Interview With A Daily Wage Earner Turned Crorepati
March 10, 2013 Leave a comment
You can read the original interview here.
Here is the blueprint the illiterate man used to accumulate his fortune:
1.Ten years ago he was a daily wage worker making 30-60 rupees a day and looking to improve his lot.
2.One day he took a break and thought over what he was going to do to improve his financial situation and live a better life.
3.He understood he had to find a way to increase his income,save more,create wealth and acquire income producing assets.
4.Now he had a plan and took a month to convince his wife to participate.
5.They open a small business and increase income.
7.They focus on doing better in business and increase savings.
8.They start investing in chits and increase the number of subscriptions they make as the business grows.
9.They then use their chit savings to buy a house to live in and save on rent.
10.They buy a few low cost residential plots in areas with good potential for appreciation by taking small loans.
11.His residential property value grew by almost 5-6 times. The value of 2 residential plots which he purchased grew almost 10 to 12 times. Now, he gets a rental income between Rs. 50,000 to Rs. 55,000 per month from all these properties.
12.He continues to operate his small business and his income is increasing year on year.
His message to readers: “I am not a big person to give any message. But surely, I would advice a few things which every one thinks they know it. Increase income, save money and invest wisely. You may not see such high boom in real estate in future, but definitely investment in real estate is good for long term investment. The only asset which can generate fixed income and capital appreciation is investment in real estate”.