The Rocket-Science Behind Getting Rich (For College Students)

Rocket Science

Wonder if there was a PG Diploma in ‘The Science of Getting Rich’! Or a certification course in ‘Creating Sustainable Wealth’?

There is no need because the rocket science behind getting rich is not rocket science at all!

If there is anything, it is a mix of awareness, discipline and patience.

Today, we will decode the five steps to becoming rich:

Think Rich – It certainly doesn’t mean that you start feeling rich and begin spending on things you can’t afford. Thinking rich means promising yourself that you will take all necessary steps to getting rich. In our last blog, we said you must sort your relationship with money. It is very important to figure out what are your objectives for creating wealth – buying luxuries, securing your and your loved ones’ future or giving back to the society. Whatever may be your reason for accumulating wealth, one thing is clear, you cannot afford to be ignorant about money and its use. So, first, make a promise to yourself that you need to become wealthy by being financially aware and disciplined.

Understand How Money Grows – There is an adage that money attracts money, which can be translated to, ‘more investments means more returns’. So, if you have Rs. 10,000 in your pocket – would you squander it over clothes and shoes or invest it so that it swells your portfolio and gives more money in returns? Once you realise this fundamental nature of money, you are halfway across the road to becoming a millionaire. So, before you spend money, save and invest a fraction of it to keep your portfolio growing.

Become a Smart Spender – Don’t be a cautious spender, be a smart spender – know which expenditures give you the most returns. By suggesting that you may invest more and more money, we don’t mean that you stop spending altogether. It means that you make informed decisions on things that you want to spend your money on. For example, instead of overspending on fancy meals and outings, you could pay for a workshop or a certification course that will add to your quiver of skills and knowledge. More often than not, college students fail to make a rational decision on how to spend their limited cash. Many students have revealed that they missed on good educational opportunities because they were left with no money to spare after binge shopping and other splurges. Don’t be impulsive. People in control of their desires always find themselves prepared to tackle challenges.

Be Disciplined – Being disciplined in your life helps you not only to succeed in your studies and career, but it also enables you to grow rich! When you manage your time well, meticulously plan for future events and prepare for tests, tasks and other challenges well in advance, you invariably plan your finances, too. Ever noticed a friend who always has the money to pay for dance classes as well as for the college picnic – even when s/he gets the same pocket money as you? The verdict is clear; disciplined students have a better handle on their financial position.

Find a Rich Mentor – Interact with your wealthy uncle or aunt or get in touch with a seasoned professional to get tips on creating wealth. In spite of your perception, in most cases, these valuable bits of advice would come at no cost at all! Once you have determined to be rich, changed the way you lead your life and understood the concept of money, simply turn to a wealthy mentor who has walked the road to riches and has a lot of experiences and wisdom to share. Don’t hesitate; everyone likes to have a good disciple who is willing to learn!

Many students, at this point, would ask, “What difference would it make if we saved a little sum after curbing our expenses? A few hundred rupees won’t make us rich, isn’t it?”

Well, as the famous saying by Lao-Tzu goes, ‘A journey of a thousand miles begins with a single step,’ your first tiny steps towards wealth creation would lead you to riches over the course of time. Did you know that you can start investing in mutual funds (through SIPs) with just Rs 500 per month?

With time on your side, you stand to make the most of your little, yet regular investments – thanks to the power of compounding – and create a significant portfolio in next ten years, giving you ample financial freedom to pursue your dreams and passions.

Dr. Celso Fernandes is Goa’s leading financial advisor and a crusader of financial literacy amongst the youth of India. An author and a friend to many happy families who have benefitted from his easy-to-follow financial advisory, Dr. Celso – through his firm, Nave Marg, also drives the ‘Super Young Achievers Club’, guiding students to embrace financial literacy, helping them become millionaires before they turn thirty years of age.

Announcement: Dr. Celso is conducting a free seminar on ‘How to Achieve Financial Freedom’, especially for college students, at the Holy Spirit Parish Hall (2nd Floor) at 11:30 am on 29th April 2018. Students and parents are cordially invited.



5 Things You Can Start in College to Ensure Financial Freedom Early in Your Life


Most often, securing a future, especially in our country, means attaining higher education and landing a plush job. Wish that alone was true.

A TimesJobs survey published recently revealed a scary picture where as high as 50% of Indian employees are in severe financial distress. This comes as a surprise as the Indian economy is faring much better than most advanced nations, and also, the employees’ take-home packages are much higher than what they used to be a decade-and-half ago!

The reasons for the rising financial stress among the Indian working class are aplenty; from the ever-rising inflation to compulsive online buying to increasing cost of maintaining a good lifestyle. However, the major problem behind the mounting financial stress among Indians is owing to lack of financial literacy and financial discipline.

Financial stress leads to depression, unhappiness and pain.

Yes, while we like to believe that we are financially disciplined and know how to put money to its best use, the truth is that a majority of us never feature ‘financial planning’ in our list of priorities. While we pass out the college with flying colours and a soaring spirit, take up important, well-paying jobs; still, most of us struggle to create sufficient funds for emergencies, major life events such as the wedding or retirement.

“So, what can we do to avoid a future filled with financial distress?” you’d ask.

The good news is that if you are in school or college, there is still hope for you to ensure a future that is financially secure. You have the gift of time.

Here are five simple things that you can do while you are still in college to ensure that you take the right path towards a future of financial abundance.

Assess Your ‘Money Emotion’: Even before you plan to work towards attaining financial independence, find out your perception of money. Do you find it evil or overly tempting? Do you feel it is the cause of all evils or you find it important to alleviate social pains and meet emergencies? Whatever may your ‘money emotion’ be, evaluate it in a real-world scenario and map it with your dreams and ambitions.

Make Financial Goals: It is much easier to chalk out your long and short-term financial goals once you understand your psychological relationship with money vis-à-vis your life goals. Of course, your life is going to take many twists and turns, and it is difficult to predict the lifestyle you would eventually have, but, in any case, you need to be prepared for some life-events that cost a lot of money (wedding, your first car, buying a house, starting a family, striking off items on your bucket list, etc.).

Differentiate Between Needs & Wants: Needs are the things that you require to survive. Wants are desires you have. So, water is your need; a Smartphone isn’t. Often, in order to satiate our cravings, we make utterly senseless shopping decisions and end up spending more than what we can afford. Credit cards, if not managed astutely, can fuel chronic debt cycles, and as a result, mounting financial stress. There is no other way of conjuring money out of thin air than letting it stay unspent in your pocket. So, choose wisely between what you want and what you need when you go out shopping the next time.

Invest Before Spending: If you’d believe one of the world’s wealthiest men, investing before spending is the mantra to grow rich. Warren Buffet famously said that before paying anyone else, we must pay ourselves. This means that we must make some investments (ideally 25% of the income) before we splurge our money on wants and necessities. You would wonder where to invest the meager amount that is just a fraction of your pocket money? Well, we will come to it in the next point.

 Commit to Long-Term Regular Investments

Your precious savings – earned by sacrificing your wants – must not rot in piggy banks and fixed deposits and savings accounts. You would want to earn the best return on your investment, isn’t it? This is why you must choose a good mutual fund and invest regularly through SIPs (Systematic Investment Plans). You can start with as low as INR 500/- per month and earn a handsome return on your investments. However, it is important to be disciplined in paying SIPs regularly (increasing them as you start earning), month after month, at least for ten years to ensure a huge portfolio that can take care of expenses related to any life event.

Did you know that if invested smartly, your money starts working for you, earning more and more money without you having to sweat for it?

Start now. Invest regularly. Let the effect of compounding increase your pool of money.


Dr. Celso Fernandes, Goa’s Financial Doctor, is on a mission to create awareness about financial literacy and financial independence, especially amongst the youngsters. He is the author of three much-loved books and actively participate in various social causes.

How to Become a Millionaire Before Turning 30?

Most youngsters scrape through their graduation, funding their lifestyle with the pocket money given by generous parents, dreaming of a day when they would have an endless pool of money without even working for it! A perfect dream – you’d say. But then, that’s just a dream – or, is it?

How to grow rich
Grow your wealth with financial discipline

Well, just like every other teen, Salvio had recently joined graduation and wondered how early he could start earning, and saving, to build his magical pool of money. While his peers dreamt of bikes, movies and beer, Salvio dreamt of being a millionaire at 30. But, could he achieve it?

At the young age of 17, in his first month at college, Salvio’s father took him along to attend a financial seminar. And that, dear readers, was the turning point in Salvio’s life. It was the day Salvio discovered the secret to financial freedom – the proverbial road to riches. As soon as he returned home, Salvio decided to expand his knowledge by reading more about wealthy people to emulate their success. He was surprised to learn that most rich people lived below their means and delayed gratification. This means, they did not spend on expensive cars or mansions but saved money before spending it.

He noticed that all rich people had a few things in common that had actually made them rich. Salvio observed that wealthy people:

  • Set long-term goals
  • Avoid frivolous spending
  • Start saving and investing early in life
  • Live below their means

Today, Salvio is 29 years old. He has been investing in various mutual funds through SIPs for the past 12 years and holds just short of a million rupees across his investments. By the end of 2018, as he turns 30, he would have achieved his goal of being a millionaire before 30!

 Here’s how Salvio fulfilled a dream most people only think about:

At the age of 17, Salvio set his goal of being a millionaire before 30. Besides, he wanted a self-growing pool of money that would regenerate each time he took out a small portion to service his requirements, such as funding his higher education or helping his parents fund emergency repairs to their family home.

Unlike his other friends who spent their evenings over coffee, movies and unnecessary shopping, Salvio paid fifty percent of his pocket money at the beginning of each month into a systematic investment plan suggested by his father’s wealthy friend, Uncle Sebastian. While it was difficult in the beginning, Salvio was soon able to differentiate between his wants and needs – for example, he needed a healthy breakfast to start his day, but he only wanted a cup of cappuccino with his friends during lunch break. Or, he did need a pair of sports shoes to exercise, but buying that expensive pair of white sneakers was just a waste of money.

Within a year of investing, Salvio was able to see the result of his discipline. The seed of his future wealth had germinated. The money in his portfolio had started growing bit-by-bit. Now, Uncle Sebastian advised Salvio to increase his income by taking up a part-time job. He also advised Salvio to pay himself first – that is, use 20 percent of his salary to feed his portfolio, and then use the remaining amount for necessities.

Starting with only 2,000 rupees a month at the age of 17, Salvio consistently increased the amount he invested as his income increased. He also invested all the monetary gifts from family and friends into his portfolio through ‘Top-ups’ and continues to do so. As a result, his portfolio continued to grow, and, over time, the magic of compounding worked to help him realise his dream of turning a millionaire before 30!

From this very fund, Salvio took out money to pay for a diploma course at 24 that added to his skill set and helped him secure a promotion as well as a better salary. He also withdrew lump sums to take his family for a vacation and pay for some urgent repairs to their home. Today, as Salvio grows richer, many of his classmates are living paycheque to paycheque, only dreaming about the wealth Salvio continues to grow.

Salvio’s golden rules

Just like Salvio, you can also fulfil your dream of being a millionaire before 30. All you need to do is:

  • Differentiate between needs and wants
  • Save money before spending
  • Start investing your savings today

NaveMarg and Dr Celso Fernandes, author of three much-loved books and a leading crusader for financial literacy in Goan youth, help students secure a brighter future by spreading financial awareness and giving personalised guidance on choosing the right investments. Dr Celso believes that if all the students become financially free and not depend on their jobs to survive, they can pursue careers of their choice, create and innovate lovely things and be happy and caring citizens of India.

Why Are There Only a Few Millionaires Today?

Secret of becoming a millionaire
The Millionaire Club

When you are young, and at the threshold of starting your professional life, no dream seems unachievable. A promising career, a top-end car and a picture-perfect house with a loving family, why should life be any less than this?

Yet, at the grindstone of life, only a few come out polished and achieve every bit of that marvellous dream. While this may be a disheartening revelation for a majority of people, the truth is that only a few really understand and follow simple financial lessons right from a young age to achieve what most only dream about.

The secret to becoming a millionaire is . . . there is no secret, just plain, simple financial discipline.

Being disciplined is one thing that is drilled into our heads by our parents, teachers and mentors right from a young age. However, most of us tend to shun discipline and good practices and enjoy being moody, impulsive and spontaneous. Well, nothing wrong with that, but guess how many people achieved great success or wealth by doing things as and when their mood struck?

The same principle applies to financial well-being. Let’s look at the example below to better understand how financial discipline always ensures a better future:

Tracy and Tara are best buddies right from their school days, and their friendship continues as they study in the same college and course. Both were happily enjoying the college life.

Tracy and Tara both came from similar family backgrounds; educated middle-class families. They received almost the same amount of pocket-money. Still, Tracy always found herself broke much before the end of the month and often borrowed money from Tara, who, to Tracy’s amazement, always had sufficient funds to pay for the right workshop and enjoying a movie with friends, and even spare money to lend!

One day, distressed with all the chronic debts she had taken from Tara and other friends, Tracy silently wept at the cafeteria table. Over time, her debts had swelled up to thousands of rupees, her friends, who had lent her money, were now continually asking her to repay. She didn’t have any money to repay the several loans she had taken, and she didn’t dare to tell this to her parents fearing she would lose their trust.

Seeing her friend in distress, Tara comforted her and offered to pay all her debts. Tracy was incredulous and much relieved. She hugged her friend and told her how grateful she was.

“But how are you gonna arrange such a big sum? Are you going to borrow from your parents?” Tracy asked Tara.

“No, I will draw from my investments. But before I give you any money, you would have to promise me that from being financially illiterate, you would become financially literate.”

Tracy was much surprised to hear that Tara already had investments, even without working anywhere. But she was also inspired to be financially independent like her friend and never get into the nasty cycle of debts.

Tara later told Tracy that though they got the same pocket-money, they spent it differently. While Tracy made impulsive buying decisions and spent without prioritising her needs and wants, Tara made it a point to spend her money wisely, differentiating between necessities and leisure. This meant that Tara always had money to pay for training and workshops that added skills to her resume, as well as, money to buy the expensive jacket during the sale. Tracy missed on all these and ended up spending a great deal of money on tidbits, missing on gainful purchases owing to lack of money. She also courted debt, which further deteriorated her financial position.

Just like Tracy, most of the youngsters believe they are going to be millionaires and enjoy good things in life that only money can buy. But only a few who follow these golden rules (listed below) mint millions at a young age:

  • Differentiate between needs and wants
  • Save/invest before spending
  • Start investing today

Tara started investing with just INR 500 per month in mutual funds through SIPs (Systematic Investment Plans). She also invests all the monetary gifts from family and friends into her portfolio through ‘Top-ups’ and has her financial goals set. She is certain that before she turns 28 years, she would become a millionaire. All she has to do is keep investing in her SIPs without withdrawing any money from the portfolio and keep increasing the SIP amount bit-by-bit as her income grows.


NaveMarg and Dr Celso Fernandes, author of three much-loved books and a leading crusader for financial literacy in Goan youth, help students secure a brighter future by spreading financial awareness and giving personalised guidance on choosing the right investments. Dr Celso believes that if all the students become financially free and not depend on their jobs to survive, they can pursue careers of their choice, create and innovate lovely things and be happy and caring citizens of India.