Akshay : Oh Come on Niraj, you always keep talking about retirement planning. My Grandparents, Parents never planned their retirement and they managed decently. Why is that I should be required to plan for my retirement ?
Niraj (Smiles) : Ok. So do you use a PowerBank Akshay ?
Akshay : Yes, of course. It’s a must-have. One cannot manage without it.
Niraj : Really ? How long you have been using a mobile phone ?
Akshay : Almost 10-12 years I guess.
Niraj : And are you using a PowerBank from 10-12 years ?
Akshay : No. But that’s because there were no SmartPhones those days. The basic keypad phones would run 2-3 days without charging. But these Smartphone batteries don’t even last one full day. Thus, I need to carry a PowerBank
Niraj : So why don’t you switch back to the basic keypad phones ? You wont be required to use a PowerBank.
Akshay : What are you saying Niraj ? Now that’s not possible. I am so used to all these cool apps, features etc. I can’t go back to the basic keypad phones.
Niraj : Exactly. So your grandparents’ and parents’ life was somewhat like that basic keypad phone. They would manage with tap water, but you require bottled water. For them, summer vacation would mean a trip to Dadi house or Nani house. At the most, once in 4-5 years, they would take a trip to a religious place and would happily stay at a dharamshala. But just ask yourself if you can even imagine that. You and Your family compulsorily requires a trip to a good destination every year. Once in 2 years, it has to be a foreign destination. The hotel necessarily has to be a 3-4-5 star property with swimming pool. So things have changed a lot. Isnt it ?
Akshay : You are making sense. But am I doing anything wrong by living a good life? In those days, there were not too many facilities. Thus, my grandparents didn’t use it. But I should use it right ?
Niraj : Undoubtedly, you should use it. But at your retirement, would you suddenly like to go back to the Basic Keypad phone life ? If not, then you need a powerbank.
The way you necessarily need a powerbank to take full use of your Smartphone; Similarly, you need a good retirement amount so that you can continue the same lifestyle as you are having right now.
When you have electric supply available, you don’t only charge your smartphone, but you also charge your powerbank. You do this, so that when there is no electric supply available, this powerbank comes to your rescue.
Similarly, during your earning years, don’t just fulfil your needs for today, but also save and invest some amount for your retirement. This will ensure that when you have no electric supply (regular income) available, this powerbank (retirement wealth) will keep you going.
Akshay : You have drawn an amazing analogy between Powerbank and Retirement Planning. I will start planning for my retirement today and also charge my powerbank.
We look forward to your feedback and comments on the above article.
The Author Prof. Saurabh Bajaj (BE, MBA, FRM, CFGP, CIA, AFGP) is CEO with Nidhi Investments, Mumbai. His articles have a readership from 78 Countries across the Globe. He may be contacted on CEO@nidhiinvestments.com if you have any questions.
(The views mentioned in the article are personal opinion of the author. The characters used in the article are imaginary).
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Prof. Saurabh Bajaj is an Author, Mentor, Motivational Speaker and Wealth Planner.
He has done his MBA from Narsee Monjee Institute of Management Studies (NMIMS) Mumbai, one of the top 10 management institutes in India. He holds the prestigious FRM (Financial Risk Manager) degree awarded by Global Association of Risk Professionals (GARP), USA. Till date, there are less than 15,000 professionals in the world, who have been honored with this degree. He has also been awarded CFGP (Chartered Financial Goal Planner) Certification by AAFM (American Academy of Financial Management).
After his MBA, he joined J P Morgan, the second largest Investment Bank in the world. He has worked with J P Morgan as Risk Analyst for more than two years.
Prof. Bajaj also holds an Advisory certification awarded by AMFI (Association of Mutual Funds of India). During his stint at Bombay Stock Exchange, he has handled Investment Management and Treasury operations of the BSE Corpus. He has set up an entrepreneurship venture in the field of Wealth Planning and Investment Consulting under the name “Nidhi Investments” and holds the profile of CEO.
Prof. Bajaj sits on the Expert Panel of CAClubindia.com and MBAClubindia.com as Investment Expert.
He is actively involved in investor education through his blog www.professorbajaj.com which has a readership from 78 Countries all over the world. His articles are also regularly published in caclubindia.com , mbaclubindia.com , totalca.com , charteredclub.com, bankbazaar.com and lawyersclubindia.com .
He has been awarded the title of “Best Article Writer” from caclubIndia.com in Jan 2012 and has been selected amongst “Top 5 Technical Writers” from all over India in Feb 2013.
He has been invited by various TV Channels like SPIN TV, CNBC TV18, UTV Bloomberg Etc for programs like "Expert Advice" , "What Markets Want ", "Budget Analysis" etc.
He has been invited by Several organisations like Lions Club, Rotary Club, Agrawal Welfare Foundation, Rajasthan Mandal, Agroha Vikas Trust, Union MF, UTI MF, Arthamitra Gurukulam, Vidyalankar Institute of Technology etc for expert lecture on "Smart Investing", "Life is A Celebration", "Financial Freedom", "The Digital IFA" etc.
He was ranked 8th Merit at All India level NMAT which got him selected for MBA programme at NMIMS, Mumbai. He did his MBA with Capital Markets as his specialisation.
Soft Skills has become an inevitable part of every selection process and teaching learning process these days. The students from small towns and tier II cities, in spite of being talented and well equipped with technical skills, are seen struggling in the selection process. This is because of their lack of exposure to these soft skills. Mr. Bajaj has a zeal for training candidates to develop these skills and has been imparting the same on since last two years. This zeal and passion inspired him to set up his own firm called “Knowledge Circle” which aims to train candidates for soft skills.
Till date, he has trained more than 5000 participants from over 220 organizations across various fields of soft skills.
He has been associated with MSBTE (Maharashtra State Board of Technical Education) to conduct Soft skills training workshop for the faculties of Polytechnic Colleges in Entire Maharashtra (Mumbai Region, Pune Region, Aurangabad Region and Nagpur Region) since last 8 years.
He has also been associated with ICAI (Institute of Chartered Accountants of India) for training CA Students on various topics related to Communications skills, Group Discussions etc.
He was invited by Fr. Agnel Polytechnic College, Vashi for a motivational workshop for faculties. He was also invited by Vivekanad Polytechnic College for "Communication Skills and Email Etiquette" training for non-teaching staff.
Apart from these, he has conducted “Capacity Building Soft Skills workshop for Faculties” at ITI Gunj, ITI Pusad, ITI Digras and ITI Umarkhed. This was the first ever soft skills workshop for faculties in the history of ITI’s in Vidarbha. He was also invited by Shivaji Education Society to conduct similar Soft skills workshops for the faculties and office staff of Shivaji Junior College Pusad, Shivaji High School Pusad, Shivaji Vidyalaya Belora and Shivaji Vidyalaya Bhojla.
He has conducted training workshop on “Effective Presentation Skills” for the relationship managers of HDFC Mutual Fund, Andheri Branch, Mumbai.
He has also been invited at College of Management and Computer Science, Yavatmal, College of Dairy Technology, Warud, B N College of Engineering, Pusad, B D College of Engineering, Wardha, College of Engineering and Technology, Akola, Dr.N.P.Hirani Institute of Polytechnic, Pusad etc. for the Guest lecture on “Developing Interview Skills”.
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Logic between power bank nd retirement planning is so easy to relate to. Amazing explanation
Thanks for your valuable comments.
Looking forward to more visits and feedback in future.
First of all A Big Thumb’s Up👍👍 for this Article…Very Nicely framed!!!👌👌 Going to Buy Powerbanks for my Dual Sim Mobiles Phone☺️
Thanks for your valuable comments.
Its really nice that you have started Retirement Planning at such an early age.
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Thought provoking great analogy…In fact it is as essential as we carry drinking water we carry while travelling long distance.
Thanks for your valuable comments.
Very Rightly said.
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Wawww …. very simple way to explain such important things👌🏻👌🏻
Thanks for your valuable comments.
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very good story example of powerbank is very good
Thanks for your valuable comments.
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Awesome, amazing and the comparison between power bank and retirement planning has been brought about in such a simple and straight fasion. That’s the beauty of your articles Professor☺
Thanks for the lovely comments Bhabhi.
Looking forward to more visits and feedback in future 😊
Nicely explained. Everybody now a day’s talks and think about retirement planning but I guess only few of them act on it. After reading this article I am sure the list will go up.
Thanks for your valuable comments.
Yes, its high time we start giving importance to Retirement Planning.
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Nicely written article with a very simple analogy. Yes people need to realise and start now implementation of something that resembles a retirement plan.
Good point, well driven Saurabh.
Continued best wishes
Ravi
Thanks for the Lovely Compliments.
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Fantastic analogy between power bank and retirement planning.
Explained in such lovely layman language.enjoyes reading it.
Thanks for the Lovely Compliments.
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Beautifully described. Amazing correlation between retirement plan and powerbank. Truely mesmerizing. ☺️
Thanks for the lovely compliments dear.
Looking forward to more visits and feedback in future.
Very logical explanation on importance on Retirement Planning.. An important phase in everyone’s life.
Thanks for your Valuable Comments Sir.
Indeed its an important phase.
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Relativity between two is explained so nicely in simple and understanding conversation…
Simple understanding and an eye opener for everyone!!!!
Start planning!! I will !!!
Thanks for your lovely compliments.
Happy to know that you found it helpful.
Looking forward to more visits and feedback in future.
Very important concept explained in most lucid story telling way!!
Thanks for the lovely compliments.
It definitely means a lot to me.
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Very much easly understood. Thanks for your simple way of explaining…….
Thanks for the Lovely Compliments.
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great, super simple , day to day life examples looks very familiar
thanks
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The conversation was very simple but highly relevant seeing present n future lifestyle
Thanks For lovely comments Bhai.
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Perfect analogy!
Thanks for the lovely comments dear.
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Prof. Bajaj is known for his simplicity and real life examples. Another masterpiece and perfect analogy Btw smart phones(needs) & power bank( savings)
Readers should take note and spread a word about investing at early age and savings for future. This will not only make their future secure but also a sense of satisfaction will motivate them to take more informed decisions in life.
Good going Prof. Bajaj. Please keep sharing your thoughts.
Thanks for the lovely comments Bhai.
Looking forward to more visits and feedback in future.
Good one!!! Will easily connect youngsters
Good one!!! Will easily connect youngsters
Thanks for lovely comments.
Looking forward to more visits and feedback in future.
I love the way you explain the problem. Your new article is superb, which is now forcing me to think do i have a proper retirement plan. I appreciate if you could please advise how much we need to start saving if i am currently 40 year old?
Thanks for the lovely compliments Jiju.
Yes, it would be a pleasure to be able to help you with your retirement planning.
Lets connect on email for this.
Very well defined and the co-relation is apt. Millennials need to understand it….
Thanks for the lovely comments bhai.
Looking forward to more visits and feedback in future.
That was really simple and up to the point…brilliantly molded conversation relating to a powerbank. I really liked it.