Rules for the rich & those who want to be wealthy

The worst thing a rich man can (should) do is to get divorced. It is the most expensive thing you can ever buy. It destroys the family and your balance sheet too.
Rules for the rich & those who want to be wealthy
Updated on
1 min read

Morgan Housel, a venture capitalist and a great author, keeps saying ‘Getting Rich is easy, staying rich is tough’. I had to speak to a bunch of successful business people (including professionals like doctors and advocates) and I told them the following:

The worst thing a rich man can (should) do is to get divorced. It is the most expensive thing you can ever buy. It destroys the family and your balance sheet too.

Bringing up children in this environment is art, science and luck! This has nothing to do with money, but everything to do with money values. What values you have and what you are able to give to your children is a huge, huge challenge!

Keeping meticulous accounts and investment details is going to be very useful especially If you are in business and have business taxation. For a salaried person, the chances of an IT probe are much lesser, but business men (and doctors) run this risk. Just be extra careful!

Most of your happiness is from ‘experiences’ and not from goods. Being able to buy and enjoy experiences also costs money -but it costs a lot of time, effort, communication, etc. and you talk about it for a far greater time than the ‘expensive’ toys you buy. Once you have money, this is a painful realisation.

Finding out how many people love you, admire you or are plain jealous of you is very difficult to find out. However, this will show that money is not helping you here – it is being negative! Envy is the tax you pay for being successful, rich, beautiful (handsome), etc. Deal with that.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com