The word Privilege brings out various emotions and the true emotion toward it changes from person to person. For some, it might be enjoying the basic amenities i.ie., needs whereas for others, it might be worldly luxuries i.ie wants.
The lifestyle and expenses that come along with privilege are universally classified into NEEDS and WANTS. This concept plays a major role in how we live and how we aspire to live.
What is a Privileged Life?
When someone is more than happy with what they receive and when they receive those privileges easily, compared to the rest of the population, then we can say that they are privileged.
It is a perspective that changes from economic status to caste barriers. For example, people who are living pay cheque to pay cheque, the act of dining outside once or twice a month is a privilege.
On the other hand, if someone has the chance to start saving more than 20% of their income, then for them, the act of purchasing an iPhone or Samsung is deemed as a privilege.
The biggest form of privilege is the feeling of financial security that lets you take care of your NEEDS and your WANTS without any distress. It is very much possible for individuals to feel that way when they can plan their personal finances or their cash flows smarter.
What does it take to live a Privileged Life?
The secret sauce to living a great lifestyle with little to no stress lies in the act of how you let your money make more money for you. People who are living the privileged life today, have created their own recipe for success using this secret sauce.
The effect of compounding in combination with patience is the secret sauce to most of the people that we end up looking up to. No one can deny that and it will stand as a universal truth.
Managing your money smartly and investing it in the right avenues is the biggest lesson that you will get to learn from successful people. They never did this alone and they never did this out of luck.The privilege of financial freedom comes when you are consistent and this consistency in success is curated by personalized financial plans & strategies.
The struggles faced by Millionaires in India
A Lifestyle is created out of sweat and blood. The success stories are spoken out loud by everyone, but no one really knows the struggle behind these success stories.
Few inspirational stories that made it to the list are
- Dhirubhai Ambani
Mr Ambani is known for his business conglomerates and he had a very humble beginning. He started by selling Bhajias and also worked at a gas station before creating a powerful company that is managed by his family today.
- Dharampal Gulati
The Masala King of India is none other than Mr Gulati and he is not just popular here in India but has numerous export tie-ups with countries like Europe, USA, Canada and UK. He started his journey in a 14ft X 9ft shop at Karol Bagh in Delhi.
- Gautham Adani
Mr Adani has been making the news for the past 6 months. He came to Mumbai at an early age of 18 years to fulfill his dream. The Adani Group was started with a few hundreds that he had with him at that time.
There are many more such stories and every single one of them has one thing in common. They were hardworking in their efforts and smart working in managing their personal finances.
When you read these stories in depth, you will learn that they got the right loan and made the right investments with the help of financial advisors.
A few right decisions turned their life into a privileged one. So, it is not difficult for us all to seek support from Financial Experts to start our money story.
Discipline in your Financial journey gives you great returns and it is never too early to follow it. The opportunity to create wealth starts from the moment your parents start giving you your pocket money.
Great minds such as Warren Buffet & Charlie Munger started early and planned out their financial journey. A journey that is a great example for us all to follow.