How To Multiply Rs.1 Crore?
Do You have Rs.1 Crore of Corpus? Well, than it's really a great thing. This is because very few people in India can reach up to this mark. And if you have achieved this much level of wealth than you are financially free (Keeping in mind that your expenses are under control).
Most of the people ask me that they have 1 Crore rupees and now they want to multiply this money like anything. Some ask me that Should they go for the Wealth management or Professional Portfolio Management Services (PMS)? While some people thinkg about investing this much capital in some high rish high return (But lack of Transperancy) schemes.
But well, my back fire question to all of you people who want to multiply their Rs.1 Crore is that, "How did you make your first 1 Crore? I mean where did you used to invest your money when you had just Rs.10,000 in your pocket?"
Most probably in Groth Stocks, Equity Diversified Mutual Funds, Gold, Bonds, PPF and National Savings Schemes right? Or some may have invested their first Rs.10,000 to start their own Business right?
well, Than my answer is that, Invest in the same things in which you used to invest when you had just Rs.10,000 in your pocket. Today the only difference is that you have few more zeros behind that 10,000. But that doesn't mean that you start searching something new. This is the commonest and most dangerous psychology I have seen in my life.
I mean if you have become a Crorepati by inveting in equity mutual funds over a period of 10-15 years than please continue the same way and you will have crores of rupees in the future also. Don't change your Investment Strategy.
It is the commonest psychology of the Investors. Means when they have 1 Crore on their hand they started thiking that they become smarter than before and that's why they started searching for the new investment vehicles. But remember that your Financial IQ remains the same irrespective of your Net Worth.
Never Forget this lesson. If you ever have Rs.1 Crore of Corpus in your life than continue the same investment strategies that you used to apply when you had only 10,000 bugs in your pocket...!!!