How fast can you become a crorepati, is Rs 1 crore enough?
A crore might not be enough. Why do we say so? Well, a number which looks big enough today to take care of your daily expenses as well as goals, might not suffice to take care of same expenses and goals, a few years later. Inflation will eat away the value of your money
- Mar 19, 2021,
- Updated Mar 20, 2021 12:18 AM IST
You can't deny that every working person's dream is to accumulate one crore at the earliest. First thing first, a crore might not be enough. Why do we say so? Well, a number which looks big enough today to take care of your daily expenses as well as goals, might not suffice to take care of same expenses and goals, a few years later. Inflation will eat away the value of your money. This makes it crucial to work with real numbers. Never go for a round off figure to achieve your non-negotiable goals.
An easy math will explain the impact of inflation. Suppose an MBA degree costs Rs 15 lakh today. Assuming an inflation rate of 10 per cent, the same MBA degree will cost over Rs 1 crore after 20 years.
You can't deny that every working person's dream is to accumulate one crore at the earliest. First thing first, a crore might not be enough. Why do we say so? Well, a number which looks big enough today to take care of your daily expenses as well as goals, might not suffice to take care of same expenses and goals, a few years later. Inflation will eat away the value of your money. This makes it crucial to work with real numbers. Never go for a round off figure to achieve your non-negotiable goals.
An easy math will explain the impact of inflation. Suppose an MBA degree costs Rs 15 lakh today. Assuming an inflation rate of 10 per cent, the same MBA degree will cost over Rs 1 crore after 20 years.