Rocky Lalvani's story is a little different than that of most financial experts. He grew up as an immigrant to the US after his parents immigrated from India, spent his working career outside of the financial industry, and built a multimillion dollar fortune through old-fashioned saving and investing. On this episode of CFO at Home, Rocky and Vince discuss building wealth; Rocky's money lessons from his youth, a few of his money mistakes, the role of wealth in building a rich, fulfilling life, and more.
- Key Takeaways
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- Factors that contributed to Rocky's parents and fellow immigrants being able to successfully build wealth in America
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- Open money conversations
- Frugality
- Negotiation
- Living well below their means
- Rocky's money lessons from his Dad
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- Living a lavish lifestyle on a frugal budget
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- Not about restriction, but rather how to get the nice life you want without having to spend what everyone else is having to spend on it
- The Wealth Building template for younger generations is different than that for Baby Boomers
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- The benefits of job hopping
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- You can often get bigger salary increases through job hopping than you can by staying with one employer
- Where you go to college is less meaningful now than for the Baby Boomers. In the future, if you go to college may become less important in the big scheme of things from a wealth building perspective
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- After your first couple of years of work, you're rarely asked where you went to college. In the entrepreneurial world, it's often not a relevant question at all
- Understand the value of networking and building relationships in college
- One you graduate, identify a new and upcoming area where there are no experts, and become that expert
- Spend your 20's/early part of your career building skills and networks
- Chasing the next hot stock/mutual fund/currency
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- By the time you become aware of the next hot investment opportunity, much of the runup in price has already taken place
- There's value in creating a balanced plan and sticking to it. Consistency in investing is key
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- The role of wealth in building a rich and fulfilling life
- Don't get caught in the "I will be happy when…." trap.
- Don't postpone pursuing happiness for the sake of building wealth.
- Enjoy the journey. Find happiness in this moment. Money won't give you happiness, it magnifies who you are.
- Tips for the CFO at Home
- Figure out your targets
- Do the simple math of getting from where you are to that target
- Figure out how to spend less and still be happy
- Be conscious of the flow of your money and make sure that it's aligned with supporting your happiness
