If you are not earning an above average salary, you may assume that you will never be able to build above average wealth. Fortunately, this is not true. When you use your earnings wisely, you can become wealthier than the average salary.
Many spoke to mutual fund distributor and investor Mr. Deep Gajbe about how it’s done.
Mr. Deep Gajbe shares his formula for Financial Freedom
Mr. Deep, shared a three-step formula for building wealth that applies to income earners of all levels.
1. Invest in property, not lifestyle. “Don’t try to improve the quality of your life, your cars, where you live, your shoes, your belt, your purse or your vacations. You invest money in assets that generate cash flow.
2. Use the cash flow you receive from those investments to improve the quality of your life.
3. Continue this until your Passive Income equals your Earned Income.
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Essentially, you should invest in assets that generate passive income and make you dependent on passive income rather than earned income. If you keep using your earned income to invest in income-producing assets, your wealth will continue to grow. Mr. Deep believes this is a far more useful strategy than focusing on increasing your earned income.
“The problem is that people want to earn more money, so they take on additional second jobs. Having a second job is not the right thing to do, he said.”
“The best thing is not to spare time, you have to invest the money you already have. If you are a journalist during the day and at night you are going to sell soap on the Internet or create websites, you are just working 12-hour, 15-hour days. This doesn’t mean you’re going to make more money. Now you have two active flows, but you have no inactive flows.”
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For Mr. Deep’s formula to work, you need to find the right assets to invest in that will provide you with passive income.
Mr. Deep said, “Mutual funds, stocks and real estate are perfect for this. But those who have less money can build a very big portfolio with mutual funds, and in the long run a big portfolio will be a strong asset for you. It works as a passive income. It saves you from loan interest and unnecessary risks. It gives you mental freedom and keeps you stress-free and away from doctors.”
This is very easy and accessible for average salary earners. But this will require discipline.
1. Once your portfolio is built, it builds profitability rapidly.
2. He gives the profit of one month’s salary in one day.
3. The day this happens, understand that you achieve financial freedom.
4. This is very easy to do, you invest 20% of your salary in SIP Mutual Funds and spend all your expenses on 80%.
5. Every year as your salary increases, it is important to invest 30% of the increased salary.
By doing this you get the effect of compounding very fast.
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(Mutual funds or any investment is subject to market risk and the author does not take any guarantee of the above article. It is a process oriented approach to saving and can lead to a better disciplined life in the long run. Use any at your own risk. Invest money in the asset class.)