Getting Rs. 1 crore is EASY and hard at the same time.
We live in a society where it’s simple to stay fit: gyms in every building, access to expert dieticians and trainers, a plethora of health and fitness information online, diet food delivery services, jogging groups, and smartwatches that measure your steps.
However, binge-watching, food delivery apps, partying, smoking, and excessive drinking can all lead to inactivity. Similarly, reading a book is simple, as is not reading it. Forming positive habits is just as easy as forming harmful ones.
Similarly, while making your first crore may seem simple, it may be a difficult reality for many.
Many individuals suffer because their strategy to wealth accumulation has become outmoded, and they are ignorant that their “cheese” (methods for creating one crore) has changed. Their money practices may be counterproductive to their aim, or their whole outlook on life may be impeding their potential to earn their first crore.
10 pointers why it gets hard for people to create their first 1 crore
Below I want to share 10 reasons why most people are not able to create their first Rs 1 Cr and it gets hard for them to continue on their path of wealth creation.
1 : Because what you believe may not be ALWAYS true
What you believe may not always be true. We all have our own personal techniques for earning, saving, and investing, and as humans, we tend to get pretty sanctimonious about them.
Many individuals assume that they can only get rich through real estate, business, or investing in gold. There are no right or incorrect answers, but there are undoubtedly newer and more successful approaches.
You must retain an open mind to new ideas and techniques. Being adamant on how to get your first crore might restrict your possibilities. Recognize that there may be a thousand more ways than you now believe to assist you attain your objective.
If you choose to remain rigid in your thinking, you will miss out on fresh opportunities. People who advance in life are open to new opportunities, coachable, and not unduly focused on their personal techniques for achieving their objectives.
2 : Low SAY-DO Ratio
Many investors start out with the idea of never redeeming their assets until they accomplish their financial objectives or target wealth. However, figures from AMFI show that more than half of investors discontinue their SIPs within the first two years.
The difference between what is stated (X) and what is done (Y) with their money demonstrates a poor say-do ratio.
To accumulate your first crore, you must maintain a high say-do ratio. Trust me, no platform or YouTube video will emphasize the significance of this idea as much as it should. Make solid financial commitments and learn to keep them regardless of the circumstances.
A high say-do ratio is critical for meeting your financial objectives.
3 : Your Blood Cells Are Not Yet Enrolled in Creating 1 Crore
When you look at the life stories of champions, you will see that their entire existence is dedicated to their aims. Most people want or aspire to make one crore, but their dedication is not really understood. Remember that your self-effort determines your financial future.
It is critical that you totally embrace the aim of producing 1 crore and devote every aspect of yourself to this destiny. This dedication is not limited to exterior deeds, but also includes an inside game, an inner calling, and an interior commitment to oneself.
4 : Poor Relationship with Your Own Rhythm
Everyone’s financial journey is unique since we all have various rhythms. It’s critical to respect your own speed on the route to earning your first crore. Listening to music or going for a run will help you grasp rhythm.
I understood the value of rhythm while studying guitar with my music tutor, Nishant, and while jogging. You must define, admit, and respect your own speed in reaching your financial goals.
I just heard from a friend in Mumbai about how she assisted someone from a slum in earning his first crore with tiny savings and big work.
Despite coming from various backgrounds and work descriptions, everyone has their own rhythm. Don’t worry about your slow speed; what matters is that you’re actively working toward your first crore and taking shots on goal.
5 : Most People Forget to Bounce Back
Many people start their SIP or monthly investment journey because of a setback in their work, health, or other uncontrolled circumstances. It is perfectly acceptable to temporarily pause investments, but most people fail to resume them.
It is difficult to maintain consistency at the gym during the first year, and the same is true for investing. Excuses (even good ones) can undermine your efforts. Breakdowns are unavoidable during the compounding process, but it is critical to recover.
Many of our clients resume their SIP journeys or reinvest after redeeming their funds, displaying resilience and dedication.
6 : You Need to Have a Thick Face
Having a “thick face” entails fortifying yourself against people who question your wealth-creation aspirations. People around you may continually question your abilities to generate great fortune. Your big face acts as a barrier, preventing these doubts from harming you.
Be specific about your objectives, goals, and upcoming milestones. Continue taking significant moves in your financial life. Remember, the only way to get your first crore is to take constant action.
7 : Fear Is Your Best Friend
Shankaracharya, a 13th-century Hindu scholar, stated that even the best warrior sweats from terror during fighting.
You will experience a lot of worry before and after making your first crore. Fear is a continuous companion that cannot be avoided. Markets will correct, frauds will occur, businesses will fail, financial crises will strike, and conflicts will persist.
Despite the bustle and headlines, you must remain constant on your quest to earning your first crore. These occurrences test your dedication to wealth growth. Are you genuinely engaged in money building, or is it simply a pipe dream?
8 : Lack of Self-Inquiry
According to Lao Tzu’s Tao Te Ching,
“Conquering others requires force; conquering oneself requires strength.”
Without self-inquiry, development is impossible. It’s not only about accumulating one crore; it’s about overcoming something inside yourself that you may not be aware of. You are not the first person to aspire for one crore, 10 crore, or even one hundred crore.
Many have done it before, and the secret is self-inquiry. It may appear metaphysical, but it is necessary to improve your wealth production game.
Spend some time alone, maybe on the beach, with a blank sheet of paper, and write down any thoughts that come to mind. This approach is about recognizing your own skills and learning new strategies to excel in wealth production and life.
I frequently take such intervals for self-reflection, and this post is the product of my introspection. Share this information with others who may find it useful, and join us in assisting folks in earning their first crore.
9 : Kill the Chicken
We’ve all heard the story of the chicken that lay golden eggs. Out of avarice, the owner slaughtered the chicken, putting a stop to his supply of golden eggs. While presented as a narrative about greed, it is also a lesson in financial independence.
The chicken represents your body, and the eggs symbolize the interest you will earn for the rest of your life.
Many individuals begin investing and accumulate a few lakhs (the chicken in the making). Then, an attractive expenditure emerges, and they murder the chicken by redeeming all of their saved money. This is a big reason why most individuals do not earn their first crore.
They have the skills, expertise, and money to build the corpus, but they withdraw their contributions for a variety of reasons, leaving the purpose unfulfilled. Check the redemption statistics of all mutual funds, and you’ll discover that the majority of redemptions are fraudulent and frequently hinder the investor’s wealth growth trip.
10 : Not Maintaining a Journal: Experiences Worth One Crore Hit Us Every Day
I learnt about journaling from Jim Rohn, a great motivational speaker whose words had an indelible impression on me.
My brother and I found journaling while watching one of his YouTube tutorials. Journaling is quite effective and can undoubtedly help you attain your first crore or other important goal. Every day, your activities generate experiences, and documenting them helps you to learn from them.
Every day, fresh ideas will occur to you that will help you achieve your goals; however, if you do not record them, you will miss out. Journaling may appear to be an archaic or outmoded practice, yet it may be a valuable tool in your wealth development path.
Conclusion
Your first crore is your game, and we want to support and encourage you to play it.
If you want our team to assist you with designing your first crore game, we would be glad to have you on our client list. We will discuss how you may improve your wealth creation game. Many of our clients are playing with portfolios worth 50 or 100 crore.
Asking for outside assistance is a show of strength, and we are eager to contribute our knowledge and skills to your financial life.