The Economic Times

Salary jumped from Rs 50,000 to Rs 1.5 lakh? CA warns you may be upgrading the wrong things and falling into a wealth trap

CA Nitin Kaushik warns that a higher salary does not automatically create wealth if expenses rise alongside income. He advises upgrading financial awareness, savings, skills, time management and opportunity selection instead of chasing expensive lifestyles. Building an emergency fund, protecting focus and redefining success around freedom, security and choices can help ensure rising income creates greater financial independence.