Speaker 1: Think about it. If your income is the same, but your wealth increases by up to 40%, you will be 40% richer with the same income. I know it sounds weird, but I have never said anything that can't happen. So today, I will tell you how you can become 40% richer, no matter how much you earn. Before starting this video, I need a promise from you. The steps that I am telling you, I have already told you in different videos. So it's not like I am going to tell you something new, but when I interact with people, I see that when you are watching this video, you like those steps a lot. But after that, and this is understandable, we all get busy with our work. Sometimes we feel like we will do it next day, next week or next month. So see, no matter how many videos I make, I try my best to make these steps very simple. But for me, for myself, for my family, you will have to take those steps and activate those steps. I have chosen those steps and instruments in which you have to work only once. You don't have to do paperwork every month, but you have to do it once. So today, you are making me a promise. Pause this video and write in the comments that I promise that I will take these steps. Only then it will be beneficial for you to watch this video. So let's see how you can become up to 40% rich even with the same level of income. Namaskar friends, this is Pranchal Kamra. Let's start Phenology. Intro Whenever you think about financial planning, you have to keep three major points in mind. How will your crisis management be? Do you have a contingency plan for emergency or crisis? How will your savings or liquidity plan be? And how will your investment plan be? First of all, there are very brief and simple pointers. I have made detailed videos on this and you will get the link in the description of the video. So if you want to know any point in detail, you can jump to that video. But after watching this video, if you leave it in the middle, then this video's algo will be spoiled, it will not reach people and my hard work will be wasted. So please watch this video and if you like it, then like this video. And this is a video that if it reaches as many people as possible, then my subscribers will increase. This is a guarantee for the benefit of your friends and relatives. So let's start with the first point, crisis or emergency planning. In this, we will first start with insurance. Insurance is boring and simple. One argument against insurance is that if I put Rs 20,000-50,000 in insurance every year, if I put that money in a mutual fund, then I will have crores of rupees by the time I am 60 years old. If you are not taking insurance thinking like this, trust me, I will say a bitter thing, you are doing very wrong with your family. This is criminal. In India, it is mandatory to take car insurance. But you are not taking your own insurance because it is not mandatory. According to me, a person's health and life insurance should also be mandatory after the age of 25. Why is this so important? Why is it wrong to think that if I put Rs 20,000-50,000 in a mutual fund, I will have crores of rupees by the time I am 60 years old? Because if you don't live for 60 years, what will happen to your family? This is why you are told to take life and health insurance. If you are going to live for 60 years, if God has given you a guarantee that you will live for 60 years, then I say that in most cases, there is no need for life insurance because your children will be 25-30 years old by then. They will be independent by then. The problem is that we don't know how long we will live. Anything can happen at any time. So life insurance is needed to cover that uncertainty. And do you know why we don't take life insurance? Because we get stuck. Money back plan, complex sub-premium payback plan, annuity plan, ULIP plan, investment returns plan. And after taking that plan, I get very angry. But you know, we don't take life insurance because we think it is expensive. And we think it is expensive because we get stuck in money back plan and ULIP. Let me tell you a simple fact. If you are younger than 35 years, you will get a life insurance of 1 crore per year for Rs. 8000-10,000. If you are younger than 35 years, you will get a life insurance of 1 crore per year for Rs. 8000-10,000. So if we can't spend that much for our family, then we are irresponsible. Next is, life insurance is needed to cover uncertainty. Health insurance is also needed. If you are hospitalized, then you will have to pay 5 lakhs bill. If it is more, then you will have to pay 10-15 lakhs bill. If you are hospitalized, then you will have to pay 5 lakhs bill. If it is more, then you will have to pay 10-15 lakhs bill. So it is irresponsible not to take health insurance. So my purpose will be successful if people who haven't taken health insurance will start taking it. I have made two videos on life insurance and health insurance. Please watch them. But I was talking about how you can become rich in the same way. So I am assuming that you invest in stocks. If you have a stock in your account, then you can make a profit. I have made a video on stock lending and borrowing mechanism. I have made a video on stock lending and borrowing mechanism. So whenever you want to buy gold, you have to buy sovereign gold, physical gold, digital gold. If you buy gold for 2 lakhs, you will get 2.5% interest. If you buy it from the stock market, you will get 5-7% interest. So this is a good way to invest in gold. So please use this scheme. I have made a video on how you can get more details about this scheme. One more thing that will increase your returns by 2.5% is auto-sweep. You can withdraw money from the ATM with the flexibility of savings and current. But you will earn 5-6% on auto-sweep. I have been saying this for 5 years that if you are buying mutual funds, then take a direct plan. The hard and bitter truth is that you should buy mutual funds directly. There are many sources for this. Take a broad-index fund. You will save 1% for advisor and 1% for mutual fund company. You will save 1.5-2%. So if you are buying active mutual funds, then it is better to take a direct plan. When you are 25 years old, you feel like you have your entire life ahead of you. And you don't think about retirement. And you feel like you have your entire life ahead of you. And you don't think about retirement. And you feel like you have your entire life ahead of you. And you don't think about retirement. The best way is National Pension Scheme. It is a government initiative. Invest in NPS. You can expect a 10-11% return if you increase the equity portion. If you are 60 years old, you can expect a 25-30% return if you increase the equity portion. Now let me tell you how much you should invest in equity and mutual funds. If you are 25 years old, you can expect a 100-25% return if you increase the equity portion. Another way is to reduce the risk in stocks. You can invest in baskets and mutual funds. All these options are provided by Kotak's Cherry app. If you want to invest in a mutual fund, you can use this app. You don't have to pay any fees or commission. You can also invest in NPS and bonds. All these options are provided by Kotak's Cherry app. The link is in the description. All these steps are very simple. I have never asked you to invest more. If you can, do it. Now I want to tell you how you can increase your existing investment by increasing the risk. In the long run, you will see that your returns have increased by up to 40% because you managed your passive income better. Let's assume that we have earned Rs. 1 crore from our hard work. But if you follow these simple steps, you will earn Rs. 1.4 crore. Let's assume that we have earned Rs. 1.4 crore from our hard work. But if you follow these simple steps, you will earn Rs. 1.4 crore. This is Pranjal Kamra signing off. Bye-bye.