Top 5 Secrets of Rich People
Top 5 Secrets of Rich People, know them & apply them in your personal finance.
- Guilt Free Spending
Recently I met at a social function, an old friend, Ashok Sharma (name Changed), Engineering & MBA post graduate and working with a middle management of a well known MNC. He was a bit upset as he had taken a vacation with family and was feeling guilty about the expenses incurred…thinking he could have utilized the same money for something better
In my 20 years of experience of being in this noble profession of wealth creation, I have found Rich people become wealthy, because they plan for everything in life & and whatever they spend they enjoy without any guilt !!
- Save and Invest
The key difference about rich people is they always think about investing for their future. Rich people ensure that their income is far above their expenses and they invest prudently for their short, medium or long term needs. They ensure they responsibly take care of their future so that they enjoy their today to the fullest.
- Start Early
One of the key discipline Rich people maintain is they start early, there is a so called 5 O Clock Club where it is said that most of the most successful people start their day early…
Suppose you plan to have a 5 crores corpus for retirement ….And if you earn 15% p.a. on your investment , If you had planned it 10 years back the you would need to save Rs.181700 P.m.; in 20 yearsbut in 30 years you will need only pm…
Please remember Rich people always aspire to be rich so they plan and start early.
- Invest in right instruments
Life is a beautiful journey, money is the fuel of life….however fast you are running, if you are running in wrong direction, you are going further away from your goal post…So whether you want to go New Delhi or New York, you will need to choose the right vehicle to reach your destination on time. Rich people have immense clarity on their goals and choose the apt investment vehicles and are flexible to adapt new ideas.
- Have trusted advisors
What we learn from Mahabharata is that Kauravas in spite of having vast army and resources lost to Pandvas who had limited army & resources because Krishna was their advisor…Rich people have trusted advisors to support them so that they spend their life on things that matter to them the most.
This week’s Fisdom :
The top 5 secrets of rich people are 1) Guilt free spending 2) Save and invest 3) start early 4)Invest in right instruments and 5)Have trusted advisors
This is a small effort from Team Arthashastra for investor education and we strongly believe, “Together We Can, & We Will make a Difference”.