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Youtube is filled with financial influencers sharing generic advice.
> Save 80% of your income
> Do not break the compounding
> Invest in stock and MFs
> Diversify with crypto and so on
A vital aspect everyone misses out on is the role of luck in wealth creation.
Quoting from a YT video
'When you spot a luxury car, you visualise yourself driving that vehicle one day than admiring the person who purchased it. What makes you think that people will admire you when you buy that car one day.'
I quit my full-time job 18 months back and have been working independently since then.
I had sufficient savings with a runway for a few years. But I could do that not because I was an intelligent guy but a lucky one.
Reflecting on things that worked in my favour
Luck factor #1
Non-dependent parents:
Children in India are assets and expected to provide for their ageing parents. I was lucky to have parents who weren't dependent on me for their survival.
Luck factor #2
Being a single kid:
Honestly, I had nothing to do with it or probably had something. Not sure. I was not having the pressure of providing for a sibling's education/marriage allowed me to save more.
Single kids are financially lucky but emotionally cursed.
Luck factor #3
Having a supportive earning partner:
Love comes in all shapes and forms. But having a partner with a similar worldview on money and life is bliss. I am lucky to have a partner who earned well and would support me if shit went through the roof.
Luck factor #4
Didn't signup for a 20-year home loan:
I'll admit it. Multiple times, I almost gave in to buying a home and signing up for an EMI. But somehow, it never materialised.
Not having the burden of a home/car loan was a huge factor when I decided to quit.
Luck factor #5
I met interesting people who taught me some core values in life:
My design college never taught me Figma or Photoshop. We never had classroom sessions. I learnt life through conversations with people from different walks of life.
Artists, engineers, filmmakers, sculptors, photographers, fashion designers, everyone. It was an authentic learning experience outside the box.
Yes. You don't need a design degree to do a job. But if you all need is ob the, you don't need any degree.
'Earning money is not the goal. But money is a means to an end. If you can achieve your goals without a lot of money, then you can choose that path. Having money is good, but money alone isn't helpful.' - @itisthatis
I have invested my money in mutual funds. Whenever I open the app, some funds are in red, and some are in green.
I have been doing this for the last 60 months, and now it just feels like a video game. I don't derive much joy from looking at it.
If there is one thing that gives me joy, irrespective of it being green or red, it has to be the chutney with idli.
I have started enjoying little things that give me joy, and I'm on the journey to find more.
Please take all the internet tips with a pinch of sambhar in it :D
Since I'm not working FT, I spend most of my time reading and writing about the consumer behaviour of Indians in the digital space. 👇
newsletter.theindianotes.com/