Managing finances during golden years

This post is by Srikanth from the investment advisory team.

Hello.

My name is Srikanth, I run a company called FundsIndia.com in Chennai. We are an online investment services company specializing in mutual fund investments.

At the outset, my thanks are due to the folks at OldIsGoldStore (Sanjay, in particular) for giving us the opportunity to communicate with this esteemed audience.

I, along with my colleague Vidya Bala, plan to write here periodically. We’d like to share with you our thoughts regarding financial issues that are important to senior citizens.

It would be an understatement to say that we approach this task with some trepidation given the fact that we are writing to folks who have had long, successful careers. Many of you have been in banking and financial services and are much more knowledgeable on finance than us. Hopefully, we’ll be able to provide you with some useful information about what’s happening currently.

We would also be happy to answer questions from you regarding any personal finance issue that you may have. If you have a question for us, please write to us at advice@oldisgoldstore.com.

We would like for you to let us know especially if you are considering investing in some new product that is being offered to you. We have a pretty good understanding of the different products that are available in the market today, and will be able to tell you whether some product is good and whether it is suitable for you.

This is especially important since it is a well-observed fact in our society that elderly people are more vulnerable to being victims of financial scams. I myself have been witness to such incidences and have prevented people from buying wasteful products.

scamIn fact, there has been a scientific article recently that shows how the process of ageing adversely affects senior citizens and how it makes them more vulnerable to scams. I would like to draw your attention to this article published recently:
http://meadvilletribune.com/ourhealth/x1685968624/Why-seniors-may-be-more-vulnerable-to-scams 

As the article cautions, seniors need to be especially vigilant about what they are being sold, and should always take trusted outside counsel before committing to anything. It would be useful to make it a habit to say ‘No’ to anything at first, and then re-visit later. This is especially true if one is being pressured to buy/invest in something stating that this is a ‘once in a blue moon/life time opportunity’.

Hopefully our counsel will be of some help to you in this regard and would keep you safe.

In future installments of this series, we hope to write on more topics of interest in terms of where and how to invest. If you’d like for us to write on any specific topic, please do let us know!

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