Step 7 indicates it's time for taking action now. As a human being, procrastination is very common and we keep on delaying taking action until it becomes urgent. We don't do things when it is important but we trigger the action only once it becomes very urgent. Investment is important, we all know but we only invest until it falls into the critical category.
Time is the most important element not only in life but in investing as well. Unfortunately, most people don't realize the Time Value of Money and that is why they fail to create wealth. People chase (focus) on the return which is never in our hands, what is in our hands is a time horizon and principal amount to deploy.
For Target of Rs.5 crores at the age of 60 @ 11% p.a. your monthly saving amount should be …
A small SIP of Rs. 10,000 investment for 30 - 40 - 50 - 60 years can do miracles. Actually, we never ever target 10 crores or 100 crores in life and that is why we don't even get it.
Investment is also for creating a legacy for the next generation, which only rich people do.
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