Forget luxury cars and Europe trips: CA reveals how Indian millionaires really build wealth

When you think of millionaires, it’s easy to imagine them zipping around in luxury cars or jetting off to Europe every other weekend. But in reality, most Indian millionaires live very differently from that stereotype. Chartered Accountant Nitin Kaushik recently shared on X that their wealth has less to do with flashy lifestyles and more to do with discipline, patience, and smart money habits. His list of ten “money secrets” gives a peek into how the rich in India actually think about money.

Get rid of bad debt

The first lesson is simple but powerful: kill bad debt early. Kaushik pointed out that credit card EMIs can cost up to 42% annually, five times higher than home loans. Chasing wealth while leaking money in interest is like running a marathon with weights tied to your legs. Clearing that first is non-negotiable.

Compounding

Another cornerstone is compounding. An SIP of just Rs 10,000 a month can grow into nearly Rs 1.6 crore over 25 years at 12% CAGR. The trick, Kaushik noted, isn’t timing the market but starting early and letting time do the heavy lifting. Discipline plays a big role, and automation helps achieve that. SIPs, RDs, and auto-debits make wealth-building less emotional and more systematic. As Kaushik put it, wealth loves discipline, not impulse.

Live below your means

Millionaires also tend to live below their means. Shiny cars and foreign trips may look impressive on Instagram, but Kaushik stressed that many self-made millionaires in India still fly economy or drive modest cars like Maruti or Hyundai. For them, net worth matters more than net show. Continuous learning is another money secret. Kaushik highlighted that knowledge compounds just like money.

Multiple income source

He also underscored the importance of multiple income streams. Salary alone can’t always protect against inflation, layoffs, or medical emergencies. Side hustles, rental income, and investments are what help millionaires stay secure.

Networking

Networking, too, is a powerful factor. According to the CA, business communities like Marwaris, Gujaratis, and Sindhis often thrive because of trust networks. In India, who you know can sometimes matter more than what you know.

Investing in real estate

Real estate, according to Kaushik, is another long-term play. Every major millionaire in India seems to hold land or property in their portfolio, often bought in developing areas and held for decades.

Purpose fuels profit

And beyond money, he reminded readers that purpose fuels profit. Quoting Anand Mahindra, Kaushik noted that money is simply a by-product of doing the right things. Without meaning, wealth is just a number on a sheet.

In his words, Indian millionaires don’t chase “get-rich-quick” schemes. They build wealth by owning assets, being patient, staying disciplined, and avoiding lifestyle traps.

Radhika Gupta's 10-30-50 rule

Edelweiss Mutual Fund MD and CEO Radhika Gupta reinforces the same principle of discipline in her new book Mango Millionaire. She compares saving to net practice before a cricket match—training that prepares you for the big game of investing. Her 10-30-50 rule offers a simple, progressive roadmap for lifelong wealth. She recommends starting with at least 10% savings in your twenties, raising it to 30% during your thirties and forties when income typically grows, and pushing it up to 50% once you hit your forties, a phase where expenses like children’s education and retirement loom large. For younger earners who find even 10% daunting, Gupta advises beginning small, even with 1%, and building up steadily.