Rs 1 lakh salary not needed, even Rs 30,000 earners can easily be rich: CA shares financial advice to build wealth

Time of India

15-07-2025

A large paycheck is often equated with financial success, but Chartered Accountant Nitin Kaushik has offered a different perspective that questions this conventional view. According to him, earning Rs 1 lakh or more each month doesn't automatically translate into lasting wealth. What truly determines financial progress, he says, is not the income level, but the ability to manage and grow whatever income one has.
Kaushik explained that people earning Rs 30,000 to Rs 50,000 monthly can still work towards meaningful financial goals if they adopt the right money practices. It's not about how much comes in, but how much stays — and what is done with it.
Start Small, Stay Consistent
Instead of focusing on high income alone, Kaushik stressed the importance of spending less than one earns and investing the remaining amount regularly. He encouraged individuals to begin investing even modest sums through tools like SIPs (Systematic Investment Plans). He said that even small contributions, when done consistently over a decade or more, can grow into significant sums due to the power of compounding.
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Kaushik emphasized patience, urging people not to seek overnight results. The focus should be on long-term consistency rather than chasing market highs or trying to time investments.
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Beware of Shortcuts and Risky Bets
He also warned against common financial traps, particularly the temptation of high-risk options like cryptocurrency trading or frequent stock market speculation. Kaushik noted that many people end up losing more than they gain in their pursuit of quick returns. According to him, real wealth often grows quietly — through methodical steps rather than dramatic wins.
He added that wealth built gradually, without shortcuts or reliance on inheritance, tends to be more stable and enduring.
Discipline Over Glamour in Money Matters
Kaushik's message concluded with a reminder that flashy purchases and unpredictable income boosts don't equate to financial security. Instead, it is the routine habit of saving and investing, month after month, that creates lasting wealth. He underscored the idea that in
personal finance
, consistency matters far more than charisma or shortcuts.