Wisdom//

7 Steps to Attaining Financial Moksha

So you plan to be rich, but have you thought out the journey? These pointers from a financial expert might help.

As a human being, our ultimate goal is freedom from bondage, however, it is difficult to attain it on account of our likes and dislikes. However, achieving financial moksha is easier than the spiritual one. Here is the journey:

1. Understand your conditioning

All of us have lived in certain environments. This causes us to think and act in specific ways in line with our conditioning. Life becomes easier when we know what we have to overcome. The first step is to travel inward and look at the future.

You can do a simple exercise. Write down the key things you have heard about money. It could include: Money is the root of all evils, behind big money there is crime or I can earn only an X amount every year.

Once you have identified the limiting factor start working on a strategy. It could be changing your routine, building a new skill, joining a new group.

2. Create financial goals

Like every marathoner, it is also important to set financial goals. Most people define a certain level of savings and if they are achieving that number they feel they are fine. The real question is: How do you create sustainable wealth?

Any goal needs to be:

S – Specific

M – Measurable

A – Achievable

R – Realistic

T – Timely

Anything which does not fit any of these parameters is not a goal. Goal setting needs to be done on the “Income – Savings = Expenses” formula.

It is possible to enhance low returns, however, it is difficult to not save and achieve the goal.

3. Learn

The world which we are in is a VUCA world.

V – Volatile

U – Uncertain

C – Complex

A – Ambiguous

Disruptions happen across industries. It is important to

L – Listen

E – Evaluate Critically

A – Act on an informed basis

R – Review assumptions

N – Network

The learning helps to stay ahead of the curve and create the edge.

4. Start early

If you start early, the possibility of achieving your goals is higher. The saying, “The early bird gets the worm” works well across all areas of finances. This helps to take advantage of compounding. The greatest thing in investing is the time. Renowned investors like Warren Buffet have achieved a 23 per cent compounded growth over 54 years.

5. Create a master plan

There are different levels of plans depending on your stage of evolution.

Plan to be safe: It takes care of contingencies, medical expenses and fixed expenses from a year on year point of view.

Plan to be comfortable: As the first plan is taken care of, ability to take risk grows. This enables one to plan strategically for the future goals such as children’s education, an early retirement and ability to fulfil one’s bucket list on passive income.

 Plan to be rich: Being a businessperson/investor is the key to be rich. Investing in early stage companies and in new areas of technology could help to create a future beyond one’s dreams.

6. Take breaks

It is important to take a holiday as that helps to relax the mind and pave way for a more evolved being.

7. Help others

Help can be financial or non-financial. It can be simply listening to somebody, sharing an alternate view point or connecting others to those who can help them. It also gives mental peace and courage to go beyond the current problems. Being of a charitable disposition also helps those who are in need and can potentially create a more equitable society.

Want to share your story of how you thrive? Write to us at editorial.india@thriveglobal.com

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People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

- Marcus Aurelius

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