{"id":791,"date":"2020-07-09T18:49:14","date_gmt":"2020-07-09T18:49:14","guid":{"rendered":"https:\/\/vayuacademy.com\/blog\/?p=791"},"modified":"2021-01-04T18:13:34","modified_gmt":"2021-01-04T18:13:34","slug":"how-to-multiply-wealth","status":"publish","type":"post","link":"https:\/\/vayuacademy.com\/blog\/how-to-multiply-wealth\/","title":{"rendered":"Grow and Multiply Wealth."},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><em>Wealth is more than money. It is a series of learned strategies and behaviors.<\/em><\/h3>\n\n\n\n<p>Earning money is not difficult. People without formal education or college degrees, ambitions, or experience make a comfortable living. To become wealthy what matters is what you do with the money you earned. Rather than trying to look wealthy by acquiring material possessions, we should be looking at creating wealth for our future and next generation.  By taking strategic incremental steps an average person who is honest, hard-working, and disciplined while living within means can be wealthy. What I have learned in the last 27 years of working life is that accumulating wealth is all about strategies and habits. Here are the core actions you need to take to build wealth:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Spending less than you earn.<\/h3>\n\n\n\n<p>This sounds simple, but it is a challenge that a lot of us are unable to fully recognize.&nbsp;Wealthy people know how to manage their expenses well.&nbsp;<\/p>\n\n\n\n<p>If you earn INR 10,000,000 a year, spending INR 5,000,000 a year isn\u2019t unreasonable. In fact, it\u2019s only half your income. But if you spend INR 9,50,000 of it, that\u2019s almost 95% of your income that goes right out of the door leaving you with very little to use in achieving the goal of becoming truly wealthy. So to become wealthy we should learn to keep track and manage our expenses. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Net monthly spending amount =&nbsp;&nbsp;Gross income \u2013 Taxes \u2013 contributions to all Savings and Investments.<\/strong><\/li><li><strong>Net monthly spending \u2013 Fixed expenses = Money available for discretionary spending.<\/strong><\/li><li><strong>Fixed expenses like rent, food, water and electricity and other utilities, subscription services, vehicle insurance, term insurance, medical insurance, and so on.<\/strong><\/li><li><strong>A good saving rate is 20% but for a comfortable retirement, it should be 30%.<\/strong><\/li><\/ul>\n\n\n\n<p>Example. Gross income &#8211; 40,000 INR per month, Tax &#8211;  4,000 INR, Saving &#8211; 12,000 INR, Fixed expenses &#8211; 12,000 INR and money available for discretionary spending is 12,000 INR. The discretionary money is the money available for enjoying (fun and guilt-free spending) and for unforeseen expenditure. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Invest 15% of Your Income in Retirement Accounts<\/h3>\n\n\n\n<p>Saving alone is not sufficient because your money isn\u2019t being used to purchase something \u2014 an asset, equity, securities, etc \u2014 that may appreciate in value over time while also providing a return on your initial contribution. If you&nbsp;<em>only<\/em>&nbsp;save,&nbsp;your money will lose purchasing power over time thanks to inflation. When you invest, you take on more risks \u2014 but you also open yourself up to greater potential rewards.<\/p>\n\n\n\n<p><strong>Start early &#8211; Start small. Never underestimate the power of compounding interest. <\/strong><\/p>\n\n\n\n<p>The first 15% of your gross income should go directly into your retirement accounts. These accounts are an absolute necessity. Because retirement accounts are long-term investments, their earning power comes from the magic of compound interest. The money in your retirement accounts will continue to compound or grow over time. Ideally, making it possible to retire wealthy.&nbsp;The best available investing options for pension is <a href=\"https:\/\/en.wikipedia.org\/wiki\/Public_Provident_Fund_(India)\">PPF<\/a> and <a href=\"https:\/\/enps.nsdl.com\/eNPS\/NationalPensionSystem.html\">NPS<\/a> account (saving plus income tax instrument). <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Invest another 15% in Diversified Portfolio<\/h3>\n\n\n\n<p>Most of us have heard the phrase, \u201cDon\u2019t put all your eggs in one basket.\u201d The same principle holds true with investing. Consider all the risks associated with the investments you plan amongst all the options available. I always study the market and undertake nothing short of detailed research before investing. Remember it is your hard-earned money and be extremely cautious. A lot of investors would charm you and promise high returns while you only have to twiddle thumbs. Never trust them. Invest in instruments that you are comfortable with. Avoid herd mentality and stop believing what others are doing is &#8220;Sahi hai&#8221;. <\/p>\n\n\n\n<p>People who are wealthy invest in a number of ways, depending on their strategy for growing wealth. Here are just a few things you could consider investing in (noting that the best option for you depends on your specific situation, needs, and goals):<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Gold or gold bonds<\/li><li>Mutual fund<\/li><li>Stock market<\/li><li>Real Estate<\/li><li>Commodity market<\/li><li>BIT coin etc. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Investing in yourself<\/h3>\n\n\n\n<p>One of the best pieces of advice I have ever received was to allocate a percentage of my income towards self-improvement. Because the most valuable and unique asset you can offer the world is yourself. When you go to work every morning, you are essentially selling your labor.&nbsp;So if you are more qualifies and skillful then for the same time and energy you earn more. Consider following as investment:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Never stop reading, learning, and improving. <\/li><li>Devote 30 min for professional development and another 30 min towards general reading. <\/li><li>Take your skills and hobbies to the next level. <\/li><li>Acquire skills and educational qualifications of your boss&#8217;s boss. <\/li><li>Always be alert to changing market and job requirements along with demand. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. Increasing Income<\/h3>\n\n\n\n<p>Being wealthy is about so much more than your career income or salary alone. It is common to settle on your career salary and focus solely on getting incremental or performance-based raises. This is fine, but it severely lowers your ceiling for earnings. You can increase your income by freelance work or business. This way you would also be making money from other sources while obviously increasing your income.  Some examples are<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Freelance writer for magazines or content writer<\/li><li>Sports or fitness instructor<\/li><li>Additional part-time job<\/li><li>Freelance IT projects<\/li><li>Tuition for kids or colleagues<\/li><li>Music\/Dance teacher\/instructor or choreographer<\/li><li>fine arts  &#8211; painting\/drawing\/drama  <\/li><li>Sales executive or agent. <\/li><\/ul>\n\n\n\n<p>People double up their income with ease and subsequently take them as a full-time job. Do not be lazy or ashamed. Hard work always pays. Increasing your income is a huge part of learning how to become rich or wealthy. When you earn more, you have more resources available to deploy and your ability to grow wealth compounds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Decreasing Fixed Expenditure<\/h3>\n\n\n\n<p>Even if you\u2019re working at a boring job, doing your work well and going above and beyond almost always pays off. Your work ethic and drive will speak for itself.  Whatever job you do, give it everything you\u2019ve got. People will notice and opportunities will start coming your way. This is important to increase your income and promotion chances. Now consider the other side of the equation also. If you reduce your fixed expenses, you have more money to enjoy. Not many people know how to keep overheads lean. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Differentiate between wants and needs.<\/li><li>Avoid luxury or branded items. If you do not have money, buy a less expensive version of mobile, clothes, accessories, vehicles, vacations, or appliances. <\/li><li>Rent Accommodation according to need. <\/li><li>Pay off loans at the earliest<\/li><li>Avoid credit cards. If you can not pay cash you can not afford it. <\/li><li>Buy a second-hand vehicle, it is more economical. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7.<strong>&nbsp;Pay Off Loans Earliest Possible<\/strong><\/h3>\n\n\n\n<p>Lenders will permit you to put your loans on a 20 or even a 30-year payment plan. You should always plan to pay your loan at the earliest. It also gives you emotional or psychological relief. But the main reason is the income that is going toward servicing loans cannot be used to build wealth. We generally overestimate the amount of happiness they will get from owning a large, expensive house. Combining this with widely available &#8220;affordability calculators&#8221; available on the internet gets many professionals into financial trouble. <strong>Always keep an upper limit of loan to less than twice your gross annual income<\/strong>. Anything more than that and you will soon realize there are very serious consequences to doing so, including working longer and spending less in other areas of your life.<\/p>\n\n\n\n<p>The list of actions mentioned above are relatively simple and straightforward. It doesn\u2019t take a financial genius to understand and implement them. But apart from these, you need to change the way you think about money and happiness. We will learn about that in the next blog.  <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Related Blog:   <\/p>\n\n\n\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-aviation-blog\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"5IIL6mVY7e\"><a href=\"https:\/\/vayuacademy.com\/blog\/wealth-and-happiness\/\">Wealth and Happiness<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Wealth and Happiness&#8221; &#8212; Aviation Blog\" src=\"https:\/\/vayuacademy.com\/blog\/wealth-and-happiness\/embed\/#?secret=d8d8rYiBHC#?secret=5IIL6mVY7e\" data-secret=\"5IIL6mVY7e\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-aviation-blog\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"qfsSy1y8RZ\"><a href=\"https:\/\/vayuacademy.com\/blog\/difference-between-rich-and-wealthy\/\">Difference between Rich and Wealthy.<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Difference between Rich and Wealthy.&#8221; &#8212; Aviation Blog\" src=\"https:\/\/vayuacademy.com\/blog\/difference-between-rich-and-wealthy\/embed\/#?secret=tQ5zi2erKh#?secret=qfsSy1y8RZ\" data-secret=\"qfsSy1y8RZ\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=6He_r5ysV8w\">Watch webinar<\/a>: https:\/\/www.youtube.com\/watch?v=6He_r5ysV8w<\/p>\n\n\n\n<p>Image courtesy: http:\/\/indianexpress.com<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"post_791\"  data-site_id=\"5e8b2a7b943ec9a66bb76b26\"  data-theme=\"nero\"  data-white_label=\"true\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"https:\/\/vayuacademy.com\/blog\/how-to-multiply-wealth\/\"  data-item_title=\"Grow and Multiply Wealth.\"  data-item_image=\"https:\/\/vayuacademy.com\/blog\/wp-content\/uploads\/2021\/01\/image.jpeg\"  data-item_date=\"2020-07-09T18:49:14+00:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.54\"  data-prx=\"https:\/\/vayuacademy.com\/blog\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"excerpt":{"rendered":"<p>Earning money is not difficult. People without formal education or college degrees, ambitions, or experience make a comfortable living. To become wealthy what matters is what you do with the money you earned<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"post_791\"  data-site_id=\"5e8b2a7b943ec9a66bb76b26\"  data-theme=\"nero\"  data-white_label=\"true\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"https:\/\/vayuacademy.com\/blog\/how-to-multiply-wealth\/\"  data-item_title=\"Grow and Multiply Wealth.\"  data-item_image=\"https:\/\/vayuacademy.com\/blog\/wp-content\/uploads\/2021\/01\/image.jpeg\"  data-item_date=\"2020-07-09T18:49:14+00:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.54\"  data-prx=\"https:\/\/vayuacademy.com\/blog\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"author":1,"featured_media":2175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[141,148,144,145,43,152,153,135,149,154,147,138,143,139],"class_list":["post-791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous","tag-banks","tag-bse","tag-hdfc","tag-icici","tag-india","tag-investments","tag-money","tag-mutual-fund","tag-nse","tag-pnb","tag-rbi","tag-rich","tag-sbi","tag-wealthy"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Grow and Multiply Wealth. : Aviation Blog<\/title>\n<meta name=\"description\" content=\"Earning money is not difficult. 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Fly Safe,","publisher":{"@id":"https:\/\/vayuacademy.com\/blog\/#\/schema\/person\/29433e23aa5a7d782d44b51fed6994d0"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/vayuacademy.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":["Person","Organization"],"@id":"https:\/\/vayuacademy.com\/blog\/#\/schema\/person\/29433e23aa5a7d782d44b51fed6994d0","name":"Anil Goyal","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/vayuacademy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/vayuacademy.com\/blog\/wp-content\/uploads\/2025\/08\/12189867_127260037634366_3732762705357218590_n.jpg","contentUrl":"https:\/\/vayuacademy.com\/blog\/wp-content\/uploads\/2025\/08\/12189867_127260037634366_3732762705357218590_n.jpg","width":960,"height":475,"caption":"Anil Goyal"},"logo":{"@id":"https:\/\/vayuacademy.com\/blog\/#\/schema\/person\/image\/"},"description":"Airline Pilot | Experimental Test Pilot | Technical writer | Aviation blogger | Aviation Consultant\/Specialist I have 30 yrs of wide and vast aviation experience including military and airline operations. ICAO ATPL holder, Open IR Rating, Current Class I Medical, ICAO English Language Proficiency Level 5, Experience aviator with more than 9000 flight hours on commercial, military jet, transport, and training aircraft of more than 30 types of aircraft. Experimental Test Pilot. More than 10 years of experience. An exclusive experience as Project Test pilot on Fighter aircraft upgrade and two indigenous prototype development project SARAS and IJT aircraft. Skilled on flight test techniques in aircraft performance, stability and control, flying\/handling qualities, avionics, certification, and airworthiness. Significant experience in Radars, Electro-Optical Sensors, Communication systems, Displays, HOTAS and Controls, Human-machine interface, Navigation system, Datalink system, and Electronic warfare. Significant knowledge of Simulators and Mission planning and Debrief system. Qualified Flying Instructor with a crucial understanding of the training needs of pilots ranging from ab-initio to operational training. Military combat pilot. Accident, incident-free record flight safety record. Executive leader: Goal-oriented, cross-culture multilingual team builder who brings critical decision-making capability and flexibility to solve problems. A skilled communicator; experienced leader, precise technical writer, engaging public speaker, and negotiator. Experienced in program management, training plan\/syllabus authorship, organizational governance, and regulatory compliance.","sameAs":["https:\/\/vayuacademy.com","www.linkedin.com\/in\/testpilotanilgoyal"]}]}},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/posts\/791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/comments?post=791"}],"version-history":[{"count":5,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/posts\/791\/revisions"}],"predecessor-version":[{"id":2176,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/posts\/791\/revisions\/2176"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/media\/2175"}],"wp:attachment":[{"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/media?parent=791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/categories?post=791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vayuacademy.com\/blog\/wp-json\/wp\/v2\/tags?post=791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}