Akhil – What can I do to become financially independent? Should I go slow, save 10% of my earnings every month, cut down on credit card spends, invest in pension and mutual funds, then buy a house.
Ajay – Of course, the above are good ways to accumulate wealth in the long term. However, let me ask you a question. Do you want to enjoy your wealth from a young age or when you are old and don’t have the energy to appreciate it?
Akhil – Surely, I do want to enjoy wealth from a young age as it will leave me with enough time to enjoy it with other family members, while they are still around.
Ajay – Then change your mindset about wealth. Don’t assume that it takes a lot of time to accumulate. Don’t depend only on 8% stock market returns where there is a possibility of 500% returns in a short time with your own business.
Always have multiple income sources to ensure a regular inflow. Not important that the idea should be very unique. Just provide what the market needs and scale it up.
