Learn the lesson of saving for a rainy day


AFTER living in the shadow of Covid-19 for more than one-and-a-half years, the lives of countless people around the world have been greatly impacted.

Many have lost jobs and businesses – as a hotelier I, too, wouldn’t have been able to avoid losing my livelihood if the pandemic had occurred before I retired.

Indeed, many senior employees might opt for early retirement now if they can afford it.

As for quinquagenarians (those between 50 and 59 years old) who haven’t saved enough to stop working yet, I can imagine the stress is now pushing up their blood pressure. If these seniors had saved enough for a rainy day, they would not have to go through such anguish now.

The younger generation should learn a lesson from destitute seniors badly impacted by the pandemic and unable to retire.

If youngsters believe this pandemic is a once-in-a-lifetime thing, they may not realise that even a minor workplace conflict can force a resignation or cause a termination or a business to fail.

When I was in my late 40s, though I was performing well in my job as a senior hotel executive, I had a lingering fear that I might not be able to hold on to the position until my retirement.

At that age, finding another job with the same salary would have been almost impossible. Although my fear didn’t turn into reality, there was a reason for it: I lost my job in my early 30s after an impulsive action at work.

Only after many no-reply applications and numerous interviews did I finally manage to find another job, and it was for a lower salary. On the one hand it was an awful experience, but on the other, it taught me to become wiser.

I hope the younger generation will learn a lesson from this pandemic. While being young, ambitious and eager to live life to the fullest is only natural, they should not overlook the importance of being financially prudent because they could be rendered jobless abruptly by various unpredictable factors. Saving for a rainy day is the best precaution they can take to avoid a painful experience or facing hardship in their later years.

I’m glad that my children adopted cautious and prudent lifestyles from the time they joined the workforce a decade ago. They should be thankful that the pandemic hasn’t caused any disruption to their jobs, whereas many of their relatives and friends are not so fortunate.

PATRICK TEH

Ipoh

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

financial advise , savings , retirement

   

Next In Letters

Introduce whistleblower hotline for athletes to report sexual abuse
Cabotage debate: Guan Eng should handle things professionally
Being a cradle for unicorns
Uphold the spirit of moderation
Importance of managing the need for foreign workers
Challenges in digital adoption
Take the lead in probe of Pandora Papers
Dispense with protocol and get closer to the people
Dealing with cancer-related fatigue
Importance of safety and health regulations for all

Others Also Read


Vouchers