No matter which government is in power, there are 3 facts that always hold true for India:
- India’s GDP has been growing, is still growing, and will continue to grow.
- Inflation was, is, and will always be there.
- Unemployment was, is, and will remain.
But what should be the main motto of our lives? I will suggest 3 mottos that will help you to become wealthy. If you truly want to become rich, make sure to read the full article and implement in your life.
Financial Goal 1: India’s GDP crossed the $1 trillion mark for the first time in 2007. After that, it took 7 years for the Indian GDP to double. However, the journey from 2 to 3 trillion dollars was quite challenging, again taking 7 years. And it took about 10 years for the GDP to grow from 2 to 4 trillion dollars. However, according to projections, it will take 7 years for India’s GDP to grow from 3 to 6 trillion dollars.
Here’s my point: The Indian economy is doubling every 7 years. So, your salary and business income should also double in 7 years or less. It might sound harsh, but if your income isn’t doubling in 7 years, then understand that you’re out of market trends.
Financial Goal 1 Highlight: Everyone should aim to double their salary and business income every 5 years.
Financial Goal 2: During Atal Bihari Vajpayee’s government, the highest inflation was 13.1% in 1998, and the lowest was 3.8% in 2004. During Manmohan Singh’s government, the highest inflation was 12.3% in 2009, and the lowest was 3.8% in 2004. During Narendra Modi’s government, the highest inflation was 6.7% in 2022, and the lowest was 3.4% in 2018.
And since 1998, the average inflation in India has been at 6.4%.
Your salary and business income should increase by at least 6.4% to neutralize the impact of inflation. If your salary and income are growing at less than 6%, it means you haven’t really grown. And if you truly want to grow, remember Motto 1: Everyone should aim to double their salary and business income every 5 years.
Financial Goal 2 Highlight: This means your effective growth should be 15%.
Comment “Yes” if your increment was more than 6%, otherwise comment “No.”
Everyone should know the smart investment trick: the Rule of 72, which tells us how long it will take for an investment to double.
Financial Goal 3: You might be thinking, these calculations are fine, but can they really be achieved?
First, decide: do you want to be an ordinary person or a special one? Because 95% of people are ordinary. Studies show that only 5% of people are financially successful. If you want to be among the 5% in the world, you have to do something special, boss.
I’d like to share a small story. I come from a lower-middle-class family. My father wasn’t very educated, but he understood that you should never be dependent on just one source of income. My father worked in the railway and only had Sundays off. But I never saw him take a Sunday off. The entire week was spent working in the railway, and on Sundays, he worked all day in the agriculture fields.
He doesn’t know about Warren Buffet, but he understood that it’s difficult to run a family by depending on just one source of income. But perhaps, this most important mantra of success doesn’t strike us middle-class kids at the right time.
Financial Goal 3 Highlight: We should also develop multiple sources of income.
