Imagine this – You and your friend are celebrating 30 years of friendship. Both of you are retired, children working abroad, and you’re living your retirement days.
You are disappointed today as your child hasn’t sent you money for this month but your friend is happy. You get shocked to know that he hasn’t asked for money from his child.
Do you know why he doesn’t need to do that?
It’s because your friend started creating wealth at an early age and hence is in a position today where he is enjoying his retirement.
This is the story of many parents who spent everything to educate kids, get them settled, but now have no savings. Hence every month they have to ask their children for money. No parent likes that.
Hence I came up with a solution where you’ll understand “How to create wealth in India within 15 years”.
But before that let’s understand what the meaning of wealth is?
Wealth in simple words is a lot of money, property, and other assets that a person owns. Yes, the total value of all assets that you own (property, savings, and investments) minus all debts will tell you how much wealth you have.
You can also read – How to invest for Long Term and accumulate wealth
Why is wealth creation important?
Wealth creation is a long process and the more time you give, the better it is for you. Investing for 3 years can give you a decent amount but investing for 10-20 years will amplify your savings to a point that you will be self-sufficient.
Also, with each year, expenses are increasing at a faster pace than income earned. If you don’t have an investment plan for your life after retirement, then it will get difficult. Also, the cost of raising children in a country like India is increasing as education expenses have taken a steady hike.
Hence, wealth creation not only helps you be ready for life after retirement but also allows you to retire early.
How to create wealth from nothing?
Yes, you’ve read it right. You can start with as little as 100 rupees too. Here are some investments where you can start your wealth creation plan.
1) SIP’s in mutual funds that will let you grow your income at a risk free pace.
2) Stock market equity funds that are riskier but can provide higher returns.
3) NPS – National pension scheme that allows you to invest until your retirement age of 60 and then get a lump sum amount with interest.
4) PPF – Public provident fund which is risk-free, gives higher interest than fixed deposits and can be kept up to 15 years.
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There are many more avenues of investments like cryptocurrency, property investments, Debt funds, and many more. You can try them out too.
Overall, I added investments that have time and again delivered the best of results and returns. So you can check any of these options and invest accordingly.