In a society fixated on extravagant living and consumption driven by social media, Akshat Shrivastava’s monetary path shines as an invigorating instance of discipline, planning, and astute choices. This financial consultant and well-known online contributor recently detailed his fiscal story on LinkedIn—offering a compelling lesson: through a single mental adjustment, he currently manages to save approximately 95 percent of his yearly earnings.
Akshat started off making only Rs 10,000 per month. Staying at his parents' place, using an old handset, and having homemade food, he was able to set aside between Rs 1,000 and Rs 2,000 each month. He avoided all debts and frivolous spending, focusing instead on modest but regular savings, which showcased his early financial discipline.
A few years down the line, after securing a corporate position with an yearly salary of Rs 50 lakh, he also elevated his savings strategy. He maintained a life without debts, managing to save approximately Rs 20 lakh each year, which he predominantly directed toward high-return investment opportunities. Gradually, these investments began yielding returns independently, propelling him toward early financial freedom compared to many others.
His golden rule?
Today, despite having family obligations, frequent international trips, and residing in an costly metropolis, Akshat asserts that his saving ratio remains at 95%. His strategy involves ensuring that increases in spending never exceed rises in earnings. He stresses a key principle that has steered him over many years: "Never purchase anything once unless you have enough resources to buy it again." According to him, except when investing in personal development, adhering to this philosophy is essential.
Internet users swiftly lauded his dedication and viewpoint. Although numerous people concurred that setting aside 20-30% of one's earnings is an admirable target, they simultaneously highlighted the stark truth about median incomes in India and the slow increase in wages. Some celebrated the impact of starting fiscal responsibility young and shared their personal challenges with steering clear of loans and impulsive buying habits.
His posting didn't merely become popular; it resonated deeply with an era grappling with the challenge of aligning ambitions with financial constraints. A lot of people wanted to learn more, particularly about his initial foray into investing.
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Who is Akshat Shrivastava?
Akshat Shrivastava, who graduated from INSEAD, works as both an investor and an entrepreneur. With more than 15 years involved in asset management, he has established several companies. Additionally, Akshat shares his knowledge through teaching subjects such as the GMAT, GRE, business strategies, and consultancy. Currently, his focus lies in being a full-time investor overseeing his personal investment fund.