All of us strive to
get rich. But how many of us try to safeguard the riches we have? Check out
this episode to know the importance of safeguarding the riches we possess.
Hi friends and welcome to Life Lessons.
Ram is one of those
middle-class guys who always strived to get riches and enjoy luxuries. He tried
all the ways available to him to acquire money. He worked for a small company
and invested all the earnings in various areas where he could expect safe and good
returns. After few years of financial discipline and investing, he was able to
acquire money with which he could own a few assets like lands and houses. He
was happy for the riches he could acquire and perceived that he had reached financial success.
Many people think
that the financial success story ends when the individual acquires the dream
riches. But in reality, it is not. This is the time when the next level of
challenge arises for the individual.
What are these
challenges? Let us check out them and the probable solutions in this episode.
Also, Check Our CAN MONEY SOLVE ALL OUR PROBLEMS? Here
What is the actual Financial Success?
We have already gone through one of such cases where the individual has already acquired dream riches. As depicted above many people think that this is the end of the struggle. But the success doesn’t end here. Thus this cannot be marked as actual success.
Now the question is – what is financial success?
The actual financial success lies in a broader area of consideration. The next level challenge is safeguarding all those assets that we have already acquired. It is a difficult task to start from scratch and acquire dream assets. This process needs lots of hard work, planning, discipline, and time. But the more complicated part is the process of safeguarding these acquired assets.
Thus the actual financial success is to be marked only when the individual is successful in safeguarding the assets he (she) has acquired by then. Knowing this is important before one can understand the reason behind safeguarding their assets.
Also, Check Out THE ESSENCE OF GETTING RICH here
Is safeguarding the assets challenging?
Ram has already acquired the assets that he always dreamed of. He was happy for what he had. But this happiness has not stayed for a long time. He got into many legal problems in no time. The land he purchased was partially occupied by an evil landlord beside him. He offered one of his houses on a lease, which turned him complicated to collect the rental amounts.
There were many other problems raised in no time which turned him into depression. Ram had no idea why all this had happened. He always strived to get rich, but he was never ready neither he planned how to stay rich.
This is not only the case with Ram; this is the case with many people around us. These problems arise at all levels with people.
There was a cousin of mine who always dreamed of owning a car. He didn’t have those riches to acquire the dream car all in cash. So he went ahead for taking a car loan. He was happy at the moment he took the delivery of the car. Somehow his dream of owning a car has become real. But this happiness didn’t last too long. He enjoyed the car by going for long drives for the first few months. The days began to change when he had to pay back the EMIs of the car. Since his income was not that sound, he felt it very difficult to pay back the EMIs of the car. Moreover, the maintenance was an additional burden to him. This pressure made him lose interest in using the car. After few months he regretted the decision of owning a car that too on loan.
Many other such financial commitments are good at the time we acquire but turn challenging in the coming time. Yes, the safeguarding of assets is often a challenging task no matter what the extent of the commitment is.
Also, Check out THE RICH MINDSET YOU DON'T KNOW here
Why is safeguarding assets important?
For every financial commitment (assets) there arises a challenge to safeguard it. It is almost common for all the commitments. The difference is created in the process of tackling these challenges. This is purely the result of decision making and planning of the individual.
Yes, safeguarding the assets is important. In fact, it turns out to be the first thing on the priority list when we acquired the assets. There is a popular verse from Chanakya Neeti that states that if we won’t secure our assets, they will be gradually eaten away by the people around us. It is true in all the practical sense and many historical proofs showcase this scenario. The kingdom with no kings (rulers), is clinched by people claiming they are the new rulers leaving behind the existing heirs of the throne.
In the case of Ram, this concept still lies valid. He has successfully acquired all the assets he dreamed of. Within no time he started facing challenges in maintaining those assets that he acquired.
Thus it is important to understand that even though acquiring assets is important, safeguarding those acquired assets is equally important.
Also, Check out THE RIGHT PERCEPTION OF FINANCIAL FREEDOM here
Bottom line:
According to an area that we discussed- the concept of safeguarding the assets is generally untouched by the middle-class people who have recently acquired riches. This is the reason it becomes difficult for them to maintain those riches as it is. This is one of those main differences that differentiate the thinking of a common man and the rich man. Thus safeguarding these acquired assets becomes the need of the day.
Hope you liked the concept I tried to cover. I would look forward to elucidating various measures taken by rich people to maintain their riches in the next episode soon.
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