The World Has Changed and How?

The World Has Changed and How?

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Why our Kids have to face Challenges which we Never had to, why we can't afford to ask our 

children to tread the same kind of Career Path that we did, why our children are living through 

very different  times, why acting now can pave a beautiful Life for our children and how delay 

can jeopardize their lives

When I started my career, we were living through early liberalization  and consumerism too was at it's Peak , employees were being paid very well and looked forward to a long career.

it was the EMI Era and it was seen perfectly ok to take loans to fund a house, a car, house renovation and so on and so forth, the confidence of earning and doing well in the job for the next 20 to 25 years meant that the EMI would be easily dealt with, in just about 20 to 25 years the tables have turned 180 degrees, careers have started shrinking due to , a large proportion of youth population ready to take over the jobs erstwhile done by older people , automation and Technology and AI , rapid changes in the ecosystem is making the older work force obsolescent and irrelevant, 40 will soon be the new 60 and retiring at 40 has to be accepted as a normal way of Life & therefore the concept of FIRE - Financial Independence Retire Early has emerged , FIRE (Financial Independence Retire Early) is getting hugely popular across the world and this applies even more to India owing to our large proportion of young population , shrinking Careers has given rise to the Start Up Culture , while at one time "Job Security" was the buzz word now we are starting at "Job Insecurity", Entrepreneurship is the best way to move forward and also the most secured way to live a life of purpose and respect , Employees too have to think differently and act as if they are running their own business. this is called Intrapreneurship Culture and it means the Fixed Salaries would be Limited and Variable Rewards  would be Massive , so Employees will need to treat the organization as their own, learn and deploy skills and get rewarded in proportion to their efforts , the erstwhile concept of trading your "time" for salary is quickly fading away and what we are now staring at the rise of the GIG economy or skill economy  which in a manner of speaking is - get paid for your work your do and not for the time you spend in doing the work , so what all this means for today's youth? , throw consumerism out of the window , take Responsible EMIs and only if necessary , EMI back in those days was as high as 40% of Income , now it should never cross 20% under any circumstances , plan for Financial Freedom at 40, so first 15 years of career needs to be all to do with Modest Living, Double Income, Higher Savings and Investment so that by the age of 40 you have a healthy Cash Flow Corpus that sets you Financially Free.

Financial Freedom allows you to do what you wish to do in Life and allows you to Live Life on your own terms , so from Opulent Consumerism we have  transformed into Modest Consumerism & a Life of Purposeful Investing for Building one's Freedom Corpus , Instead of Ostentatious Weddings, Parents need to help the married couple (their Children) by providing them with the Nest Egg (an amount that can be invested and provide support towards creating  Freedom Corpus and Lifetime Cash Flow)

A reasonable Corpus provided by Parents and invested immediately after marriage would reduce the burden on the newly wed making it possible for them to live a better life by affording smaller SIP contributions towards Freedom Income due to the support provided by the Gift Corpus to  compliment the SIP Investing

It won't be wrong to say that from Pure Consumerism we are now in a sense looking at Adopting Principles of Simple Living and Purposeful thinking .

Parents need to be educated about such changing trends and should not view their Children's Future prospects in the same way as they viewed their own lives.

 Right Education and Right Guidance can prevent a Massive Social Problem in our life , 

 Raja Bhattacharjee

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