The Richest Engineer

by Abhishek Kumar

You just need to dig a deep and believe in yourself.’

believing in your abilities, focussing on the opportunities and then taking the necessary action to achieve the goal.

Rich people focus on what they want while poor people focus on what they don’t want,’

They know that one of the ways people learn to do right is by doing it wrong and then learning the mistake and moving forward.’

Remember, a small step is much more powerful than the mightiest intentions.’

The definition of insanity is doing the same thing over and over and expecting different results. Stop doing what is not working and look for something new.

‘If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate and not what you earn.’

Remember, a person is not called rich by his income, he becomes rich when he has a strong asset column in his balance sheet.’

‘Assets are items which you own and which brings money to your wallet and Liabilities are items which you owe to someone else and which takes away money from your wallet’5.’

‘It is in favour of man to have surplus and assets by his side; for a man with a surplus controls his circumstances and the man without a surplus is controlled by his circumstances.”

Rich people choose to allocate their money into different baskets consciously and poor people allocate it unconsciously. And the advantage of allocating money consciously into various baskets is that you are in control of your hard earned money. It is you, who decides how much of your money should go into which basket. While if you allocate money unconsciously then it is not you; but your money, which decides where should it go.’

‘when I begin to manage it, I’ll have plenty of money.’

Remember, money is not permanent; your habit remains permanent with you and even if you lose money then with your habit and discipline you can get it back.’

Until you show you can handle what you’ve got, you won’t get any more! The

everyone is getting paid except the person who earned the pay cheque,’

you should keep aside a portion of your income for yourself as soon as you get your salary.

This part of your salary and/or income shouldn’t be less than one-tenth of your gross income no matter how little you earn.

It can be as much as you can but it should not be less than one-tenth of your gross income. And

“Don’t save what is left after spending; spend what is left after saving.”

your expense will always rise to match your disposable income.’

I insist you to first build a strong foundation before you enjoy the benefits of your skyscraper. Otherwise, the view from the windows of your skyscraper would soon be lost.’

Always count your expenses in absolute value and savings as a percentage of your income.9

Our dear friend inflation reduces the value of savings every year.

So in order to become rich, you need to beat inflation and that can be done by proper investment where you get return which is higher than the inflation rate.’

‘So whatever game I am playing, I need to play it big. I need to think big and reach out to wider base of people rather than play small,’ said Vinay.

Rich people don’t live on single source of income. They create multiple sources of incomes using their talent and a deep desire to create wealth for themselves and their family’

If

you want to become rich, you should not succumb to Diderot Effect. You should purchase only those items which you really need and not those others expect you to buy. Because it is not others; but you who will have to pay for those items. And if you continue to purchase those items just to upgrade yourself and/or which you do not need then very soon you will be left with no money to buy stuff which you would really need.

the true measure of your wealth is your net worth and not your income.

‘Just like every company has a business of their own, ever individual should also have their own business,’ said Vinay.

‘Remember, earning salary is just a means for you. It should not be your goal. Your real goal should be to create a stronger balance sheet for yourself by increasing your asset box and decreasing your liability box. Rich people understand this and that is why they focus on their asset box while everyone else focuses on their income statement.’

‘Keep on acquiring good assets, focus on your net worth and start minding your own business, then you will never have any money problems.’

To build wealth, minimise your realisable (taxable) income and maximise your unrealised income (wealth/capital appreciation without a cash flow).

These people usually wait forever because they do not know that the feeling of fear will never go away until you take action.

‘If your goal in life is to be comfortable, I guarantee two things. First, you will never be rich. Second, you will never be happy. Happiness doesn’t come from living a lukewarm life, always wondering what could have been. Happiness comes as a result of being in our natural state of growth and living up to our fullest potential.’

It is all about changing your thought process and your daily habits with regard to money.

‘Many people are afraid to fail, so they don’t try. They may dream, talk and even plan, but they don’t take that critical step of putting their money and their effort on the line. To succeed in business, you must take risks. Even if you fail, that’s how you learn. There has never been and will never be, an Olympic skater who didn’t fall in the ice.’