The habits of a young millionaire
The rise of the Indian startup scene
Up until the 2010s, India had predominantly been a country that had more output in producing service-oriented college graduates than entrepreneurs. As a result of this, we didn’t have a framework for people who wanted to build their own businesses. However, the 2010s saw massive growth in the number of startups that were incubated and funded. There was a massive growth seen in the number of college students opting to ideate their own ideas instead of joining a 9-5 corporate job. This led to multiple initiatives by the government to make it easier for startups and their founders to work on their products without having to go through the hassles that business founders previously had to encounter.
Impact of startups
The rise of the Indian startup scene brought two things to the forefront. First, the immense amount of talent our country possesses. Secondly, to make big money, you don’t need to slog away at a job. India has seen 107 unicorn startups since 2016, with a total valuation of 340.79 billion USD. This has given us new superstars in the form of startup founders, who have become millionaires at an age when most people are unable to handle the pressures of their day-to-day life. It also brought financial literacy to the forefront and made people who were once outliers the most influential people in our country today.
What is it that these successful young millionaires do?
These successful young people all have one thing in common: they started their journey early. They did not hesitate to grab the bull by its horns; rather, they acted when they got an opportunity. This is the first lesson we must learn: to take risks and believe in ourselves when others don’t. If you are a young person who wants to invest in something and has a logical justification behind it, or if you have a startup idea that you want to pitch, just do it. The second most important thing to learn from these amazing people is their acceptance of the possibility of failure. These people have hit many dead ends and endured hardships to get where they are. Naturally, they must have encountered failures of sizable proportions in their journey, and yet they did not stop.
Another extremely important habit these young people have is their strong financial ethic. They don’t spend money impulsively or recklessly. They believe in saving early and investing your savings. People like Aman Gupta, Peyush Bansal, Kunal Shah, and Ashneer Grover are not where they are because of their salaries; they are where they are because of wise financial decisions and a belief in making their money work for them. Lastly, these people did not hesitate to seek mentorship or help when they were in trouble. Throughout their journey, they built a strong network of people they could reach out to when in trouble or need.
How can Galgal help?
Galgal services help you make the most of your money. We want you to be financially independent and make wise decisions so that you are financially healthy and sound. This is the time for young people to take charge. The world is not bereft of opportunities, and we want you to go for as many of them as you can without having to worry about your financial health. Our dream is to be your financial partner while you are out there achieving your dream. We hope you implement what the great young influential people do in their lives and are able to do both: become financially successful and bring about big change.