When a family is looking to create wealth, their initial thoughts are usually about how to create a crore rupee fund in a feasible, sustainable way. Although the goal may be daunting when an average income continues to be earned whilst expenses continue to go up, Chartered Accountant Nitin Kaushik states that average-income earners can become wealthy, with disciplined consistent actions accompanied with prudent financial decisions, within 10 years, by investing systematically for their wealth creation journey to a wealth level of about Rs 12.00 crore (Rs 12 million).

According to Nitin Kaushik, wealth creation is not based on earning a high salary but instead, based on making the right financial decisions and consistently applying them long-term. He recently provided very useful advice on the social media platform, X, regarding wealth creation as part of a family’s financial future.

Nitin Kaushik encourages families to start their investing journey early and set realistic, detailed financial goals to guide them along their wealthy status creation journey:

From the moment your child is born, start to invest through the family unit in mutual funds or equities for them.

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Smart home buying strategies to avoid debt traps:

Owning your own home is a common dream, but many families rush into taking out large home loans. Nitin Kaushik suggests a more cautious approach.

He suggests staying in a rented home initially and investing aggressively at the same time to save at least 25 per cent of the property value as a down payment. While taking a home loan, he suggests opting for a short tenure of around 10 years instead of 20 years and keeping the EMI within 35 per cent of the monthly income.

This strategy reduces the interest burden, enables quick repayment of the loan and

prevents financial stress, which helps families maintain long-term financial stability.

Retirement planning beyond EPF:

Preparing for retirement is another important pillar of financial planning. Nitin Kaushik warns that relying on EPF alone may not be enough. He suggests gradually increasing contributions to the National Pension System (NPS) and keeping a separate SIP for retirement. With this approach, individuals can build a retirement fund of Rs 3 to 3.5 million in 10 years.

This strategy protects savings from inflation and future uncertainties, providing more security than conventional retirement options alone.

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Good financial habits are more important than a high income:

According to Nitin Kaushik, strong financial habits are more important than a high salary. He advises avoiding unnecessary lifestyle expenses and keeping track of expenses using simple tools like spreadsheets.

Nitin Kaushik also encourages celebrating small milestones like reaching Rs 5 lakh in SIP investments or paying off a portion of the loan early. These habits help the family stay disciplined and motivated in the long run.

How can a family make Rs 1.2 crore in 10 years?

By following this disciplined savings and investment strategy, a typical family can accumulate significant wealth within a decade:

  • – Rs 72 lakh from mutual fund investments
  • – Rs 28 lakh from safe avenues like PPF, EPF and NPS
  • – Rs 8 lakh in fixed deposits and emergency funds
  • – Rs 15 lakh in house appreciation after reducing the loan

Even after considering the average home loan liability of Rs 22 lakh, the total wealth of the family can exceed Rs 1.2 crore, a strong result achieved through smart planning, consistency and patience.