9 Habits Of The Wealthy People That We All Should Develop

Habits, good or bad develop over time and ultimately shape up our personality. Good habits help us in achieving our goals a lot faster. Successful people realize the importance of good habits in shaping their destiny. Hence they knowingly work towards nurturing good habits regularly in their life.

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Seven Rules for Generating Wealth From Book - "The Richest Man In Babylon"

From ancient times, man had the desire and ambition to acquire wealth and maintain it. It has been observed that those who became successful in earning money developed certain sound financial principles with their experience. These principles are universal and unchanging. Still we have very few rich people. Majority of population in most of the countries is either poor or middle class. The reason is simple. People who understand these financial principles are very few and out of these who actually apply these principles in their real life are even fewer.

Today we are going to discuss Seven Rules that are a sure key to a fatter purse, larger bank balances and

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Five Lessons I Learnt From Book Rich Dad Poor Dad

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Rich Dad Poor Dad is a book written by Robert T. Kiyosaki with Sharon L. Lechter, C.P.A. It talks about “What the rich teach their kids about money that the poor and middle class do not.”

Robert calls his real father Poor Dad. His Poor Dad is highly educated and intelligent. He had Ph.D and had gone to Stanford University, the University of Chicago, and North Western University to do his advanced studies, all on full financial

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Warren Buffett's investment secrets for an ordinary investor

Warren Buffett is viewed as one of the most successful investors in history. He is Chairman and Chief Executive Officer of Berkshire Hathaway. He has been consistently ranked amongst the world’s wealthiest people. He has been a role model for numerous fund managers. His investment philosophies and principles can be adapted even by ordinary investors to safeguard their investments and generate decent return on their investments.

Warren Edward Buffett was born on August 30^th, 1930, in Omaha, Nebraska, USA. His father was a local stock broker. Since childhood, he was good at numbers. At the age of eight, he had started reading his father’s books on stock markets. Buffett attended the business school at the University of Nebraska. At that time, he got an opportunity to read a book on investing “The Intelligent Investor” written by Columbia Professor Benjamin Graham. He was so impressed with Benjamin Graham that he applied to Columbia Business School so that he gets an opportunity to study with Graham. After completing his graduation from Columbia with a master’s degree in economics, Buffett worked for two years in Graham’s company, the Graham-Newman Corporation.

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Fear and Greed - Biggest obstacles to financial freedom

Thanks to liberalization policies and Information Technology boom, you will find ever growing middle class population in India. They are the individuals who are earning pretty decent salaries and are able to lead a respectable life. Same has been the trend with many other countries also.

But at the same time, you will find that most of these salaried class people are so ignorant on managing personal finances. The reason is these people may be experts in their domain, but when it comes to understanding personal financial management, they fail miserably.

Most of you would have watched T.V shows where more and more working Professionals are seeking advice from financial planners to manage their finances. These working professionals may be earning monthly salary in lacs, but they are so over burdened with debt that they are unable to manage their finances. All this is not exaggeration. If you look around in your circles, you will find a similar pattern.

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The 10 Financial Books i read in my initial days of career

Dear Friends

My passion for reading started in a strange way. I was never in the habit of reading books other than my Course content til i became Chartered Accountant. Even in my first job, i hardly read any book. Then when i changed my job, i had two colleagues in my new office who had the habit of reading books. Initially they used to give me their books to read. I used to take their books to my home, read them in next week or so and then return them back. Slowly i developed a liking for reading books. I must confess here that had they not offered me reading their books free of cost, i would never have developed this habit. At that time, i could hardly imagine that a miser like me will spend his hard earned money on something like books. But this is how i realised over a period of time that reading is something that makes me happy.

The first few books i read in my initial days were 

• Seven Habits of Highly Effective People by Stephen R Covey
• How to Win Friends and Influence People by Dale Carnegie
• How to Stop Worrying and Start Living by Dale Carnegie

The first 10 Financial books i read in my initial days of Career were

• Winning by Jack Welch with Suzy Welch
• Straight from the Gut by Jack Welch
• Rich Dad, Poor Dad by Robert Kiyosaki
• Cash Flow Quadrant, Rich Dad's Guide to Financial Freedom by Robert Kiyosaki
• Rich Dad's Guide to Investing: What the Rich Invest in That the Poor and Middle Class Do Not by Robert Kiyosaki
• The Richest Man in Babylon by George Samuel Clason
• Think and Grow Rich by Napoleon Hill
• Business Maharajas by Gita Piramal
• Iacocca an Autobiography by Lee Iacocca
• The Warren Buffet Way by Robert G Hagstorm

Have a look at these books. And then at some other time, i will share with you, that though i love reading books, but what is it that i hate about myself after reading books

Regards

Anoop Gupta

          

Why we need Financial literacy

Dear Friends

After completing schooling, most of us go for Professional Courses. Some may become Doctors, Engineers, I.T Professionals, Law Graduates, MBA, Chartered Accountants,Cost Accountants, IAS, IPS etc. After completing Professional courses, we get into jobs and start getting decent salaries. We are on top of the world having the first feel of money and we are ready to start our journey of fulfilling our dreams. Dreams that we had nurtured as a child for ourselves which we feel our parents could not fulfill for us, and now the time has come when we can achieve anything. At this point of time, very few of us give it a thought whether we are financially literate. We may have all the big Professional degrees, we may be getting the best of Salaries in this world, but my question is, has any of the Educational Institutions given you Financial literacy. While most of us may think that of course they are financially literate, but i am afraid, actually its not true.

       Through this blog, slowly we will start realizing that actually we need to learn a lot of things before we start our journey of Financial Literacy. There is nothing like Rocket Science in this, its just Simple Common Sense. Something which is so Simple, but somehow we never give it a thought. Concepts that are available in best of Books available in market but then the question is, how many of us actually have the time to read those books. Some of us may not be knowing which are these books. And for those who have read those books, how many of you have actually understood and implemented the Concepts in your day to day life. So lets all start our journey of being Financially literate by helping each other through this blog.

Regards

Anoop Gupta