The here and now is all very well, but you need to save and invest to take care of your future needs.
TRUE, THE starving stomachs of the 40-year-long Socialist era had to be filled. So, now that the economy has been liberalised, cars, TVs, VCRs, CD players, chocolates, jeans, shoes, drinks–just about everything the wealthier classes had aspired to earlier–are being bought as if they will disappear tomorrow. Much of this buying is financed by debt; so not only are they spending much of what they have, they are borrowing to do so! But the race for the latest goodies is never-ending: it could be a Furby for your daughter today or a holiday on the moon tomorrow. The question you need to answer is this: what are my financial priorities? Let me explain. I’m listing three absolutely essential, absolutely ‘boring’ things all of you will definitely have to spend on. Make sure you’ve planned for them before you buy the next fashion statement.
Opinion in Outlook Money