as a capital was not spent in the buying of the goods by his own nephew, instead left their place and brought with him 1 million pesos.Too sickening reality...to late to repent.