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    Home » Blog » Personal Finance Gurus That Focus on Your Budget? They’re Wrong, And Here’s Why…
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    Personal Finance Gurus That Focus on Your Budget? They’re Wrong, And Here’s Why…

    Sandeep N SettyBy Sandeep N SettyOctober 22, 20243 Mins Read
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    “Cut back,” they say.
    “Save every penny you can,” they say.
    “Sacrifice the good times today,” they say, “so that maybe you can have fun later when you’re old and grey.”

    Not only does this sound like a miserable existence (and it is), but there’s also a major psychological problem with this approach to building wealth.

    If I told you not to think of an elephant, what would you think of? An elephant, of course! And that’s the problem with financial advice rooted in scarcity.

    By urging you to cut back on the enjoyable things in life, sacrifice the good times, and save your money for some vague future, these gurus are essentially teaching you how not to be poor—by keeping your thoughts focused on scarcity and by encouraging you to live as if you are poor.

    It’s like the classic “don’t think of an elephant” exercise in reverse, and the result is a self-fulfilling prophecy.

    Studies, such as those by the Stanford Center of Longevity, suggest that many Indians, following this kind of advice, might find themselves unable to retire comfortably by age 65. The focus on saving every rupee rather than actively growing your wealth can limit your financial future.

    If you want to live in abundance—experiencing a wealth of money, rich experiences, and building a legacy for your family—you need to shift your focus from scarcity to abundance. And this isn’t about a woo-woo “law of attraction” approach. It’s much more practical:

    • Don’t focus solely on how to pinch pennies. Instead, concentrate on how to make more rupees.
    • Budgeting wisely is important, but it shouldn’t mean sacrificing the quality of your life today.
    • Enjoy life now and still be wealthy later. The truly wealthy don’t achieve success by merely living within their means—they expand them.

    The wealthy understand that money must move and change hands to create value and build wealth. This concept, known as the velocity of money, is fundamental to building what some call “hidden capital.” It’s about utilising resources in ways that many, caught in a scarcity mindset, overlook.

    To put it simply: Increase your expenses on things that drive growth, and in doing so, expand your wealth.
    Become a better investor and find ways to accelerate investment income. This isn’t about reckless spending but strategic investment in your future.

    In the end, the key to true wealth lies in shifting your mindset from scarcity to abundance and in recognising that enjoying life now is not mutually exclusive with building lasting wealth.

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    Sandeep N Setty
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    Sandeep N Setty is a Financial Advisor, Author, and Speaker specializing in asset structuring and inter-generational planning. He helps business owners and affluent families achieve financial independence and lasting wealth.

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