What's your freedom number? Discover 10 mantras for a wealthy lifestyle

How much money do you really need to be happy? How can you balance your needs and wants? How can you make your money work for you — not just for returns, but to truly create wealth and freedom? These are the questions that often linger in our minds.

To decode them, the two leading financial experts — Amit Kukreja, Family Wealth Advisor at amitkukreja.com, and Sanjeev Govila, CEO, Hum Fauji Initiatives, shared their insights on discovering your freedom number and the 10 timeless mantras for a wealthy, fulfilled life.

Money—the sixth element of life

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Kukreja compared money to a 'sixth element of nature'. "Just like the five natural elements sustain life, money is the resource that simplifies your journey toward your goals,” he says. “Whether it’s basic survival — food, shelter, education — or aspirations like travel and comfort, money plays a crucial role. But the key is to understand its real value—how much is enough to add happiness, not stress, to your life."

In essence, money is not the destination; it’s the vehicle that helps you reach your personal and financial milestones.

Needs vs Wants

Govila draws a clear line between needs and wants. According to him, needs are what help you live with dignity — food, rent, healthcare, education, and transport. On the other hand, wants are what make life better — "a luxury car instead of a regular one, the latest iPhone instead of a functional smartphone," he added.

He explained that needs build life, and wants decorate it. However, he highlighted that the trouble starts when the decoration overpowers the foundation.

Finding your freedom number

Kukreja introduced the concept of a 'freedom number' — the amount of money or wealth that gives financial autonomy. “It’s the number that tells you that you no longer need to work for money,” he explains.

“It should cover your life expenses, travel plans, insurance, and aspirations — from today till the end of your life.”

He further said that your freedom number evolves with life stages. As your goals expand — children’s education, social causes, retirement — your freedom number adjusts. It’s deeply personal and tied to what you truly want your money to achieve.

How to make your money grow?

According to Govila, “Money grows not just by earning more, but by managing it wisely”. He chalked out three key steps:

1) Increase your earning capacity — upgrade skills, seek promotions, or build side income streams.

2) Be disciplined — follow structured plans like SIPs in mutual funds, PPF, or NPS.

3) Control spending habits — “It’s not your salary that makes you rich, it’s your spending habits,” he added.

Govila also cautioned to avoid debt traps and to insure your life and health, and let disciplined investing work in your favour.

Overcoming fear and greed

Kukreja emphasised that the biggest barriers to financial growth are emotions — fear and greed. “Fear shows up when markets fluctuate or when loans feel heavy. Greed surfaces when quick profits make you overconfident,” he explains.

As per him, the solution to this is to balance your internal and external perspectives. Know your purpose — why you want wealth — and back it with financial literacy. "When you understand volatility and risk, emotions won’t derail your journey,” he explained.

How to create true wealth beyond returns?

Govila reminded that wealth is built with three key things: clarity, patience, and planning. “Set clear financial goals — your child’s education, your home, retirement, or travel. When you know why you’re investing, you won’t get distracted by short-term market noise,” he said.

He recommended knowing your risk appetite — never take more risk than you can handle, and reviewing your plan regularly — every six months or a year — to stay aligned with your goals.

10 mantras for a wealthy lifestyle

Both the leading financial experts listed below 10 points or 'mantras' to lead a wealthy lifestyle:

1) Own equity — invest in businesses or equity-oriented portfolios; they grow even when you sleep.

2) Let money make money — invest consistently to harness the power of compounding.

3) Control emotions — manage greed and fear.

4) Align wealth with purpose — know what you want wealth for and stay true to your values.

5) Create value for society — wealth follows when you solve real problems and add genuine value.

6) Build a safety net — have adequate life and health insurance and an emergency fund.

7) Save before you spend — follow the rule: Income – Savings = Expenses.

8) Start early — let compounding work its magic over time.

9) Diversify — don’t put all your money in one asset class.

10) Invest long-term — stay invested and don’t react emotionally to short-term trends.