There’s no present like time.
This reversal of the famous “no time like the present” is a reminder that time is precious- something that is not returned once it’s spent. Therefore, getting things done in right time holds the utmost importance in a human life- starting from taking a personal decision to making career choices to saving for retirement.
Money, Time and Compound Interest are the three important things to consider when it comes to building wealth. The most critical element of the investing formula is time. With more time, more compound interest can grow. That’s why, investment decision, should be made at earliest, regardless of the investment amount, market condition and or job status.
Even after both saving the same amount monthly and at the same rate, Fahim ends up saving more but getting less, just because he started saving late.
What to do to start saving for retirement?
“The asset quality is deteriorating in the highly fragment banking system.”- the remark came on the recently published Moody’s outlook for Bangladesh banking system. Despite being a robust economy, Bangladesh is witnessing ever-growing trend in bad loans. The chronic deterioration in asset quality is ultimately hitting the banks’ profitability due to covering up for high credit cost.
For the nature of banking sector whose core job is to dealing with mass people’s money, bad loans are nothing new or unique. However, the pace it is growing is alarming. Aggressive endeavors by banks for portfolio target in this populated banking sector played substantial role for rise in NPL. Some other factors like lengthy judiciary process, uncertain business environment and no evidence of exemplary measures against habitual defaulters fuel the growth of piling bad loans. Countries like China, who drastically curbed their bad loan rate over the years, used social shaming as a technique to combat their bad rates. Then again, Malaysian government introduced separate Asset-Management companies to recover the non-cash collaterals by converting them to cash. In Bangladesh, in order to curb the bad rate, whereas due diligence on bank managements’ part is required, the judiciary process needs to be streamlined as well. Also, it is high time the banking sector altogether should take strict social measures against the habitual defaulters in order to combat their default culture.Download View