This is the recipe to become a rich/millionaire by the age of 30 who are born in India.
- Firstly, At the age of 17, join a B.tech course in computer science.
- After that, Learn one programming language(Java or Python) for one year.
- In addition, Focus on Data structures and algorithms.
- Concentrate and practice competitive coding in sites like hacker rank etc for one year.
- Go through the interview questions in GeeksforGeeks for Google and Amazon etc.
- By the age of 21, end of B.Tech, get placed for a package of >= 12LPA.
- Now you are eligible for a loan of >= 6o lakhs in Indian banks. Usually, banks will loan you 60 times your monthly take-home pay.
- Take the loan and buy a nice plot at the outskirts of a metropolitan city.
- Use most of your salary for EMIs.
- Get promoted after three years at the age of 24 and earn close to 24 LPA.
- Take loan of 60 more lakhs and buy one more plot.
- Finally, Work for a year(age: 25) and move to the US or Europe (should be able to save 40 lakhs a year).
Good debt and Real estate:
- Firstly, Take home loan of 1.5 crores and start building apartments in your plot with a minimum of 10 flats.
- Earn a total salary of (12*3+24*1+70*5) = 4.1 crores by the age of 30.
- Therefore, Your total loan amount is (60+60+150) = 2.7 crores.
- With interest and your expenses, you can safely repay your loans by the age of 30 and you will be left with 10 flats in the city.
- Apart from that, It is no longer outskirts as the city would have been expanded and developed in 10 years.
- In addition, Even for a flat worth of 60 lakhs, your net worth would be 6 crores with a steady cash flow of rental income of >= 1.5 lakh per month for the rest of your life.
- Or you can choose to only buy land and easily make your investments worth 3x times on average in 10 years. This makes your net worth close to 12 crores making you already rich.
- Therefore, A lot is dependent on the choice of location to buy the plot, interest rates and tenure of bank loan chosen, choice of the builder in case you are constructing apartments etc.
- Finally, Once you become the millionaire, it is very easy for the rich to get richer without selling any of the assets.
Some of the popular mistakes people do that deviate from this process.
- Going for higher education taking education loan.
- In addition, Not focusing on getting a high paying job/skill.
- Getting married early and spending all the earnings for ceremonies.
- Finally, Not maintaining good credit score etc.
Grow rich in India faster:
- Firstly, find a landlord having land in acres in the outskirts of the city. These kind of plots have scope for building high rise residential or large scale commercial projects.
- After that, help landlord find a good builder and get commission. This will usually be huge.
- Secondly, find and buy a plot beside that huge plot before the information goes out.
- In conclusion, your plot rate will deterministically increase because of the venture.