The Smart Person’s Guide To Never Getting Rich

Getting rich takes work. You need discipline and sacrifice. You need to avoid that shiny new purchase. You need to do dreary, boring things like figuring out your goals, setting up SIPs and making informed decisions.

Ain’t nobody got time for that.

Here’s how you can kiss these boring habits goodbye and live a life of glorious financial mediocrity!

1. Spend Every Rupee You Make

Salary day isn’t just your pay day, it’s pay day for everything you love. That skincare brand which sells overpriced sunscreen now offers 15% off when you buy 4 or more. What a steal! That beautiful yellow cabin luggage your favourite influencer has been peddling now costs just Rs. 25,000. It’s a great idea to get it before everyone else does. The idea is to not let your money sit around. It’s critical to use your UPI account as a conduit to the motley collection of food delivery apps, e-com stores, and fashion brands you see on Instagram.

2. Credit Cards Are An Extension Of Your Net Worth

Look, your credit score is over 750. It’s OK for you to get another card offering you a limit of Rs. 3,00,000. Adding this to the 5 other cards you’re about to max out means your monthly minimum credit card payments are now 25% of your salary. Manageable? Totally. Sensible? Absolutely not. Who wants to paydown the principal anyway when your minimum payments are so cheap?

3. Don't Create A Monthly Budget

You didn’t work so hard and reach this comp level just to restrict yourself. There’s money coming in every month and who needs financial planning anyway? Spontaneous spending gives you that warm, fuzzy feeling that nothing else does. It’s important to listen to your inner child and buy new games for your PlayStation when the whim strikes you.

4. Do The Bare Minimum When It Comes To Investing

You’ve bought a flat with a 20 year mortgage so you have a roof over your head. You’ve set up a small SIP into the most popular mutual fund you’ve heard of. Creating a well-researched portfolio that is aligned to your long term goals could make you wealthy and that’s not a problem you want, right? And whether your apartment – your biggest ‘investment’ – appreciates smoothly in value or not is anyway a problem for future you.  

5. Be Driven By Status

It isn’t enough that you have a great job and a great salary. You have to show it. You must have a car that isn’t more than a few years old. You must wear designer brands that cost an arm and a leg. You must change your trusty, results oriented fitness trainer and shift to the expensive gym with 50,000 insta followers that everyone is talking about. You must also have that latest phone which can photograph all the craters on the moon – and keep an eye out for the updated version that will be released next year as well. Who needs financial independence when external validation is so easy to purchase?

There you have it - the five essential tips to avoid building wealth and remaining financially mediocre. Follow this advice and you'll be happily broke in no time 😉  

Conclusion

On a more serious note, we all engage in these behaviours to some degree. If you struggle with all or any of the points above, you’re not alone! Running a wealth management company has shown me the extent to which these behaviours are prevalent. It takes effort to change how one views money but the results are lifechanging. At Cube, our Wealth Coaches have helped hundreds of people become financially independent with plans tailored to their income levels and life goals.

Give us a shot – we only offer investment options that the Cube Team has already invested in.

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