Starting up after Retirement? Here are 5 ways to manage your money

Owning a business has been a dream of many individuals. People believe beginning a business at a young age allows you to live through it, and if you do not do it, it is too late. But nothing is too late. One end is always another beginning and age is just considered to be a number. Many business people began their start-ups or ventures at a very later stage of their life.

Captain CPK Nair, the founder of Leela hotels began his venture in his 60s and created his pathway. The founder of the world-famous fast-food joint, Ray Kroc began his entrepreneurial journey in his 50s. Ariana Huffington, the author of several books, is the co-founder of Huffington post and has ventures of her own too during her 50s. 

So if you think retirement is the end of one’s career, it’s not, it’s just a new beginning. Although, at such a phase, finance becomes a backbreaking task.

To help you with the same, here are 5 ways to manage your money:

1. Create passive income sources –

A business is always wobbly for the first few years but with patience and the right strategy the venture grows. In such a stage earning profits is not simple and thus you shall invest in a pension plan that offers you a steady income. To relieve you from such uncertainty, one of the best plans you can invest in is the HDFC Life Systematic Retirement Plan. 

2. Don’t spend your emergency corpus –

A business always in need of funds. Being the owner of the same, it may seem simpler to invest your funds, but do not dip your hand in your emergency fund. You began building that emergency fund for a reason, do not dish out the same.

3. Avoid touching the funds you wish to pass on – 

A famous saying goes like this – we came empty-handed and we will leave the same way. It means that everything you earn in your lifetime is eventually passed on to your legal heirs or children. Beginning a business can exhaust your savings but ensure to not touch a fund that is set up as your legacy. To avoid mixtures, you shall set aside such funds in a term insurance plan. 

4. Be debt free – 

Do not keep debt awaiting your children or legal heirs. If legacy is not in the books, do not leave liabilities and punish the children for the same. 

5. Be frugal while running your business – 

As you have earned as a salaried person for a long time, you may have enjoyed a certain lifestyle. However, while running your business you may want to be picky with your spending choices. It helps save money. 

Never say never and always believe you can do it, at any stage in your life. Being your boss is a unique experience and you shall begin your journey enjoying the same too.

ARN: ED/10/22/29837