Be the FIRST in Your Family to GET RICH! Break the Middle-class TRAP
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Be the FIRST in Your Family to GET RICH! Break the Middle-class TRAP
In this video, we discuss how to break the middle-class and poor trap to get rich and achieve financial freedom in India.
Most of the people in India are from middle-class or lower-middle-class family. Many research has shown us that 95% of the Indians are in the middle-class or lower. Because of this, the children learn the middle-class script and remain middle class forever.
In this video, we first understand why we get into the middle class trap. What mistake the poor and middle class people are making. For ex. they are not investing money properly. Not understanding financial wisdom, not investing in stock market (share market). Not starting a business or a side income.
Taking on a side hustle can be a great way to generate additional income and build wealth. Pick something you are passionate about or that has the potential to increase your earning power. This could include freelance writing, tutoring, photography, consulting, or even starting an online business. Whether you have a lot of free time or just a little, there is a side hustle out there for just about every situation.
Once you have a successful business, it’s important to start investing in assets that can generate passive income. This might include real estate, stocks, or other investments that can provide a steady stream of income without requiring your active involvement. Investing in your retirement early and consistently can help you build wealth over time. But most middle class people are not doing that. Assets such as real estate, stocks, and mutual funds can appreciate over time and help you build wealth.
In the previous video, we discussed 5 common mistakes made by middle-class that keeps them poor and because of that they never get financial freedom. Forget about financial freedom and achieving financial independence early (FIRE), they get stuck in the middle-class and often in the same state. If you really want to get rich, build wealth and achieve financial freedom early in life then you need to understand the game of investing, the game of money, the game of power of compounding. Once you understand all of these, you will understand the traps made by the bank. Bank offers us fixed deposit, fixed income policies, ULIP, early retirement policies which gives you very less return. Even less than inflation. This is why Indians even after saving a lot of money, they remain in the middle-class trap and never get rich.
Rich people get rich using the power of compounding, by earning dividends from the stock market.
They pass that financial education to their children and their children becomes even more richer. However, the poor children never get the real financial education hence their financial IQ remains low.
Poor people work on jobs and never understand the game of money. Watch this video to understand the middleclass traps and how to get out of it.
Timestamps:
00:00 Intro
00:32 Hardworking Guptaji Story
02:49 How we GET in the TRAP
05:48 Solution Part 1
10:11 Solution Part 2
13:32 IMPORTANT LESSON (Must Watch)
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