This was also supported by data from BSE, AMFI, FundsIndia, Axis MF and Recipe Equity Research Desk. Finology analysts identified 3 errors.

Problem 1: You think earning more will make you rich

For Indians, earning Rs. 1 crore places them among the richest 0.1% of the working population.

Yet even earning Rs. 1 crore per year in your 30s could leave your net worth at zero by age 65.

Here’s how to do it:

* Taxes: Rs. 40 million

* Essentials: Rs. 20 million

* Rent: Rs. 10 million

* Lifestyle: Rs. 10 million

You would save only Rs. 20 lakh pa

Taking into account expenses and inflation, at 60 you will have Rs. 3 crores, and at 65 you will have no money left.

The problem: living paycheck to paycheck and spending too much. The Finology Recipe report found that Indians:

* Spend Rs. 2 on every Rs. 3 earned.

* 29% spend their winnings within 15 days.

* 75% have no emergency fund.

* 27% are uninsured.

*40% have no net worth.

Supporting this issue 1 is true: you may never be “rich.”

The solution

Recipes Financial balance sheet tool that determines your financial health based on 6 important aspects:

* Spending habits

*Investment Habits

* Emergency Fund

* Insurance

* Loans

* Risk profile

It gives you a full score based on these aspects with suggestions for improvement.

Problem 2: You have goals but no priorities

You may have many financial goals, but it’s unrealistic to think you’ll achieve them all.

Suppose you want to save Rs. 2 crore over 20 years for your dream home, but keep spending on:

* Car: Rs. 20 million

* Child’s education: Rs. 50 million

* Child marriage: Rs. 60 million

* Vacation: Rs. 15 million

After 20 years, you would have Rs. 55 lakh, but your dream house would cost Rs. 6 million.

Obviously you can’t build it anymore.

When everything is a priority, we lose what matters most. Finology Recipe’s report reveals that 43% of Indians will never achieve their goals.

The solution

Recipes Goal Tracking This tool can help you prioritize your goals and increase your chances of achieving the most important ones. This is India’s first ever tool that helps you:

* Set priorities for goals

* Distribute savings according to priorities

* Generate a suitable SIP structure

Realistic goals and priority-based tracking can increase the success rate of your goals.

Problem 3: You’re not investing the right way

According to BSE and AMFI, 87% Indians do not invest in stock market, thinking that endowment plans, fixed deposits or idle money are safer.

But they lose money because these instruments generate returns of around 4-6%. Taking into account inflation, you could lose more than Rs. 4,000.14 lakh on an investment of Rs. 50 lakh in 10 years.

Recipe’s report and research by FundsIndia and Axis MF found that:

* 25% of risk-tolerant Indians do not invest in equity and equity mutual funds.

* 97% of Indians have held stocks for less than 5 years, failing to beat the market 73% of the time.

*Investors received 6.5% lower CAGR returns than funds due to frequent trading.

Unverified sources are a big problem. 1 in 4 Indians trust social media, making them vulnerable to scams and manipulation.

Finology Recipe’s report reveals that 68% of these investors could panic sell during a market correction and suffer huge losses.

The solution

Finology 30Recipe’s premium stock recommendation service; is a basket of 30 good stocks for long-term investment.

They are selected after a multi-level screening and analysts monitor them daily. You get:

* 1 share every 12 days to invest regularly

* Maximum purchase price and research reports

* Important stock updates

Backed by high conviction, low churn, and a risk-averse approach, these stocks are reliable to achieve long-term goals.

Conclusion

People risk poverty if they don’t realize that becoming rich is not just about earning more or reducing your income. It’s about understanding your position, setting measurable goals and investing accordingly.

You need to create a practical, actionable plan to build long-term wealth without compromising your lifestyle. Tools like Financial Checkup, Goal Tracker, and Finology 30 make Recipe the complete package needed to get rich.

Take control of your finances now and plan for a wealthy future.

(DISCLAIMER: The above press release has been provided by BusinessWire India. ANI shall not be responsible for its contents in any way)

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