Mukesh Ambani
The Ambani advice to make it big is to be dedicated towards your goal and be steadfast and resilient with what you want, because success is not achieved overnight. Ambani’s Reliance India Ltd. is a Forbes 500 company, and justifiably, Mr. Ambani knows a thing or two about making money. What is implied here is that you must stay focused on your goal, and even with financial setbacks, you should not abandon your dream. Rather, you should strategise on how to deal with the problem and continue to chase a bigger dream next time.
Ratan Tata
One of the most respected Indian billionaires, Mr. Tata holds sway over the youth who look forward to investing and building wealth. Mr. Tata has stressed the importance of collective efforts in a successful investment, against singular heroism. Inspired by this approach, you should ideally think of everyone who works tirelessly to support you, i.e. your family. Investments can be risky; thus, building an emergency fund is key to looking after your family when things temporarily go downhill.
Anand Mahindra
Probably the most insightful on the list, Mr. Mahindra’s saying really hits hard. He advises us to look at our wealth and wonder what hard work went behind it. Whatever may be the current value of your assets, it was not built in a day, and you had to put in years of hard work to build it. Similarly, you cannot become rich overnight. You need to plan meticulously, beginning with understanding your current worth and setting a realistic financial goal. By defining the amount that defines financial independence for you, you need to invest wisely for longer periods to yield the best results.
Uday Kotak
The Kotak Bank founder, one of the wisest Indian billionaires, lives by the rule of sustained work as opposed to the meteoric rise of fortunes. He cites the example of a marathon race, in which a balanced strategy of running and conserving energy are crucial. Failing to do this, the fast but exhausted runners peter out, and the slow ones never finish the race. The financial advice condensed in this idea is that you need to invest in avenues like mutual funds, preferably with a hedge fund, so you can balance risk and stability while sustaining growth.
Rakesh Jhunjhunwala
Mr. Jhunjhunwala was a CA who used to own RaRe Enterprises, a private stock trading firm. His most famous adage was that one should always be paranoid of success, and never believe that one has achieved it. These golden words contained the seeds of resilient work towards one’s goal. A very useful financial tip from Mr. Jhunjhunwala was that your expenses should not exceed the result of the subtraction of your savings from your income. In other words, rather than saving whatever you can after spending, you should spend what you can after saving. This thriftiness would surely provide the extra money you would need to invest in a better stock.
Azim Premji
Mr. Premji, one of the wittiest Indian billionaires, once famously said that if people are not laughing at your goals, you certainly do not have a big enough goal. What we can glean from this is that having a goal big enough is important because none of us know what the inflation rates will bring the economy to ten years down the line. If anything can save you in this scenario, it is a thoughtful investment in mutual funds that would have a yield of 8-9 times the value now.
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