I gave up my plan to stock up on gold for retirement

I once heard advice that if I buy one-tenth of a tael of gold each month, after 30 years, I would have 36 taels of gold to last through my old age. (1 tael = 37.5 grams or 1.2 ounces)

It seemed reasonable, so I was determined to follow it. But after more than two years, I realized that this habit is nearly impossible to keep up, at least for me.

When I first started, my monthly income from two jobs was enough because gold was only about VND55 million per tael at that time.

But then, the price of gold keeps rising while my income has not kept up. I am even at risk of being laid off. When gold first hit VND70 million per tael, I tried to live more frugally to keep buying, but I eventually exhausted myself.

I tried to halve the amount I purchased each month. But then I asked myself: Will cutting back just to buy gold be the best approach in the long run?

Then I realized that accumulating wealth is important but if you only focus on gold, you leave yourself completely at the mercy of the market. When gold prices rise, it becomes harder to stock up more. When things are tough, you do not dare to sell since it took you so long to save up.

A smart financial plan should not solely rely on saving but also investing to boost income. If you focus only on saving, you may find it difficult to adapt to changes.

What are your plans for retirement?

*This opinion was translated into English with the assistance of AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.