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Friday, October 6, 2017

Be disciplined and grow rich!

Building a good habit takes time, nurturing and care. Determination and discipline takes you a long way. One of such habits we have inherited from our wise elders is 'savings'. I must also accept that the world has changed incredibly in last few decades and so the way we save money has also seen a major shift. 

In this ever changing world, the savings have shifted from real estate and gold to PPF and mutual funds, for few lucky ones its private equity and bitcoins! What I would like to focus in this post is not the tool but the discipline by which wealth can be created and enjoyed. A discipline of regular savings, discipline of curbing frivolous expenses can not only make you richer, it also makes you a responsible  and a content individual. The following 5 habits would definitely make you richer next year, if you follow them with sincerity, wether or not you get a salary hike! 
Spend as much is required 

The famous investor Warren Buffet, who has created huge wealth almost equivalent to GDP of a small country is frugal. He stays in 3BHK apartment since last 30 years. And he openly endorse the concept of 'being frugal'. One of his famous quote is "if you buy something you donot need, soon you ll have to sell something you need".

When you itch to buy that iphone latest series, just ask yourself, is it worth it to spend 80 thousand on the gadget. What would be its resale value. How long are you going to use it? What is the purpose of the phone. What is the value is it adding to yout life and what are the 5 important areas you need to spend on where those 80 thousand will make a big difference.

Follow a discipline in saving
How about chucking that hollow calorie filled grilled sandwich you eat daily for Rs. 50. Just shifting to a health snack of a fruit or a box of munchies from home would save the whole money. Do you travel that walkable distance from home to railway station for Rs. 18 each side making it Rs. 36 daily while commuting to office. Does your extra cup of sugary cutting chai cost you 20 bucks a day? If you calculate, cutting some of your unhealthy habits and walking that extra mile would save you a neat 100 bucks daily. 22 wotking days make it to about Rs. 2200. Do you know a one NCFM certification in financial markets cost you less than this. And you can add that in your CV too! 

And saving 2200 bucks per month would make you richer by Rs. 26,400 a year.

First Save then Spend 

In some personal finance book I read this- first pay yourself. You are definitely wrong if you think I am talking about shopping. 'Pay yourself' here signifies securing oneself financially. Protecting with future income, insurance from risks and contingency for uncertain situation. You should also take out some money for personal upliftment, skill development and nurturing yourself. You are your biggest asset.Investing in yourself will yield you much more return than any external investments.

NPCI - Enabler of the Indian cashless dreams  

Give back to the society 
The most common traits of the richest people in the world are they are also biggest philanthropists, be it Bill Gates or Warren Buffet or Mark Zukerberg, all of them have pledged large part of their fortune for noble cause for humanity and world at large. 

You may argue and you are right at that. You are not Mark Zukerberg. But you have a way. And a great way. The money you saved cutting your everyday expense, can be used in some productive way, like providing for needy, sponsoring education for maid's children, helping your maid with some medical expenses etc to name a few which can be done way within your means. The immense satisfaction it gives, can fill you with whole new enthusiasm of growing rich to give it back! 


Wealth is not only bank full of money. Wealth signifies sustainable and balanced life, where needs are fulfilled at ease and there is always more than required. Recycling is one way of doing it. Recycling goods doesnt only help saving environment, it also can help reduce a chunk from your monthly budget.

Earning big money is onething. But rich is whose expenses are much less than income. You can only become rich when your expenses are in control. A person who is earning a million dollar and spends the whole money is not riche than someone who earns 10 thousand and saves 2 thousand.

Your water tank will never fill if it has a big hole at the bottom.  It is about managing money and not only earning. 

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