TIMES HAVE CHANGED
1) Times have changed
2) Life may be getting longer
3) Jobs are getting shorter
4) 40 is the new 60
5) Retirement period is 40 years
6) Expenses are on the rise
7) Would you like to know the survival formula?
8) Start earning early and investing early
9) Be a student for life and keep staying relevant by becoming a better version of yourself
10) Follow discipline and be very perseverant
11) Being the best no longer matters
12) As long as you have a super temperament which now matters the most. Be flexible.
13) Keep spends in check during first 15 years of your Job. Don’t over spend but you need not go too frugal either
14) The Young have 15 Money Making years. If you miss the first 5 years, your wealth at 40 will come crashing down to LESS THAN HALF (50%). SO FIRST 5 YEARS MOST CRUCIAL
15) Money works amazingly well for you provided you have a reasonable corpus. Hence making money is important but the time to make it is less now. The normal persons job is becoming like a celebrity’s job with lesser and lesser years available to work.
16) Develop multiple skills and multiple sources of income.
17) Negotiate with your employer to allow you to do other unrelated activities in your free time. Negotiate to allow you to build your personal brand. Make your own pod cast and YouTube channel. If your Employer prevents you from doing so then blame yourself for taking the job
18) In the first 15 years of making money you need to have 3 to 5 Employees. Your employees are 1) Your Main Job 2) Your side hustle 3) Your money (SIPs) 4) Your spouses main job 5) Her side hustle 6) Her money 7) Affiliate income wherever possible ( this could be your side hustle )
19) Take Fee like Consultant and not Salary like Employee. This will allow you to negotiate better with your Client
20) Be mindful that any job today is very temporary in nature
21) Understand different asset classes – Equity, Debt, Direct Stocks, Gold and practice asset allocation and Rebalancing
22) Hire the Services of a professional to manage the same
23) Don’t take a loan to buy a house even if interest rates are down. You need to be geography agnostic as you may have to change jobs and locations. As such leverage will no longer work because of limited potential of asset growth.
24) Like porting is there in mobile phones and insurance schemes we will soon see porting in schools going forward. This will help families to be mobile.
25) Being mobile and adaptive are key skills now on
26) Be mindful of having liquid assets. Liquidity is money that breathes. Fixed assets other hand is money in cold storage
27) Be mindful of problems of the people and search for your purpose that will bridge the gap
28) Your purpose is bigger than your job carer today as it will help you to find your calling and you can build your enterprise and create jobs rather than look for them
29) Money chases purpose and you need not worry about it as long as you make money in the first 15 years
30) The next 15 years is to Multiply Money
31) And thereafter it is Manage Money
32) Learn to leverage like banks. Employees are the best leverage tools followed by Technology and Processes
33) Look after your health physical and mental
34) Look after your relationships
35) Look after your income ( flow of money )
36) Lastly look after your wealth ( Assets )
37) Life for youngsters has changed and change you must even if it means going against conventional thinking. After all it’s your life