This man lives on 5% of his income, made Rs 1 crore in 18 months; here’s how

In times when many people spend recklessly to keep up in society, Akshat Srivastava's smart approach to money is an example of long-term financial growth and planning. The financial educator, investor and popular content creator recently shared his personal finance journey on LinkedIn, explaining his secret that helped him save up to 95 per cent of his income.

Akshat Srivastava began his journey from a low wage of Rs 10000 per month. He lived with his parents, used a second-hand mobile phone, relied on only home-cooked food, and still managed to save Rs 1000 or Rs 2000 every month. At a very early stage of his life, he adopted a no-debt and minimalist lifestyle mantra that helped him grow financially. 

Over the years, his income grew significantly. After landing a corporate job with a Rs 50 lakh annual package, he still lived a simple life, and continued his debt-free and frugal spending mantra and saved Rs 20 lakh every year, investing most of his money in high-growth investments. Slowly, his investment started giving passive income, speeding his journey towards financial independence.  

Even after travelling around the world and living in an expensive city, Srivastava claims he maintained his low spending tactic and managed to save 95% of his income.  "Don't buy something once unless you can afford to buy it twice," Srivastava wrote in his post. 

"This mindset is unacceptable unless it is an investment in skill upgradation," he added.

Srivastava believes that people should only spend if they can afford to spend twice on the same thing. He also says that his financial journey was never about sacrificing on day-to-day things or activities, but it was about making wise choices in life.

"Most people succumb to the lifestyle increases that come with their incomes. But I never let my lifestyle grow faster than my income," he wrote.

Srivastava's philosophy struck a chord with a wide audience. 

His message, though simple, struck a chord with many: build wealth by not following every trend. "Save, invest and spend less than you can afford - even when you start earning more. That's how you win in the long run," he wrote.

Also read: It is illegal to die in this town, reason will leave you shocked, not located in US, China, Russia, Israel, Iran, Turkey, it is in...