How Millennials Can Become Millionaires

Prateek Sahni (name changed) is a 23-year-old who started his career with an MNC about two years ago. He earns about Rs 1 lakh per month. Prateek’s main passions are buying gadgets, partying and travelling. Saving is not on the list of priorities. Prateek’s parents, while happy with their son’s progress, have been trying to convince him to invest. But, as happens often, their advice is falling on deaf ears. Prateek says, “What’s the point of saving now? I will save later.” His parents convinced him to have a meeting with me and this is how it went. Me: Hi, Prateek! Your parents wanted me to speak to you about investing. Prateek: Yes, but I think I want to do that after 2-3 years; not now. Me: No problem. But can you answer one question? You earn about Rs 1 lakh a month. So, how much money are you going to make in your earning life? Prateek: Well, I...