This post is meant for the parents of 15 year old kids. Ok it is also for parents of 22 year old boys and girls – especially if these kids tell you that they want to get rich. The steps are so so simple, that you can be full of skepticism even after you finish reading it. I was inspired to write this after I finished addressing about 500 doctors over the past 2 months. So let us go to the steps:
- Get a good academic degree, and earn really well – this you know how to do.
- Save a lot of money by spending less. Yes capital creation requires sacrifice.
- Invest the money saved. Learn about money. Whether you are a doctor, lawyer, architect or CA. Learn about investing. Asap
- Make your money work hard. Really as hard as you do. Or your parents do.
- Do not lose money in schemes that you do not understand.
- Insure for risks – medical, disability, malpractice, term life – these four you need.
- Say NO to most products which are OFFERED to you. Go and find the products that you need.
that is all.
Have elaborated on each of the points in the past….will do so in the future also…..
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