— By Gunasegharan Krishnan
A study says that it takes 22 years to become a millionaire from the time one becomes serious about financial income. But how do we become serious about our financial income? Other than E=MC2, there was one more lesser known formula by Einstein, which he termed as the greatest power in this universe and the 8th wonder of world.
Everyone wants everything faster, from our internet to the money. However, we always let ourselves down when it doesn’t happen and if you too think it is common, then how can a few make quick bucks, get quick results?
Even though all of us can’t be the ‘Marks’ and ‘Brains’ of Facebook and Whatsapp respectively, we can do better in life if we stick to the theory of compounding interest in our life.
According to Einstein the greatest power in this universe is the formula A=p(1+r/n)nt . This formula calculates final return of the money invested on compound interest normally used in calculating bank fixed deposit.
I am of the opinion that if we are in sync with three things in this formula- specialization, differentiation and concentration i.e. by identifying a niche area in our own business and getting specialized on the same will get us the business with that extra margin.
On differentiation, it is how you differentiate yourself in the area you select and while it is order of the day that we tend to have competition in our specialised area as well, we need to differentiate and upsell ourselves to customers. And finally, having concentration on the output you have differentiated yourself.
When you do specialization and differentiation, you start tasting success in your business. By this time you will have lot of inputs from your friends, relatives and others on how to make quick bucks by doing some other ventures.
But stay focused at least for some years to get some more money compared to your competitors.Investing the money earned out of the success formula again in the same business which will make us to become a millionaire or a billionaire. All of us aim to become a millionaire, if we are millionaires then we should aim for billionaire before we become seedy in our health.
(The author is the Director of E-Caps Computers and can be reached at gunaa@caps.in. The views expressed in this article are those of the author and do not represent the views of Channel Times or any of the websites managed or operated by Trivone Digital Services)