WHAT RICH KNOWS AND WE DONT! PART-1

You have heard about Ronu Mandal, who was begging in the streets of West Bengal and somehow got famous with her singing skills in a reality show. She had earned about 10 lakh rupees singing in reality shows as well as in few movies in a short period of time, but later in just a few months, she was again seen roaming the streets begging.

If you use to watch the Kaun Banega karodpati reality show hosted by the legend Amitabh Bachchan, a man named Sushil Kumar won a whopping 5 crore rupees in the show, but later after few years, news came that Sushil Kumar has gone bankrupt.

What did you learn from these two stories?

It's not money that is going to make you rich it's the financial skill you have.

If you have a 9 to 5 job or you own a business with a good monthly income, remember that a very good income it's not going to make you rich because it's not what you make that matters it's actually how much you keep that counts.

This is a series of blogs explaining the most important aspect in life: financial literacy.

Financial literacy is basically a structured knowledge in general finance with additional skills that would make you earn money even when you are asleep.

The biggest difference between rich and middle-class people is rich people know the difference between asset and liability and eventually they buy assets, but in the case of poor or middle-class people, they usually don't understand the difference between asset and liability hence they end up buying liabilities thinking that it is an asset.

Then what actually is an asset? what is the difference between asset and liability? what are the mistakes, middle-class and poor people do? how differently do rich people use their money compared to the middle class and poor people? in this series of blogs ONLY WAY TO GET RICH, I will be explaining answers for all these questions and I will share to you how to use basic accounting knowledge to move a step closer towards riches and you will get to know why rich people go on getting richer while the poor get poorer.

if you have any queries related to blogging kindly reach out at bos.solutions2021@gmail.com.

Scroll down and kindly subscribe to the blog to get notified in the future,

(if you find this blog helpful kindly share it as much as possible)

@STARKBLOG

Thank you!!