A Beginner’s Guide to Building Wealth the Right Way

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Wealth creation discussions often lead to mutual fund investing, which can be overwhelming, especially for beginners. This is understandable considering there are over 45 fund houses offering more than 1,300 open-ended schemes. How do you choose the right one? If you're feeling confused and unsure where to start your wealth creation journey, this is for you.

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What is Wealth Creation?

Wealth creation is about having enough funds to meet your financial aspirations throughout life. For example, if your goal is to travel the world after retirement, you need to accumulate enough wealth to fulfill this dream without compromising your lifestyle. Financial aspirations aren't limited to retirement; they can span across your lifetime.

Two Key Aspects of Wealth Creation

1. Defining a Financial Goal: This means clearly identifying what you want to achieve financially.

2. Creating Wealth: This involves accumulating the necessary funds to meet that goal.

What Are Financial Goals?

Let's look at a few examples:

- A 21-year-old working at a multinational company wants to accumulate ₹20 lakhs in eight years to pursue a post-graduation degree in the UK.

- A 40-year-old woman wants to save ₹55 lakhs in five years to buy a better car.

- A newly married couple in their late 20s wants to buy a 2BHK apartment worth ₹1.5 crores within 10 years.

These examples illustrate financial goals that have three specific attributes: the quantum of funds required, the time to accumulate these funds, and the age of the individual. Without these details, a financial goal is incomplete. For instance, a young professional saying they want to save "some money" to study abroad in "a few years" lacks the necessary specifics, making it a vague goal.

Financial goals are diverse, and it's nearly impossible to define all possible goals. However, even if you don't have immediate financial aspirations, everyone has at least one shared goal: to retire comfortably with enough funds to sustain themselves through retirement.

Wealth Creation Takes Time

Wealth creation doesn't happen overnight. It requires patience and time. In today's world, where instant gratification is sought after, this can be challenging, but there's no shortcut to building wealth. I refer to timeframes of 10, 15, or even 20 years. Patience and consistency are essential.

How to Start Creating Wealth?

If you're just starting, my advice is simple: choose a large-cap mutual fund from any of the top mutual fund companies in India and invest systematically. Contribute regularly every month and resist the urge to track its performance daily. Many investors obsess over daily or weekly market movements, but this is counterproductive. Wealth creation is a long-term game, and markets will have their ups and downs. It's vital to stay invested during these fluctuations.

Equally important is managing your behavior during market downturns. Stopping your investments when the market is down is shortsighted. You should also pay attention to asset allocation, which we will cover in the next video.