Well not exactly poor, but almost helpless! They do have some balance in their PF, may or may not have a house, some money in gratuity, a few bank fixed deposits – and of course no indexed pension.

Why do people reach such a stage in life?

Well, these are the things that I can think of:

1. They never wanted to be rich anyway! – sorry to be blunt, but most people DO NOT WANT to be rich or wealthy. Sure they hope, think, pray,….but somewhere they feel that a rich man is a bad man, and they should NOT be rich. This is a big, real big impediment to being financially independent!

2. Apart from being scared of being rich, they love to procrastinate. They ALWAYS have a solid excuse why they could not or cannot start their SIP, or some saving/ investing plan.

So what is necessary for you to get rich or wealthy?

1. You MUST at the bottom of your heart feel that you have to RETIRE RICH. This cannot be forced upon by your parents, spouse, siblings, children……………..it has to be YOUR heart and YOU.

2. You must push that desire and take ┬áDECISION to be rich. Say it out loudly, write it down, stick it on your laptop, office door, bedroom door – convey the DECISION to YOURSELF and to the world.

3. DETERMINE that in your path to richness there will be complete focus. It is not enough to have desire and have made the decision. You need the determination to take the decision to its logical conclusion…and end.

4. You then need the DISCIPLINE to see through the whole process.

Once you have the desire (real desire like a fire burning within you and not letting you sleep!)…the other steps will follow.

NOW STAND IN FRONT OF A MIRROR and answer just one question:

do you really want to be rich? be honest to yourself there is no camera in your bedroom!

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  1. Hello Sir,
    I think you should write more about working on SMART goals than a thought process of being rich. SMART goals direct towards financial planning whereas above though process is just a vague self-help idea.

    If you give an idea to audience that after 20 years how 1 lac rupee income per month will give just a middle class living will open up ideas of many people.

  2. Subra,

    So true. For many people it will be a sock in the stomach!

    Loved it. Atleast my generation should get out of such thought process… I dont want to be rich, money is bad… etc etc…

  3. I can tell about one particular case – for a large part of his career, he made well over 30L per annum. However, he spent without any discrimination – eg. 25k per month to keep a driver, full time domestic help, another cook for large part of the week, frivolous purchases that made no value addition, expensive modes of transportation and costly hotel stays,….. – We did have fun while it was that way, but as his retirement approaches, we look back and think about possible ways to make smart investments and cut back without much pain. Now we know better, I think.

  4. This one is solidly good, Subrabhai.
    Another thing I’m seeing late forties is– penny wise, pound foolish spending habits.
    This is much too common so I won’t give examples.

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