(First of two parts)
We are facing another year and we are again getting older. But we shouldn’t worry about getting old. Even aging has its own blessing. As we grow in years, especially those nearing retirement, we learn the following:
Not to accumulate
* We try not to buy any more books. You purchase only those you know you will read.
Book lovers and those pretending to be well-read always deal with storage problems. These materials made from paper are delectable to termites. Books gather dust and require cleaning from time to time — even if you store these in glass cases.
Aging collectors with no heirs who are interested in their books (we have different interests to begin with) opt to (painfully) donate everything they accumulated to academic institutions. But in this country where there is no sense of archiving — you may never have any way of knowing what became of your lifetime book collection.
* We stop buying art. Unless you are in it for investment, you would need to shell out money for maintenance. Molds attack certain types of paper and cloth canvasses.
So you take comfort in the fact that your children will enjoy your collection? Think again. Good art pieces truly appreciate in value. Hopefully, you and your heirs share the same passion. But somewhere along the way, they will fight over it or sell it to divide among themselves what you had intended to keep within the family.
* We stop buying real estate. That is still the best investment (next to jewelry) to guard you against inflation (but you need to choose a good location). What will kill you are the taxes. You have to pay real estate taxes annually.
And whether buying or selling, the government benefits — in capital gains and transfer taxes. Lately, the now-dreaded e-vat.
When you die intestate, your heirs will try to revive you to kill you again because settling the inheritance tax will make your descendants spend so much. Nothing will be left practically to them. It’s like they bought the property.
What to do? Sell those while you can still enjoy life. Leave only a few properties for them (you bet they will be fighting over those and that will cause you so much heartaches). If they want more properties, let them buy those themselves to teach them the value of hard work.
* We resist the temptation of accumulating more shoes and clothes. To begin with, as we get older, our choices become limited because we have to dress according to age — unless you still have a fantastic body that would fit into teen apparel.
And no matter what they say about fashion going back in style, designers will tweak it here and there so you have no choice but buy new clothes — inspired by a previous era.
How to handle money better
* As your finances get bigger as you grow older, you loosen the grip on your money and spend guiltlessly. That’s your reward for all the hard work you put in during your younger days.
At this point, you can be let loose at your favorite store and we bet you’d still be spending wisely — having gotten accustomed to the practice. Having gained a sense of responsibility, you’d even be sharing your blessings with others.
* Don’t lend. You will end up enemies anyway because half of those who borrow never pays or returns it in trickles. If you are gaining an enemy, why shell out money for it?
That there’s more to learn
* We realize that we don’t know the answers to a lot of questions in this world.
* We acknowledge that every phase of this life is a learning process.
* We can also learn a lot from the young.
To become more spiritual
* Even if our body can still take in fun, this is the only way to go since we’ve already values in life.
* This is our way of thanking the Lord for the life He gave us.
(To be concluded)