DON'T IGNORE CAREER PEAK AND INFLATION WHILE SAVING!

1. Very often, well-placed "wealthy" people are also unsure about "financial planning", and for which they perforce lean on friends, relatives or advisors during their mid-life stage.
2. An earner should recognize early that his "return" as a human asset is subject to age-related risks and economy-related issues like pay cut and job loss, thereby "peaking" his future income, and whose poor assessment frequently leads to old-age penury, although a few reputation-based professions may manage to attract a consistent clientele with age.
3. For those who may not be in such a sweet spot at 40, it is essential to "map" one's income for next 50 years by getting real about inflation-inflicted damage over long periods of time, as it will compound expenses over time while ‘safe’ fixed interest income will continue to remain flat.
4. Acknowledging a simple thumb rule that expenses would double every 9-10 years due to 7-8% real inflation, would make one realize that his corpus should double every 8 years to beat it, which can be achieved by maximizing savings during high-earning years and then investing it so that it grows above the rate of inflation.
5. As one's career peaks, it is essential to save 50% of income and invest it for future use, when income will fall and expenses rise, by reviewing all acquired assets and "linking" them to specific needs like a child’s higher education and marriage, health, exigencies and steady income during retirement.