Do you have that ‘W’ factor in you to create wealth for yourself and your family?

I am asking this because I meet many people who DO NOT WANT to create wealth. Difficult to believe?

Well when you deal with the huge number of people that I deal with you too will be surprised. Initially in my life I met ONLY people who used to think like me. They would be looking for ways to earn money, cringe on expenses, try getting all the tax benefits, etc. However, as I grew older and the circle of my ‘people’ meeting increased, I found people who were not so keen to increase net worth.

The W Factor is that compilation of motivation, ability to delay gratification, mathematical understanding, a good congenial family and budgeting skills required to carve out a big portion of your post tax income to create wealth. There is a very big divide among the common man and the doctors that I deal with. Some of them have an instinct for money, or an upbringing of money and can connect almost intuitively. For others, it doesn’t matter what I teach them, or what I write on my blog, they just don’t have The W Factor and I can’t find out what I can do about it.

That is unfortunate, as I am confident it is my place of stay, friend circle, and attitude n of course luck – that’s  responsible for my financial success. Or what I can call  financial freedom.

Ask yourself: “Do you Really want to get rich / wealthy” – is it on your priority list or are you happy going through life living salary to salary and retiring at 58 and then wondering how to spend the next 20/30/40 years of your life? Not many people are cut out to create wealth. In fact most people do not.

How much time do you spend each day thinking about it? What? You don’t even think about financial independence once a day and you expect to get there in your 40s? Forget about it. You think you’re NOT going to be able to resist spending Rs. 200,000 on that bike that you are dreaming of or on a car costing Rs. 12,00,000 when you have not thought about doing a simple SIP? Forget financial independence in your 40s, after all you do not want it as badly as you want your toys, do you?

Likewise, what are you willing to sacrifice to build your Retirement corpus? It takes some sacrifice, and the longer you delay that sacrifice, the larger the sacrifice becomes. If you are 33, not set up any SIP, and all your money is in bank fixed deposits, kiss your early retirement / wealth creation dreams a happy goodbye. The longer you delay, the lesser the chances of you being able to create any wealth. For example, someone who is frugal in MBA school may graduate with only Rs. 400,000 in loans. That same motivation persists, and can pay off his loans fast. I have a niece who paid off her student loans in about 18 months – she thought she would take about 80 months! However, I also know students who had educational loans, then took personal loans for getting married, and did not make honest and regular payments. This boy then married a girl who is frugal in her expenses, but keeps all money in a bank fixed deposit and pays huge amount of Income Tax. Is this couple headed for an early retirement?

My foot.

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