how do I achieve financial freedom?

Ways To Build Wealth and Achieve Good Financial Health – Step 1

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Before we start the journey to good financial health, let’s understand the sources from which wealth can be built.

The primary source for building wealth is regular income such as income from salary, profession and business.

Secondary sources include income from investments like interest and dividends, income from property and other assets like rentals, royalty, profit (or capital gains) from the sale of property, investments and other assets.

A third source is inheritance – property and assets bequeathed by parents, grandparents and other relatives. Yet another source which is a rare one is windfall gains like prizes, lotteries.

Three attributes – determination, dedication, and discipline or 3 Ds – are essential for building wealth and achieving sound financial health, attributes that should be seriously inculcated.

Three attributes – determination, dedication, and discipline or 3 Ds – are essential for building wealth and achieving sound financial health, attributes that should be seriously inculcated:


A strong will and desire to achieve the objective of wealth accumulation without being unduly obsessed with the fad of becoming rich; the resilience and patience to stay through the journey avoiding distractions while meeting necessities and contingencies.

financial planning

Always have the thought at the back of the mind that you are saving for the rainy day and for meeting long term goals of fulfilling yours and your family’s dreams and aspirations.


A sense of purpose, involvement, devotion, and commitment to the task, sparing enough time.

After all, the task concerns your own wealth and you are the best person to handle it.

People have time to chase discounts and special offers and they drive to the supermarket for grabbing offers and discounts, without realising that they end up spending more on petrol than the discounts received, besides wasting time and effort.

Wealth accumulation and financial health is a serious business but certainly not a difficult one.

It requires application, time and attention. Reasons for lack of involvement could be fear and inhibition, the subject is perceived to be complicated, so it is best to stay away from; or else it is lack of knowledge or lack of time or lack of interest or intent or simply put lethargy.

In my own family, I have seen doctors, engineers, chemical technologists understand and manage their personal finance/wealth much better than chartered accountants and finance MBAs, as they are serious about it.

The question is of intent, desire, and involvement.

It is also sensible to involve family members –spouse and children – and keep them in the loop. Continuity is thus ensured in the case of an eventuality and life becomes easier for the heirs.


Stick to rules and plans; observe self-discipline in all actions and schedules.

Lack of discipline can derail your journey and dent the progress. In matters of personal finance, discipline is absolutely necessary.

It is important to plan and decide how much of your monthly income you can comfortably save and allocate for investments (wealth building). You should then faithfully stick to the plan.

When I say comfortably save, I mean the amount you can set apart after meeting your necessities and reasonable luxuries in keeping with your lifestyle.

In certain cases where the situation demands an accelerated savings plan,it may be necessary to prune down your expenses.

Whatever you decide, you should stick to it diligently and be disciplined and faithful to your cause.

This article represents the author’s personal views. The author is not an investment adviser or financial planner but an individual investor. Readers should consult their investment adviser or financial planner before making an investment or other decisions. HeartSense or the author is not responsible for readers’ decisions.

Padmanabh Shenoy
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