What are the habits that help you grow your wealth?
Wealth is created when you have a lifestyle that is modest but your thought process is like a wealthy person with unlimited possibilities.
There is a distinction between thinking modest and living modestly. If you mix these thoughts, you may believe in a modest lifestyle as synonymous to modest wealth.
We do things for years for a regular income by sacrificing our dreams and not focusing on the skills that can create an enormous amount of wealth.
Think about it, Sachin Tendulkar left schooling at an age of 16. Had he continued with his formal school, the world would have seen one of the finest sportspeople.
A self-made person usually invests time and energy over a long period developing deep skills in whatever he or she is good at or loves doing. A job may be a good option to secure stream of monthly income but there are other options as well. You can be a full-time investor or be working for your-self.
Irrespective of the level of wealth, if you are not connected with your roots, there is no way you can connect with the world?
Your real roots are your parents. If you are not connected with your parents, you CANNOT be wealthy in life. Irrespective of your past, you have to be strongly connected with your parents to be wealthy. Most of the people do realise this but at a much later stage of their lives, at times it may be too late to bridge the gap. So, be selfish and have good relations with your parents :)
There is no evil attached to wealth or wealthy people.
There is often a notion that people who have money must have done something wrong. This restricts you to only safe options in life. A safe job, moderate salary, modest lifestyle and modest thinking. Break this pattern now.
If you are not highly qualified, it does not have any bearing on your potential of wealth creation.
Definition of ‘education' as per Dictionary.com - "The act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually for mature life."
There is a need to constantly enhance the knowledge that develops better judgement and keeps you intellectually stimulated.
Often your enhanced learning would happen from platforms that are free or have a minimal charge. I learnt about investing in Warren Buffet's letters. These letters taught me way more than my master's degree from the Delhi School of Economics or CFA (USA). As per Warren Buffet also, you have to be a constant learning machine.
Knowledge comes from reading books and not by collecting degrees.
So here is my recipe of wealth creation:
Connect with your roots – your language, parents and people around.
Job or no job – Wealth is created with or without a formal job. You can earn while working for your-self!
Focus on acquiring knowledge than on degrees.
Lead a modest life but have a view on unlimited wealth creation possibilities.
Stop procrastinating and start acting.