A Personal Journey to Financial Success
Hello, fellow financial enthusiasts!
I’m Taresh Bhatia, a Certified Financial Planner and Financial Freedom Specialist, and I’m here to share my life-changing insights on how to get rich in 2024. With an MBA degree, a world-class certification in finance (CFP), and a rich career as an entrepreneur, I’ve spent the last four decades learning and implementing these principles. Now, I’m excited to pass on these invaluable lessons to help you achieve financial success.
Navigating the Path to Richness: A Deeper Dive
What is Richness?
Richness, in the context of my financial journey, transcends mere monetary wealth. It encompasses a holistic abundance in various aspects of life—financial, emotional, and experiential. It’s about achieving a state where financial stability enables the pursuit of passions, the creation of meaningful experiences, and the ability to contribute positively to the lives of others. Richness is a tapestry woven with financial security, personal fulfilment, and a profound sense of well-being.
How to Define a Rich Person
A rich person extends beyond the conventional understanding of monetary wealth.
While financial prosperity is crucial, a wealthy person possesses a balanced life.
This involves having the financial means to
- pursue dreams and aspirations,
- fostering meaningful relationships,
- contributing to the community and
- experiencing personal growth.
The true richness lies in finding equilibrium across these diverse facets of life.
My Definition of being a Rich Person is:
When you have the money to spend your time on activities that you have given meaning to, thereby leading to more happiness, and by doing so, with a person, a family, or a spouse, this happiness goes on increasing day by day.
This is my definition, and I mean it.
I practice it every day and I Love being a Rich person.
I don’t engage in any activity that doesn’t align with my definition
Now includes, the following any of the following:
- Any training
- Any client
- Any activities
- Aby business activity
- Any family engagement
- Any time to be planned ahead
- Any Money to be spent
I keep it that simple.
Why Share This Journey?
Sharing my financial journey is rooted in a commitment to empower individuals and families on their paths to financial freedom. By opening up about my experiences, challenges, and triumphs, I can provide relatable insights that resonate with people from various walks of life. It’s about demystifying the process of wealth creation, making financial literacy accessible, and inspiring others to embark on their unique journeys towards richness.
Expected Outcome from Sharing This Journey
The anticipated outcome of sharing my journey is to spark a transformative shift in perspectives around personal finance. I aim to instil confidence and clarity in individuals, enabling them to make informed financial decisions. By sharing both the successes and lessons learned, I aspire to cultivate a community that embraces the principles of financial freedom, encouraging others to take charge of their financial destinies.
What is Financial Success?
Financial success extends beyond accumulating wealth; it’s about achieving one’s financial goals in alignment with personal values and aspirations. It involves prudent resource management, the ability to weather financial challenges, and the freedom to pursue passions without being shackled by financial constraints. Financial success is a dynamic state that evolves as one progresses on one’s journey, reaching a harmonious balance between security, growth, and fulfilment.
My journey is not just about accumulating wealth; it’s about navigating the intricate tapestry of life’s richness. It’s an invitation to redefine what it means to be rich, to inspire others to embark on their financial journeys, and to collectively create a community that embraces the diverse facets of true prosperity. Here’s to a journey beyond financial success—a journey toward richness in every sense of the word.
1. Pay Yourself First
In my journey, I’ve prioritized my financial well-being by paying myself first. This means directing a portion of my income towards savings before attending to other financial commitments. I’ve realized that financial freedom starts with securing my own future before contributing to others. Cultivating the habit of saving at least 10% of my income has become a consistent, automatic process, allowing my money to grow in the background.
When I started my career, allocating 10% of my income to savings seemed challenging. However, by automating the process, I ensured that a portion of my earnings consistently contributed to my future financial well-being. Over time, this disciplined approach has resulted in a significant financial safety net.
2. Dealing with Bad Debts
Throughout my career, I’ve evaluated the necessity and affordability of debts before taking them on. I’ve been cautious with credit card offers, understanding their potential impact on my overall financial health. Early in my entrepreneurial journey, resisting the allure of easy credit was crucial. By carefully assessing the impact of each debt on my overall financial health, I avoided falling into the trap of bad debts. This foresight allowed me to maintain financial agility during challenging times.
3. Building an Emergency Fund
Recognizing the importance of financial preparedness, I’ve built a robust emergency fund to cover unforeseen expenses and financial emergencies. Accumulating 6-12 months’ worth of living expenses in my emergency fund has provided a financial safety net, allowing me to explore investment opportunities for long-term growth. A few years ago, an unexpected medical emergency strained my finances. However, having diligently built my emergency fund, I could navigate the situation without compromising my long-term financial goals. This experience solidified the significance of this financial safety net.
4. Balancing Income and Expenses
Being mindful of lifestyle inflation, I’ve avoided unnecessary spending. I’ve balanced my spending with my earning potential, focusing on sustainable growth. Practising mindfulness in financial decisions has helped me avoid impulsive spending, and using a budget tracker has allowed me to monitor my expenses and identify areas for improvement. While climbing the corporate ladder, the temptation to indulge in an extravagant lifestyle was present. However, by staying true to my financial principles and using a budget tracker, I managed to balance my increasing income with disciplined spending. This approach allowed me to build wealth systematically.
5. Expensive Hobbies
Assessing the financial impact of my hobbies has been crucial. I’ve been able to prioritize my hobbies to align with my financial goals, ensuring that my pursuits contribute positively to my overall wealth. As a passionate traveller, an avid photographer and a music mixer, I found ways to turn my love for exploration into a financially prudent pursuit. By planning trips strategically and exploring cost-effective options, I maintained a balance between enjoying my hobby and preserving my financial health.
6. Focus on Saving
Diversifying income sources has been a critical strategy. I’ve explored various avenues, such as investments, side businesses, and passive income streams. Allocating a percentage of my income towards savings and investments has been a consistent practice, and identifying and rectifying bad money habits has enhanced my saving potential. Beyond my primary career, I ventured into investing time and energy in various allied businesses. These allied opportunities grew, and I successfully created various side businesses. These additional income streams diversified my revenue sources and provided resilience during economic downturns.
7. Paying Too Much Taxes
Optimizing tax payments has been a strategic move. I’ve considered Equity-Linked Savings Schemes (ELSS) to maximize tax savings while fostering wealth creation. Making informed decisions regarding tax-saving investments based on my financial goals has been a continuous learning process.
8. Waiting to Invest
Diversifying investments across various asset classes has minimized risk in my portfolio. Understanding the importance of investments in beating inflation for long-term wealth growth has been a guiding principle. Exploring various investment opportunities beyond traditional options has added depth to my financial strategy. During a period of substantial income growth, I strategically invested in ELSS to optimize tax savings. This reduced my tax liability and contributed to long-term wealth creation. Witnessing the power of compounding, I diversified my investment portfolio, including mutual funds. This approach protected my wealth against inflation and facilitated its steady growth.
9. Consolidate and Look at Macro View
Now that you’ve delved into the above eight points, it’s crucial to consolidate your thoughts, plan, and implement a personalized strategy. Before consulting specialists, take a step back and lean forward with a macro-level overall view. It’s not just about making a financial plan; it’s about adopting a comprehensive perspective. Reflecting on my financial journey, I recognized the need to step back and assess the broader picture periodically. This macro view allowed me to refine my financial strategy, ensuring alignment with my long-term goals.
Navigating the Path to Richness: A Unified Journey
As I reflect on my financial journey and the principles shared in this blog, I am reminded of the overarching goal—to redefine and embrace life’s richness. “How to Get Rich” is not just a guide to amassing wealth but a compass for navigating life’s diverse landscapes.
In the introduction, I expressed my excitement about sharing insights on the key steps to getting rich. Now, as we delve deeper into the intricacies of richness, the aim becomes clearer. The blog is a platform for demystifying personal finance, encouraging financial literacy, and fostering a community dedicated to embracing life’s richness in all its dimensions.
The journey toward richness, as outlined in the blog, transcends traditional notions of financial success. It intertwines the practical aspects of managing money with the pursuit of passions, the cultivation of meaningful relationships, and the desire to contribute positively to the world. It’s an inclusive journey that resonates with individuals seeking a balanced and fulfilling life.
By sharing my experiences, case studies, and insights, the blog aims to empower you, the reader, to take charge of your financial destiny. It’s an invitation to reassess what it means to be truly rich and to embark on a journey that aligns your financial goals with your unique values and aspirations.
As we navigate this unified journey, I envision a community that not only seeks financial prosperity but also embraces the richness that comes from diverse experiences, personal growth, and the joy of giving back. Together, we can redefine success, inspire
one another, and celebrate the richness that life has to offer.
In conclusion, these steps have been the foundation of my financial success, and they can pave the way for your prosperity in 2024 and beyond. Remember, wealth creation is a journey that requires commitment, discipline, and strategic financial planning.
Here’s to your financial prosperity in 2024!
Warm regards,
Taresh Bhatia Certified Financial Planner Financial Freedom Specialist Creator of “The Richness Academy” Author of “The Richness Principles”
The author of this article is Taresh Bhatia, a Financial Freedom Specialist, qualified as a CERTIFIED FINANCIAL PLANNER PRO who has authored an Amazon best seller-“The Richness Principles”. He can be reached at taresh@tareshbhatia.com
©️2024: All Rights Reserved. Taresh Bhatia
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