In continuation of our earlier article, ‘Are There Any Rules for Wealth Building and Success in Life? – Part I’, we are furnishing a few more cardinal rules for wealth building and success in life.
Rule # 4: Make Yourself Strong Early in Life
Teenage and twenties are the time when we become men and women with feelings. It is very easy to fall in love during this period and even get married. However, families cannot be run by love and affection alone. You also need money to support yourself, your spouses, and possible children during this period. Unless you have substantial income and also reserve funds, along with the necessary household infrastructure, you are going to find the going quite tough. Your monthly earnings may be sufficient to run your family smoothly. However, furnishing the house properly, buying all the necessary household goods, and educating the children require more than substantial amounts of money.
In fact, education has become the costliest denominator in the life of everyone in present times. Even nursery schools demand monthly fees in thousands and admission fees are also equally staggering. As such, I suggest that you postpone your marriage plans until you have settled in your life, accumulated enough amount to support yourself and your family in normal times as well as during unforeseen emergencies. This may sound a harsh advice but think it over and you will realise the practical truth in what I am saying. You marry when you are financially independent, cleared all the debts if you have accumulated any, and have sufficient investments for additional income stream or for utilisation during emergencies. Remember that majority of divorces occur because of poor financial position and dissatisfaction due to lack of amenities and necessary luxuries in life.
Rule # 5: Money is Slave as well as Master
Basically, money is nothing but a myth. It is just a piece of paper. Most currencies have the image of person who is no more in this world. In particular, in Indian currencies, we have the image of Gandhiji, who lived one of the most frugal lives. We look at his image everyday but we never bother about his attitude towards money. If you understand that money is only a tool, it becomes your slave. If you start respecting money too much or start craving for it, it becomes your master. This is not to say that you should live without money. However, controlling the money and spending it prudently is in your hands only. Consider every income, every expense, every saving and every investment dispassionately and with lot of care. Weigh your options cautiously and be vigilant against overspending or wrong investments. When you plan your financial life properly, you become the master of money and it serves you like a grateful slave.
Rule # 6: Choose Your Education and Career Only if You Love Them
The major problem with many of us is that we are forced by our parents to become what they desire us to be. You may like to become a painter because you are an excellent artist but your parents may force you to study engineering. You will not be able to concentrate on your engineering course materials simply because you hate them and your artistic talent will also wither away. Believe me when I say that I have also done that mistake when I was a student and then when I started my career. My life has suffered a lot because I blindly obeyed my father instead of doing what I really loved to do. However, during these final stages of my life, I am having the satisfaction of doing what I love, which is writing and also sharing my knowledge and experiences with thousands of people. You should be firm on what you wish to study and which career you want to pursuit. You will definitely succeed in your life and also become quite wealthy in that process. If your parents are adamant, show this to them or contact me and I will talk to them on your behalf, trying to help you as much as possible.
Rule # 7: Innovative Ideas are Latest Path to Success and Wealth
Internet has opened up the world for you. You need not limit yourself to a regular office job or physical labour to make a living or accumulate wealth. You may have lots of innovative ideas hidden inside you. You should sit alone, brood over what interests, talents and ideas are dormant within yourself. If necessary, list them out in a piece of paper and then rank them one by one according to the priority you can give to each, based on how much you love each one. At the same time, also estimate how much effort, time and investment will be required to execute each idea or interest and what will be the revenue from each effort. You will have a detailed project evaluation and review chart in your hand. You need not be an MBA to do this. It is quite a simple process but you may need to make a few trial and error efforts before you get a good picture of this chart.
When you have this chart, start with the idea that requires least effort, time and investment but brings in maximum profit. Work on it until it becomes perfect. Then start with your friends and relatives to market that idea, whether it is a physical product or a service. Capital is only a seed and it grows into a big tree if you nurture it carefully and provide constant attention to its growth. When you have achieved adequate level of sales with your first idea and have accumulated substantial money, start the second idea and continue with it until that has also become a success. This is how people have become rich and you can also do it.
This concludes the two-part article of rules for wealth building and success in life. If you have any questions or doubts, we shall be quite happy to help you on this much needed subject for present times.