We are having a series of sessions about getting rich in the office! Sharath read the book “Rich Dad, Poor Dad” recently and the idea came from there. In essence, we will be talking about money, and how to get more of it! After each session, I will post a brief writeup on what was covered. It would serve better if you engage in an inquiry yourself about the points mentioned here.
First, who would you call rich? People with lot of bank balance, cars and other gizmons, lot of jewllery, houses, big business?
How do you get rich? By working harder, trying for a better paying job, working harder, trying for a better paying job, investing…? Is a secure job sufficient to get rich?
Consider you are in a trap! The rich get richer and the poor get poorer. The middle class stays. Consider you are in a trap of working hard, getting your paycheck, paying the bills, and then working hard again for the next paycheck. As a matter of fact, this is what your parents taught you! Get good marks, go to a good college, get a good job, and settle down in life. This is a trap, and you can’t get rich until you get out of the trap!
Principle One: Don’t work for money, Make money work for you! Interesting isn’t it? If you stop running working harder to get higher and higher salaries, and start investing, you can make money work for you. Sharath actually took 1500 rupees from his salary and started a PCO in his hometown. He now earns a net profit of 1500 per month from this PCO.
Principle Two: Assets and Liabilities: Whatever gets money to your pocket, is an asset. Whatever takes money from your pocket, is a liability. Assets would include stocks, real estate, bonds etc. Liabilities include houses, credit card, taxes, bank loans etc.
Principle Three: Mind your own business: A new business that you start, should not take your full attention. Start something where your presence is not required. This way your money is really working for you! Poor people find employment, Rich people generate employment.
What next? Keep watching this space and feel free to post your comments!