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CA explains how you can build wealth despite starting from zero, formula is...
CA explains how you can build wealth despite starting from zero, the formula is...
CA Nitin Kaushik said that the hard truth about building wealth, especially if someone is starting from zero, is realizing that money grows when you understand how money works.
New Delhi: Building wealth from scratch requires understanding that money does not increase simply because you earn more but it increases when you understand how money actually works. In a recent post on X, Chartered accountant Nitin Kaushik has outlined the five point strategy for growing money quietly, patiently and mathematically.
Kaushik said that the hard truth about building wealth, especially if someone is starting from zero, is realizing that money grows when you understand how money works. Kaushik says that there are some gamechangers that can affect how the money will grow for you.
Financial and business education matters more than degrees
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According to Kaushik, your financial and business education will be more important for long-term wealth accumulation than fancy degrees. Your money will leak automatically if you have no knowledge of compounding, cash flow, inflation and taxes. He claimed that even a 10 to 12 percent return is meaningless if inflation and lifestyle consume it.
Spending is easy but efficiency is rare
According to Kaushik, consumers should monitor their spending and concentrate on efficient saving. He said that a monthly saving of Rs 20k at an 8 percent CAGR will grow to Rs 30 lakh in 10 years. He claimed that discipline and not luck lead to significant wealth growth.
Learning global economics affects wealth creation
Kaushik also highlighted that it is crucial to understand global economics to comprehend how it affects money. He said that interest rates, oil prices and currency moves affect everyday finances like EMIs, rent, jobs and market cycles. If you ignore macro then you will always react late, he wrote.
Live cheap early but not forever
Kaushik said that to live comfortably in the future, one should live frugally during their early years. Early frugality does not imply poverty as the end goal. It indicates that the person is buying time to accumulate savings for later years. When fixed costs are lower then you have more money to invest which will do faster compounding.
Living free is strategy and not hack
Kaushik said that living free is a strategy to save money for the future. He said that when you have no capital, decisions like sharing space, cutting ego expenses and avoiding lifestyle inflation will help generate it.
According to Kaushik, wealth is initially quiet. People build money from scratch through a quiet, patient and mathematical approach, he said.
Source: ZeeNews
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