An Excerpt From the Book ‘15 Sure-Shot Ways To Hit The Jackpot’ by Priyanka Mashelkar

15 Sure-Shot Ways To Hit The Jackpot: Be The Master Of Your Own Money

Let me paint you a picture. Imagine an old man, say about 75 years old. Although healthy for his age, he has some physical issues like high blood pressure and diabetes. But that’s to be expected at this stage in his life. So, let’s not worry about that. His skin is wrinkled, his hair is white, and there is a balding patch at the back of his head. He can walk around and move about without any help, but he does get tired easily. He cannot pick up too much weight without his back giving out. He does not sleep very well at night; he keeps waking up to go to the bathroom. He also needs to take a nap in the afternoon to compensate for his lack of sleep. Not too bad, right?

Well, what if I told you that this man is currently working as a driver with a ride-sharing company? He works for thirteen hours a day, ferrying people around the city, which means that he does not get his afternoon nap even though he needs it rather desperately and that he barely has time to eat his meals while on duty. He sometimes has to lift heavy luggage too; after all, passenger reigns supreme. He sometimes misses out on the more lucrative rides because he is not as quick as the other younger drivers are on the fancy mobile phone that he had to buy for the job. He often has difficulty finding a place because in spite of using voice navigation, he is new to Google Maps. And, needless to say, after working for thirteen straight hours, he is bone-tired by the time he comes back home every day.

I know you feel bad for the old man. But that’s about it, right? You can never imagine yourself being in the same position as him, can you? I mean after working so hard your whole life, you will have surely figured things out by then, no? You earn reasonably well now, even at such a young age, and you believe you will have a bright career. Which means that you will be able to save when you earn more in the years ahead and you will be wealthy without thinking too much about it. But wait. Please. Understand once and for all that you do need to think about it, and you need to think about it NOW.

Why am I being so assertive about it? Well, in spite of being in the early stages of your professional life when you might think that you are not earning enough, this is, in fact, the only time in your life that your net income will be so high. Confused? Let me explain. As an independent, single, unencumbered individual, your financial liabilities are rather limited. But as you gain family members, you will be left with a lower net income than what you earned when you were unattached, so to say. And at that time, you will wish you had saved more when you had the chance. Unfortunately, whenever your income increases, your expenses increase in direct proportion. That is a universal law. So, if you do not start planning your finances now with an eye on your postretirement life, your future is probably going to be similar to how that old man is living, that much is a fact. You can either be pension-free or tension-free.

 About the author

Priyanka Mashelkar is a member of the Indian Revenue Service and works in the Income Tax Department. She is an awardee of the Finance Minister’s Gold Medal. She also runs a blog called Methodical Madness on personal finance and productivity at www.priyankamashelkar.com.
Priyanka is from Mumbai and lives there with her family.
She loves to dabble in various fields of study, not all of them related to her profession. She is an engineer by qualification, has completed an M.A. in Public Administration, a diploma in Business Laws, and certifications in International Tax Law, and Private Equity and Venture Capital. She is currently pursuing a law degree.

Writing is a passion and she has written various short stories as well as a full-length science-fiction novel which will be published shortly. If you would like a free one-to-one consultation with her, register at www.priyankamashelkar.com/ consultation.

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