68% of Indians will never be wealthy, as per the 2nd edition of India's Money Habits Report by Finology Recipe. It was based on financial data of 3 lakh+ Indians using Recipe, an investment research and wealth creation platform.

This was also supported by BSE, AMFI, FundsIndia, Axis MF, and Recipe Equity Research Desk data. Finology's analysts identified 3 mistakes.

Problem 1: You think earning more will make you rich

For Indians, earning Rs. 1 crore puts them in the top 0.1% of the working population.

Yet, even earning Rs. 1 crore annually in your 30s could leave your net worth at zero by 65.

Here's how:
 

You'd save only Rs. 20 lakh p.a.

Considering expenses and inflation, at 60, you'll have Rs. 3 crore, and by 65, you'll have no money.

The problem: Living paycheck to paycheck and overspending. Finology Recipe's report found that Indians:
 

Supporting that problem 1 is true: you may never be "rich".

The solution

Recipe's Financial Checkup tool which determines your financial health based on 6 important aspects:
 

It gives you a comprehensive score based on these aspects with suggestions to improve.

Problem 2: You have goals but not priorities

You might have many financial goals, but thinking you'll achieve them all is unrealistic.

Suppose you want to save Rs. 2 crore over 20 years for your dream house, but keep spending on:
 

After 20 years, you'd have Rs. 55 lakh, but your dream house would cost Rs. 6 crore.

Clearly, you can't build it anymore.

When everything is a priority, you lose what matters most. Finology Recipe's report found that 43% of Indians will never achieve their goals.
 
The solution

Recipe's Goal Tracker tool can help you prioritise your goals and increase your chances of achieving the important ones. It is India's 1st ever tool that helps you:
 

Realistic targets and a priority-based track can increase the success rate of your goals.

Problem 3: You are not investing the right way
 
As per BSE and AMFI, 87% of Indians don't invest in the stock market, thinking endowment plans, Fixed Deposits, or idle money are safer.

But they are losing money, as these instruments generate ~4-6% returns. Considering inflation, you could lose over Rs. 14 lakh on an investment of Rs. 50 lakh in 10 years.

Recipe's report and research by FundsIndia & Axis MF found that:
 

Unverified sources are a big problem. 1 in 4 Indians trusts social media, making them vulnerable to scams and manipulations.

Finology Recipe's report found that 68% of such investors might panic sell during a market correction and incur huge losses.

The solution

Finology 30, Recipe's premium stock recommendation service; is a basket of 30 good stocks for long-term investment.

They are picked after multi-level screening, and analysts track them daily. You get:
 

Backed by high conviction, low churn, and a risk-averse approach, these stocks are reliable for long-term goals.
 
Conclusion

People risk poverty by not realising that becoming rich isn't just about earning more or cutting back. It's about understanding your position, setting measurable goals and investing accordingly.

You need to create a practical, achievable plan for long-term wealth without compromising your lifestyle. Tools like the Financial Checkup, Goal Tracker, and Finology 30 make Recipe the complete package needed to become wealthy.

Take control of your finances now, and plan a wealthy future.