How to become a Richie Rich?

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‘Do you want to be like Richie Rich? ‘Let’s face it. Richie Rich is one of the most iconic comic strips of all time and all of us who have read Richie Rich and have seen its animated series on our televisions have at least once thought about how our lives would be if we were as rich as Richie Rich. And then all of us would suddenly come back to reality, thinking that it’s not possible. But what if I tell you, that being rich like Richie Rich is very much possible. It’s not about what you are studying right now, or whether you are in school or in college, or are doing some job, whether your family has a well-established business or not. It’s all about how you look at life and money specifically in your day to day life.

A lot of people feel that becoming rich takes years of hard work and lots of luck. That’s something that we have always heard while the reality is the exact opposite. We often hear our parents say that one must always save money and should collect these savings. That’s the biggest problem in the way we handle money. Saving money could help you on some occasions, but savings can never change your financial status. The secret of getting rich lies in Investing.  Let’s understand it through a simple example. Let’s assume that you are lucky enough to win a lottery worth 10 Lac rupees. Going by the standard method which we all are taught i.e. saving, how long do you think you can sustain this wealth? 1 year? 5 years? What will you do after that? The only way you can sustain that wealth is by distributing this money into small amounts and investing it into a number of sectors. Now a lot of people don’t invest their money because they are trapped by their own doubts, fears and limited knowledge of business and money. They feel investing is risky and fear to lose their money.

The second thing that we need to understand is that getting rich is not risky but predictable! Let me explain that with the help of a story.

Long ago, there was an apple farmer who had an acre of land but was short on money. Apple trees need time to grow and the farmer didn’t have enough funds. But after a few months, apples appeared, and the farmer sold them. With his profits, he bought two more acres and planted more trees. Within no time his land grew to over a hundred acres. It started slowly, but he knew if he kept doing what he was doing, he would soon be a very rich man.

Few might wonder, “What about bugs and droughts? “.Of course, that is a valid question, but an intelligent guy would always keep such factors in mind and would subtract the possible loss due to these from his profits.  The point of this story is that once you start seeing the predictability, you understand that making money is more about understanding rather than luck or risk.

Many people today are in financial trouble or not getting ahead simply because they never get beyond the “Me/You.” People, some highly educated, go through life working hard, but without much leverage. They never harness or implement any power beyond themselves. These people have little or no control over their jobs, how much they earn or their investments. Many are not allowed to express their creativity in their work or in their investments. They simply do as they’re told, professionally and financially. And when it comes to expanding, all they know how to do is get another job, look for a second job or hope for a promotion or a raise. They live in fear of taking risks and think much of life is risky. All because this is what they have always heard and seen people do.

In school, we learn the basics that help us throughout our lives, the basic alphabets, simple mathematical operations, simple science, etc. But it’s really sad that the education system today is not training you for the outside world, but rather is programming you like a machine. Throughout your life, irrespective of whether you are a homemaker or an accountant or an engineer, you will need to handle money and will need to handle it well.

Let’s take an example. Imagine you have 1000 rupees. Your task is to double this money in the least amount of time possible (on your own and by staying within the paradigms of the law). How many different ways can you think of?

If you are able to think of 3 different methods of doubling your money, then one thing is sure that you will never face a financial crisis because you know how to earn money using money.

If you can’t think of more than one idea, than don’t worry, you are not alone. A lot of people can’t think of more than one method and that’s exactly why we need to teach kids how to handle money not only to create an economically stable society but also to make sure that we see much real-life Richie Rich.

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