Day 4: Journey to wealth creation and humble life | Don't spoil weekends| x to 1000x
Weekends are off. I have lost a lot of family time trying to overcomplicate analysis to make money through side-hustle. Two realization lately
Try to get better and better at your current job. Aim to increase your salary by about 20% every year. If this is not happening in the tools, technology, or role you're working in, try to change that every 2 years. The Indian economy has been improving over the last 10 years, and it will get better for another 20-30 years. Therefore, a person should aim for 6 times (minimum 6x) their total years of experience. And yes, it is not impossible in the current Indian market. A 10 years experienced person should aim for at-least 60 lakhs p.a. salary in today's Indian economy if you plan to stay in Tier-1 city.
I now realize the importance of spending about 5-6 months to learn about the nitty gritty of Indian stock market (stock market across the world in general). Don't try to jump into stock market without learning the life-skills basics. It will be then similar to jumping in the swimming pool without learning how to float.
Another side notes, very important, which I have now finally achieved is
a. Save about 10 lakhs in a savings account. Don't listen to finfluencers or anyone who says that keeping money in a savings account will depreciate. That is true in the long term, but save it for 5-6 months during which you pledge to learn and understand the market where you can make more than the savings interest rate without risking losing the money completely.
b. Save another 10 lakhs to invest in the stock market. Never enter the stock market without having a good amount of savings. Never be completely invested. It is sheer risk and could be very detrimental to your health, family, and overall success in the stock market. Always have a good savings plan. This is only possible if you get better at your current job and grow there every year.
Never cut short the idea of having a good time with your family just because you want to make a lot of money in the stock market. If you have saved 5 lakhs in a year, ensure you are relaxed and it is okay to spend 20% of it on enjoying life as well. Saving and spending are both equally important and just two sides of the coin.
Another very important thing is: As much as we need money for a comfortable life, our family needs our time as well. They expect us to be present at least on the weekends. I am a young father with a 6-year-old child, and I now realize I was not completely fair with him. I tried to spend time reading books and watching YouTube videos to learn about investing. Guess what? It was such a waste of time because I never subconsciously intended to learn about the stock market and how to pick stocks. Instead, I was trying to find a lucky stock where I could invest directly without doing much hard work, the required valuation or trying to understand any business concepts or ratios. Hence, I realized that spending the weekend properly with family would have been a much better investment, and dedicating a planned week from Monday to Friday to learn about the stock market would have made me much wiser and happier.
Current Amount ₹: F4240
Target goal ₹: 3B9ACA00