The Unexpected Path to Wealth

Most people believe that getting rich is primarily possible through owning a business. This belief is understandable, as many of the wealthy people have taken this route to success. However, there are always exceptions. This blog post is about someone who stuck to his 9-5 job routine and still ended up a millionaire. What he did to achieve this might surprise you and change the way you view your own career path.

A Personal Journey

This story is not just another narrative for me; it holds deep personal significance as it is about the person I admire most in my life. He never bought a new car—not because he couldn’t afford it, but because he prioritized his son’s higher education abroad. He worked late hours—not because he didn’t value rest, but because he wanted to protect his family from financial worries. Throughout his life, he adopted a frugal approach and made prudent financial decisions. As a result, he not only became wealthy but also ensured his family’s financial stability and security, even in his absence. This is the remarkable story of my father.

The Beginning of a Modest Career

My father was the only son among two siblings. My grandfather, a public servant, took great pride in the fact that his own father, my great-grandfather, also worked for the government. Naturally, when it came time for my father to choose a career, working for the government seemed like the only right choice. He joined as a Principal Research Officer in the electronics department at a government office.

Early Marriage and Financial Foundations

In 1974, my father got married. Life was blissful: a permanent job, no liabilities, minimal expenses, and living in his parents’ house meant everything was under control. His income exceeded his expenses, allowing him to save a portion of his earnings. Realizing that merely saving money wouldn’t suffice, he began exploring investment options. Property investment was too expensive, and he lacked knowledge about the stock market, which he considered too risky. However, he understood the concept of compounding. His first investment was in National Saving Certificates. Every quarter, he would accumulate his savings and purchase a certificate with the option of reinvestment. This marked not only the beginning of his investment journey but also the start of a frugal lifestyle focused on saving and investing.

The Challenges of a Growing Family

The next ten years were routine: a nine-to-five job and raising a family. By 1984, he was supporting six family members—my mother, three children, and grandfather. During this period, savings dwindled. His income barely covered expenses, leaving no room for savings. Despite careful budgeting, rising costs and inflation made it challenging to maintain the standard of living he had enjoyed. Although he couldn’t save or invest during this time, he remained debt-free, never owning a credit card, understanding that debt is the first barrier to financial freedom.

Seeking Opportunities Abroad

In 1985, with the addition of another family member, it became impossible for my father to make ends meet on his salary alone. He told me how tough those times were, with no additional income and growing needs. He could have cashed in his savings certificates to bridge the gap between income and expenses, but he chose to keep them as his emergency fund. During those days, job opportunities for skilled laborers in Saudi Arabia were plentiful, so he applied for a job, got an interview call, and was eventually selected. He faced a choice: either leave his government job or take unpaid leave to go abroad. He chose the latter, playing it safe.

The Saudi Arabia Experience

The next two years were different. He visited the family every six months, bringing sweets and gifts. Financial worries seemed to fade away. When I asked him about his life in Saudi Arabia, he said that he and his two friends had clear goals for going abroad. One wanted to get rid of debt, the other wanted to start a business, and my father wanted to buy his own home. Instead of two years, he spent three years there. He was offered a permanent job in Saudi Arabia but refused, not wanting to leave his government job. He returned in 1989 with substantial savings, bought his first house that year, and fulfilled his dream.

A Heartfelt Decision

Once, I asked him why he came back despite being offered a permanent job. He said, “If I had accepted the job and taken my family with me, I wouldn’t have been able to save money. If I had stayed there alone, I could have saved a lot of money but wouldn’t have had my family. Money is only a tool to fix financial problems. I wanted a house, and I got that. My preference was always my family, not the money.”

The Budget Years

The next five years were average: less or no savings, a stable job, no debt, and lots of expenses. I call them the budget years. At that time, all of my siblings were school-going, and my father could only afford public schools as they were not expensive. There was no transportation cost for school as he bought bicycles for us, and during the rainy season, we took public transport to get to the school. During those days, he was very particular about the budget, and I remember he gave a fixed sum to my mother for grocery and other recurring expenses, which my mother never overspent. We would go for outings but never ate at restaurants; rather, my mother cooked the food and took it along. Those were the good old days.

Financial Hardship and Resilience

1995 was the worst year for my father financially. My grandfather fell and broke his hip bone. Being diabetic, his recovery was slow, leaving him bedridden for the next eight months. As the only son, my father had to take care of him, a task that was both financially and physically demanding. He had to wake up early to tend to him and often returned from the office early. The little savings my father had were quickly depleted due to weekly medical checkups and transportation costs. By the end of the year, he was in the same financial situation as he was in early 1985: no extra income and uncontrolled expenses.

A Mother’s Innovative Idea

There’s a saying that behind every successful man, there is a woman. For my father, this was entirely true. In 1996, facing severe financial problems, my mother came up with an idea. One evening, during another long discussion about debt and income, my mother suggested that my father start a side hustle. Surprised, my father joked, “Now you want an electronics engineer to start selling electrical items in the evening?” My mother ignored his sarcasm and insisted. Although she knew nothing about electronics, she suggested he do something related to his field since he was a qualified engineer. That idea sparked a new era for our family.

The Birth of an Entrepreneur

My father created his first electronic device: an equalizer, an instrument that enhances sound quality. As an engineer, it didn’t take him long to build it, but marketing and selling it was a different challenge. Again, it was my mother who suggested he visit shops and offer his product. Initially, my father refused, too shy to face people. The equalizer sat on a shelf for two months while debts loomed and school admission expenses approached. Finally, one evening, my father mustered the courage to go to the market and show his product. My mother recalls him shaking with nerves. He took his motorcycle, visited a shop, and demonstrated his equalizer. The shop owner tested it, praised the work, and asked for the price. My father, clueless, said PKR 70. He was paid in cash and received two more orders to be delivered in 15 days. When he came home, he was so happy that we went out for dinner, a rare treat.

The Golden Years of Entrepreneurship

The next ten years, from 1996 to 2005, were golden years. My father not only sold his products but also provided consultancy services for designing and installing sound systems. He served a wide spectrum of clients, including churches, mosques, small schools, and huge wedding venues. He paid off the loan in less than six months and resumed saving. He later told me that at times he didn’t withdraw his salary from the bank for a whole year because his side hustle was enough to cover all expenses. Despite this newfound financial stability, he never bought things impulsively, always sticking to a budget and spending frugally. However, one thing changed: he started investing.

Strategic Property Investments

My father began investing in property, buying a new plot almost every two years in areas he believed would appreciate in value over the next 5 to 10 years. He did his homework on the locality, access, and legal standing of the property. By the end of 2005, he owned five properties in different areas, had a substantial bank balance, and an emergency fund covering six months of expenses. By 2009, the year he retired, his net worth was over PKR 50 million.

A Legacy of Wisdom and Generosity

After retirement, my father lived life on his terms. He pursued work that he enjoyed, spent more time with family, indulged in watching TV, took long walks, and engaged in charitable activities. He appeared content with his achievements. Financially secure, he received a pension from his government job, had a thriving consulting business, and his children were well-established in their careers.

A Plan for the Final Move

A few years before he passed away, I noticed my father seemed a bit worried. Despite having everything he wished for, he was preoccupied with something. Curious, I asked him many times about what was bothering him. He finally said, “I am planning for the final move.” At that time, I didn’t understand what he meant. It became clear when he started selling his properties and converting them into residential homes. Over the next two years, he built four houses, one for each of his sons. He distributed all his money to the family, giving away almost everything he owned. In 2021, he left us, leaving behind a legacy of good memories.

Life Lessons for the Readers

Reflecting on my father’s life, there are valuable lessons for everyone. Here are key takeaways:

1. Get a Degree: My father wouldn’t have ended up in Saudi Arabia if he weren’t an engineer. While a degree might not fully capture your worth or predict your earning potential, it is still a crucial ticket to entering the job market.
2. Learn a Skill: My father had a simple litmus test for skills. He would ask, “If you land in a country with no job and no networking, do you have one skill that will help you survive on your own?” If the answer is yes, you won’t be jobless for long. Ask yourself, do you have such a skill?
3. Invest Wisely: Despite having no background in finance, my father managed his investments well. His simple strategy was never to put money in investment he didn’t understand,  invest for the long term, and to continually educate himself about investments.
4. Stick to a Budget: Budgeting was a habit for my father. Today, it’s easier than ever with hundreds of online apps that can do the math for you. Start making budgets and stick to them.
5. Live Frugally: Frugal living isn’t about being a penny-pincher; it’s about making economical choices and spending money aligned with your goals.
6. Prioritize Charity: It was an integral part of my father’s financial decisions. He believed that giving was a way to attract wealth, so he made it a priority.
7. Make Combined Decisions: My father always discussed financial matters with my mother. They had a strong bond and believed that decisions made together yielded better outcomes.
8. Have a Purpose: When embarking on a financial journey, it’s imperative to have a clear purpose. Many people think that wealth will bring happiness, but that’s not entirely true. Observing my father, I believe that money brings happiness when linked to a higher purpose. Spirituality, in this context, means using your money to serve others and think beyond yourself.

MY FATHER 🙂