5 episodes, 5 great conversations and 5 wonderful people. As I reflect on the different conversations I had with these ‘Power Pioneers’ aka people who are now financially free, there were 5 common traits I could see across everyone: ➡️ 𝐅𝐈 𝐛𝐮𝐭 𝐧𝐨𝐭 𝐅𝐈𝐑𝐄’𝐝 People usually mistake reaching their FIRE number, as the time that they quit their jobs. But all of my conversations show that financial freedom and working in their jobs are unrelated. All of these ‘Pioneers’ continue to work - some in their corporate jobs, or some in their passion jobs. But all of them love what they do today. And that is the purpose of money. Buying you the freedom to do what you want. ➡️ 𝐌𝐮𝐭𝐮𝐚𝐥 𝐅𝐮𝐧𝐝𝐬 𝐚𝐫𝐞 𝐠𝐚𝐦𝐞 𝐜𝐡𝐚𝐧𝐠𝐞𝐫𝐬 𝐟𝐨𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐜𝐞 Another thing all of them share is their love for mutual funds. Makes a lot of sense since MFs make it very easy to build wealth in long term, and they’re absolutely hassle free for salaried persons. All you need is - the right mutual funds, regular SIPs, discipline to step up investments and patience. ➡️ 𝐁𝐮𝐲𝐢𝐧𝐠 𝐚 𝐡𝐨𝐦𝐞 𝐢𝐬 𝐩𝐮𝐫𝐞𝐥𝐲 𝐚𝐧 𝐞𝐦𝐨𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐡𝐨𝐢𝐜𝐞 🏠 In spite of this entire debate on whether buying a house is financially prudent or not, majority of the ‘Pioneers’ I spoke to actually bought a house. But they managed their finances accordingly. Perhaps their journeys got extended by a few years, but personal finance is always personal. The purpose of money is to give you a sense of security. If a house does that for you, so be it. ➡️ 𝐑𝐞𝐠𝐫𝐞𝐭𝐬 𝐚𝐫𝐞 𝐧𝐨𝐫𝐦𝐚𝐥 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲 💵🛣️ All these pioneers have had some regrets in their financial journey. Starting too late, starting lack of investing discipline, not building financial literacy early on, etc. However, the only thing that matters is to improve on your mistakes, and start as early as now. ➡️ 𝐏𝐚𝐭𝐢𝐞𝐧𝐜𝐞 𝐢𝐬 𝐊𝐞𝐲 🔑 These pioneers have stood the test of time by staying in line with two main principles. Discipline and patience. In an age where everyone wants to make money quickly, these pioneers have reflected the thought that “Good things take time”. I call it the '3P rule' i.e. 'Patience promotes progress' :) --- On that note, here’s our 5th episode in the Power Pioneer series with Vignesh Kumar, Director at Cisco. Vignesh is a symbol of working in a job for the love of it. We all work to earn money. But Vignesh underlines a key aspect. It is a lot more important to work so you can buy time, and manage your existing finances more effectively. We give ourselves many reasons why we do the things we do, from studying, earning money, buying a house etc, but ultimately it all boils down to one thing. Happiness. Loved talking about Vignesh’s investment strategies and insights which clear out how he’s made it this far! Here’s a snippet of the podcast, link in the comments for the full video!
Congratulations on your 5th episode! The 3P rule is definitely something to keep in mind. Looking forward to listening to Vignesh's insights.
Building PowerUp Money | Ex-upGrad, Kearney | IIMB | IITD
1wLink to the full video - https://www.youtube.com/watch?v=tmtRXWRDDWk&t=51s