My first job was with one of India’s largest automobile manufacturers. At the end of the first month of training in Mumbai, Delhi and Pune, most of us in our batch were eagerly looking forward to our first salary. We had already made plans on how to spend it. Some of us wanted to send money home, some of us wanted to buy gifts for parents, some of us wanted to buy ourselves some new clothes and shoes etc. And after almost a week’s delay when the salary came, we were on cloud nine. The chatter in the training room was palpable.
It was then, that one of my batchmates, he was slightly elder to most of us came up in front of the class and banged on the table. He said, if you have got your salary you should invest first before spending it. Guess what happened to him that day. He was booed and laughed at.
3-4 years later when we were struggling to manage some emergency expenses I remembered him and the words of wisdom he spoke. Ever since I have remember him every single month.
I realised one truth of life…one undeniable, undisputable, cardinal truth of life.
How much you earn will not and cannot at all times in your life be equal to how much you will have to spend.
Some days you will earn more than you spend, some days you will spend more than you earn.
Like storing excess water during monsoons in dams for use during summer, like bears who stock up food so they can hibernate in winter - saving a part of our income for a rainy day is being smart, its being sensible. Its just being unstupid!
You can travel and have fun, you can do meaningful work in life, you can live a rich life…. The choices are just so many. But you’ll get there only if you get this into your head “Save a good part of your income” - Its a super cool thing to do.
The best ever time for you to start doing this is when you get your first salary. It won’t hurt you, you can just assume you got a little less.
But you’v missed the best ever time… a second best time is always there. Which is right now!
This is just the beginning of the journey to financial freedom.
Work with me and I’ll take you through these nine steps to independence. Depending on where you are in the journey, we will start either with covering all the bases which means budgeting, managing loans and covering risks. Or we will get you to set your goals, draw up a plan and begin investing. Or if you are almost there, we will help you generate income from your assets in the most effective manner and carefully create a legacy you can be proud of.
Start saving now and see you life change forever.