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Suresh and Lalitha recently threw a big wedding celebration for their daughter. It went on for 3 days and 1,500 guests attended. They used up all their investments and savings to pay for it. Suresh retires from his job next month and will no longer receive his monthly salary. He is now worried about how he will manage daily expenses without the salary. He is thinking of borrowing some money for this. But how will he repay the loan along with the huge interest? He is more worried about this debt. Which of these sentences correctly summarizes Suresh’s situation?

Suresh did not think about the future and spent all his life savings without self-control

Suresh was a good father because he spent lavishly on his daughter’s wedding. The daughter will now take care of him and Lalitha.

Suresh does not have money now. So, it is okay to borrow money. He will repay it later when he gets some money.

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You will be tempted to take out money from your retirement savings and investments to pay for various reasons. Weddings, purchasing a vehicle, buying an electronic item for the house like refrigerator or TV, etc are some such reasons. But, we must be wise and have self-control to not take out money from our retirement fund.

If we use up all our retirement savings and investments, we will be left with no money for our old age. We will have to depend on others for our financial needs.

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