Wealth-creation is a long-term process
How do you measure your happiness? If ‘money’ is your yardstick, it may shock you to know that you are caught in an ‘unwealthy’ habit. To think that happiness is directly proportional to the amount of money on hand will make you a slave to work harder for generating more money, reasons ‘Wealth Management’ from Dun & Bradstreet (www.tatamcgrawhill.com).
Alas, slaves cannot be happy nor can they be wealthy. Only when you realise that your happiness is not dependent on money, you become happier, the authors add. “Happy people are in control, work better, and generate more with less efforts and resources.”
Unwealthy people can be extravagant, because they think that happiness comes from things, and they end up spending more to get ‘those things.’ And they may be greedy, even while looking down upon themselves, and doing things they do not like. “Successful people do the reverse. They do things they like, enjoy, and are passionate about.”
Becoming wealthy requires some discipline, the book advises. “It may require you to forego some of your current pleasures in order to achieve some financial or personal goals like buying a house or investing for kids’ education. Unwealthy people, however, prefer instant gratification…”
The book concludes with the philosophy of wealth creation and management, listing a few imperatives, beginning with the need to define clearly a set of values that will be foundation of your wealth strategy. “These relate to family finances, existing assets, spending patterns, expected rates of return etc. The earlier you are able to appreciate the importance of this building block, the better it is.”
Wealth-creation is a long-term process, and it may take generations to build wealth, the authors remind. They emphasise, therefore, on the need to develop future family leaders.
“Every family has a reservoir of talent, energy, contacts, and business experience that can be used for laying the foundations of future. Such family members should be exposed to wealth building goals and strategies.”
How do you measure your happiness? If ‘money’ is your yardstick, it may shock you to know that you are caught in an ‘unwealthy’ habit. To think that happiness is directly proportional to the amount of money on hand will make you a slave to work harder for generating more money, reasons ‘Wealth Management’ from Dun & Bradstreet (www.tatamcgrawhill.com).
Alas, slaves cannot be happy nor can they be wealthy. Only when you realise that your happiness is not dependent on money, you become happier, the authors add. “Happy people are in control, work better, and generate more with less efforts and resources.”
Unwealthy people can be extravagant, because they think that happiness comes from things, and they end up spending more to get ‘those things.’ And they may be greedy, even while looking down upon themselves, and doing things they do not like. “Successful people do the reverse. They do things they like, enjoy, and are passionate about.”
Becoming wealthy requires some discipline, the book advises. “It may require you to forego some of your current pleasures in order to achieve some financial or personal goals like buying a house or investing for kids’ education. Unwealthy people, however, prefer instant gratification…”
The book concludes with the philosophy of wealth creation and management, listing a few imperatives, beginning with the need to define clearly a set of values that will be foundation of your wealth strategy. “These relate to family finances, existing assets, spending patterns, expected rates of return etc. The earlier you are able to appreciate the importance of this building block, the better it is.”
Wealth-creation is a long-term process, and it may take generations to build wealth, the authors remind. They emphasise, therefore, on the need to develop future family leaders.
“Every family has a reservoir of talent, energy, contacts, and business experience that can be used for laying the foundations of future. Such family members should be exposed to wealth building goals and strategies.”
