The younger generation is moving away from real estate, whereas the seniors are still engrossed emotionally in real estate.
The seniors have built houses not only for themselves but also for their children, and even for those who have settled abroad or outside the home State.
The next generation is least interested in these houses. They have no time to look at these properties. The next generation is very asset light.
One such senior citizen died at the age of eighty-five. His wife had already passed away. One son lives in London and the other in New Zealand. They have the nationality of those countries. Neither was interested in the house his father had built. The father had written a will to give all the property equally to both the children. The sons did not have time to get all the property in their names and then sell it. Both of them made a power of attorney in someone's name. Thus, all the proceeds from the sale of the property were sent to their home country.
*~ Our second traditional investment is in gold and silver items.*
Investing in gold and silver is often very emotional.
This is done in the form of ornaments for daughters-in-law or for grandchildren, instead of buying pure gold.
The new generation often does not like old fashioned jewelers items. As such, they are broken down into new designs. It goes back and forth.
The new generation prefers to wear fake rather than genuine jeweler as they do not want to take risks.
In other countries, gold is kept in pure form as an investment and a very little quantity in jeweler items.
The third emotional investment is children's higher education.
Occasionally, senior citizens take out loans for their children's higher education by cutting down on their hobbies/needs. When the children get jobs, they pay off debts but in some cases the parents have to repay these loans.
Going beyond this, some seniors are investing in Ayurvima policies or other investments to facilitate education for their grandchildren.
*Taking out a loan for children's education is understandable but why to invest in grandchildren's education now*, especially when your children have already started investing in SIPs for their children's education etc.
How is our mindset? We don’t want to ask financial help from our married children. But taking care of grandchildren is our responsibility! Thinking of own children throughout their life and again thinking of grandchildren in old age.!!!
"Your lifespan is increasing. Your costs are rising. Think about it. Do not forget your own pleasure in thinking of others. Live life for yourself."
It is rightly said "Most of the Indians spend miserly all their lives and make the next generation rich."
So, If You are 60+ Live Your Life Well, Spend on Your Hobbies and Fulfill Your Wish List, so that You Live Rich and Don't Just Die Rich !!!!!