This is a serious question and post. My sister forced me to start a SIP when I was making 8 thousand per month. I started from 5 thousand per month, my first job.
In last 15 years, we don’t have much savings. I took savings and retirement plan seriously only last year. So, the 10% tax on mutual funds has hit me hard.
There are not many ways in which our savings make money. Tax offset schemes (80C and all that), mutual funds etc make about 6% or less now. So, the 10% new tax on MF makes the savings a negative. PF was killed long back. I am not into share markets. The only friend who is into share markets is a rabid sanghi. I thought money guys only wanted money. Very confused there.
But now that I am closing in on 40 without any wealth or property or promise of a bright future, i am thinking what most other middle class should. Rich are getting richer, poor are getting poorer. And the real middle class is shrinking. There is data for each of those statements.
How are you securing your old age? The two decades of boom is gone. Less people like me will make journeys like mine. Forget religion, forget politics. I am just worried that one misstep or one big disease and done. Life will go poof.
My investment consultant sister told me today that for a govt that provides no health benefits, health insurance is taxed at 18%.
I am worried about money. I am worried about a govt and an era that looks at me only as someone to be exploited. Where is our collective bargaining? What are we bargaining for? Not to be lynched? I am losing my humour. May be, we all should.
