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Rs. 63,70,24,496: Your Security Guard's Net worth 😲
Yes, this could very well be your Guard's net worth. Ronald Read, a janitor (doorkeeper) in U.S. had $8Mn or ~INR 64 Cr. by the time he died.
🤔 Think of the Janitor (Doorkeeper) of your office.
😲 He might be a millionaire!
😱 Sounds crazy?
🤯 This is the story of Ronald Read, a Janitor in US, who had $8 Millions (~INR 64 Crores) by the time he died.
Clearly, to become rich, you don’t need to earn like Top Investment Bankers.
All you need to start with is a good SAVINGS RATE.
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Let’s deep dive in to this potentially life-changing wealth amassing hack
“I barely have any income 💸, Kana. How will I ever save?”
Trust me, you can!
If Mr. Ronald Read can, why can’t you?
On the internet, Savings Rate is defined as the percentage of money you save after your expenses
Morgan Housel defines it as,”Savings = Income minus EGO”
Haha, what’s that?
So basically, we can categorise Expenses in to two categories:
A. Needs - What you need to spend to live a decent and progressive life
Like your grocery bills 🧾, your kids’ school fees 💵, an affordable house’s EMI 🏡etc.
B. Wants - What you need to spend to either show it off to people or simply spend on something without which you’ll still do fine
Like you buying a lavish house with DLF 🏰or an expensive BMW 🚘, Louis Vuitton clothes 👕or a Versace Watch ⌚️,
while you are NOT even SAVING and INVESTING for your goals
Please DON’T confuse wants or needless expenses with spending on your education or skills that improve your income earning potential.
They are ‘Investments’ 🤑:)
Our goal is NOT to make you a miser, but to make you a thoughtful spender!
Please understand this, the more we restrict our wants in our 20s and 30s, the more we can enjoy in our 40s and 50s.
But you might say, “We have the energy to enjoy in 20s and 30s only.”
Correct! Again, I am not asking you to curtail all your desires.
My limited point is for you to at least plan efficiently for your goals 🚀and at least save and invest that much for a good and financially secure life💰
It is our biggest desire to make India a financially literate nation where we talk more about investing 🏦 rather than clothing brands.
Where we talk more about compounding machines rather than depreciating luxury cars.
Hence, we have designed certain budget courses for you to learn all these skills
So, do you want to make a Financial Fortune like Mr. Read?
Also, if you want to help a friend to know about ‘Savings Rate’, you can share this post with him / her:
Trust me, you will generate the one of best ‘Return on Investment’ on the investment you make with these courses:)
For those who want to learn stock-picking like Mr. Read ;) 👇🏻
Wishing you all the very best for your future. Stay tuned for more updates on Personal Finance and Investing!
Here are few more posts that you can read-
Let us make India a Financially Literate nation together 🇮🇳🇮🇳
~ CA Kanan Bahl