Is there a magic number for wealth creators? Something that’s independent of your life choices. A number that remains constant regardless of your age, career, or family structure? In my estimate, the magic number is a million dollars.
Why The Million Dollar Milestone?
Take Latha and Kumar, they’re in their fifties today. With financial discipline they were able to educate both of their daughters abroad. Their eldest, Priya, has settled down in the US and the younger one Preethi, lives in Dubai. As Latha and Kumar contemplate retirement and the years beyond, they recognise that:
- They would travel abroad to visit their daughters at least once every year
- In their later years, they may spend longer periods of time with Priya and Preethi
- A significant portion of retirement expenses would be in dollars
Or, let’s look at Dhanya and Lakshman – a young couple in their thirties without any financial dependents. They aren’t keen on becoming parents and their respective parents are independently well-to-do. They don’t foresee any circumstance where they would have to financially provide for anybody else. What they visualise instead is:
- Owning a swank apartment in Bangalore where they live
- Planning 2-3 international trips in a year
- Living a very comfortable lifestyle where they spend 2-3 Lakhs a month’
A million dollars is a great milestone for an aspirational lifestyle, for homeownership, and for globetrotters. It provides financial security for those couples who expect to spend a significant amount of time abroad in their retirement years. It’s a great milestone to have when your life and plans are still unformulated. For younger investors, the million dollar milestone may just be the gateway to even bigger goals.
More importantly, the million dollar milestone isn’t fixed in stone. Today, a million dollars is worth close to 10 Crores. A few years ago, it was closer to 8.5 Crores and as we go back in time, the rupee value of this goal keeps shifting. And that’s the beauty of it all: it’s a moving goal post that keeps investors anchored to a global aspirational standard. It provides a sense of financial well-being regardless of where you are or what you wish to achieve.
Ready to create a million dollars? Well, we have got just the plan for you. Talk to an expert to get started.
