Irrespective of the kind of earning you have each year if you want to join the rich men’s club then you ought to put in a lot of things besides mere saving and a pay raise.
The old schools methods of making money can give you a comfortable and prosperous lifestyle but once your ability to earn more money is affected you end up being broke again. All that you look up to then is your retirement policy and with a perpetual saying and thinking “I cannot afford it.” It is the right combination of time and money that helps one to be rich.
No time to invest
Most people think that the harder and longer they work the better are their chances to make money. In the current situation in India, young employees work more than 10 hours a day and sometimes in weekends and this hardly gets reflected in their salaries. There is only scope for a day off but that really never helps. For these people a better salary is a great option over a better investment. Investment demands time as it involves understanding your current money and its worth and consultation with financial advisers.
Right Time and Right Investment: Key to become rich as an entrepreneur
The first 56 top richest people in the world started off their career as rich entrepreneurs. Most of them didn’t have a great schooling or education, but they had the ability to think beyond the stereotyped. For this the right time and availability of money for initial investment is important.
In 2010, Bhavish Aggarwal who was mere 26 years old had a problem running his tour and travel company because of the problems created by rented cars. He got so irritated that he turned his business into a modern day daily taxi travelling app called Ola Cabs. He was joined by Ankit Bhati who was just one year younger to him. Both of them were pass outs of IIT- Bombay and in a period of a few years they changed the entire way the daily transport in Mumbai and in India at large was looked at. The app based booking facility spread like wild fire and they had even added nine cities within 45 days. Today both the founders are worth Rs 2380 crores each and considered among the Richest Indian Start Up Founders.
Not just a great idea that makes them rich
It is not just a great idea that makes them rich but it is the combination of a great idea at a right time that made them rich. Not all can be such investors, but one need to understand the basics which is the difference between assets and liabilities. Ola Cabs’ owners didn’t buy much cars initially they tied up with taxi drivers because buying the cards would have become their liability. But today it is their investment as they have already secured their place.
The stories behind Sachin Bansal and Binny Bansal of Flipkart, Vijay Shekhar Sharma of Paytm, Kunal Bahl of Snapdeal are similar to Bhavish Aggarwal and Ankit Bhati because of one reason- their timing to start up their initiative was economically and circumstantially right and their ideas were unique as well in the Indian context.