One of the greatest joys of my childhood was listening to stories of my grandpa. His animated descriptions, his laughter, and the twinkle in his eye kept me longing for more. Not only this, my grandpa taught me to ride my first cycle and helped me solve those complicated math problems. His words of wisdom have helped me in my growing years. And today as I am all set to start my first job, he wrote me this letter to get me off the right foot, financially! Take a look:
I have had so many memorable life moments. Becoming your grandfather was unquestionably one of those moments. I am certain you must have heard from your father how thrilled I was when I knew that I was going to become a grandfather. I nicknamed myself “World’s Best Grandpa To Be” and yelled about it to the world. My heart swelled with affection when I held you in my arms the day you were born.
Watching you grow has been such an incredible privilege, and today as you start your first job, I am looking forward for you to navigate this marvelous world.
As you embark on this new journey, I can imagine how excited you will be, especially at the prospect of being able to earn and live life on your terms. Remember these words - “do what you truly love and love what you do”. Believe me; great things will follow. Most importantly, look at the world with wide-eyed enthusiasm, dream big, say yes to your heart’s desires and be more powerful than the problems that you confront in life.
At the same time, I want to boost you in one significant area - Money. In the coming years, many responsibilities will fall on your shoulders, and now it is the best time to plan for your future.
I truly believe in this advice - “whenever you start earning money, make sure you save some of it, spend some of it, and invest some of it”. Therefore, learn to save your money, Aditya. You may not realize its importance today, but keep in mind that savings can positively affect your financial standing in the future.
When you receive your first salary, there will be so many things you will want to do or buy, but before anything else, keep aside some money. You can even invest some of it in prudent wealth creation tools. Over the long term, higher returns can be achieved with equity-linked investments like Unit-linked Insurance Plans (ULIPs). As the year's pass, your salary will increase, allowing you to save and invest more each month. You will earn compounded returns on your investments, and all of this will help you lead a peaceful life ahead.
If, after reading this, you are not yet interested in saving and investing, put back this letter in the envelope. Reopen it after three years, and you will understand what I am talking about. All I want to tell you is that start building your wealth from the earliest to enjoy a financially stable future.
There’s another piece of advice for you. Although it’s a joyous occasion today, we can’t ignore the fact that life is uncertain. Along these lines, get insured with term insurance at the earliest. You will find many insurers offering term plans with varied benefits like the choice of death benefit payout, tax saving under Section 80C, critical illness cover, and so forth. To find your right-fit, compare online term insurance plans and choose the plan that offers comprehensive coverage. I am telling you this because I still remember how my mother (your great grandmother) had to break open all our savings when my father became ill and ultimately passed away.
Therefore, to protect your finances and your family, always make sure you are insured with a term plan. A good online term insurance plan will financially cover you against life’s eventualities, and also offer coverage against 40 critical illnesses through ‘Critical Illness Rider’. The plan that I am talking about is Max Life Insurance’s “Online Term Plan”. I regret that in our time there were no such plans, but I recommend that you should avail the benefits of term insurance without fail. All in all, make sure that you purchase the best online term insurance plan to ensure financial freedom to your dependents in your absence.
There is undoubtedly more, but I think this should be a good start. Getting a job is a significant milestone, and hopefully, my advice will help you get off to the right start towards making your future pleasant.
World’s Best Grandpa