How to Get rich in India?

Financial Stages of Life- Wealth Creation Stage

Are you Ready to Create Wealth?

The last stage of financial life is Wealth Creation stage. You can safely assume that you are in Wealth Creation stage if you have taken care of all items listed above in Goal Planning Stage, but need to plan for things listed below-

  • You have already taken care of life goals
  • You are thinking beyond just mutual funds and might want to invest in instruments like Alternate Investment Funds or Portfolio Management Systems or directly in stocks
  • You have accumulated good wealth but you wish that your wealth earn passive income for you
  • Think and plan for financial freedom
  • You have plans to do some charity

I have come across the cases of where people have not taken care of Foundation part but have started worrying about Wealth Creation. This would mean that the person does not have a strong foundation on which he can build a monument. Taking care of hygiene part is equally important as that of doing good ‘Sanskars’ on a child.

While I do Financial Planning for my clients, I do lot deliberation to understand the stage of his financial life. This helps us in laying a strong foundation of the financial plan and later we can build on this strength. This helps in creating sturdy pillars to capitalize on to meet his Life Goals in terms of providing adequate funds. Once the goals are taken care of, he is free to enjoy his wealth the way he wishes to.

To read more about Financial Stages of Life, click here.

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