SYDNEY - eTradeWire -- Rishi Kapoor's advice to focus on a different number rather than aiming for a specific amount like A$1.5 million to retire is intriguing. It suggests that traditional notions of retirement savings may not be the only or best measure of financial preparedness for retirement. Instead, it could imply looking at factors such as financial independence, lifestyle goals, and personal fulfilment.

Rishi Kapoor's advice might encourage tech VIPs and professionals to assess their financial situation holistically, considering not only their retirement savings but also their overall financial health, career satisfaction, and long-term goals. It underscores the importance of personalizing financial planning and focusing on what truly matters for individual fulfillment and well-being.

Rishi emphasizes the importance of a high savings rate and appropriate asset allocation as key components of building wealth. A high savings rate enables individuals to roll funds over time, while asset allocation helps diversify investments and manage risk effectively.

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Ultimately, while there are various factors to consider in wealth building, including savings rate and asset allocation, the key is to develop a personalized financial plan that suits individual situations and aspirations.

Do billionaires provide correct advice?

Rishi believes it's essential to recognize that their perspective is often shaped by their unique circumstances, which may not necessarily apply to everyone else. Here are a few critiques of relying solely on billionaire advice:

> Billionaires often operate in vastly different environments than the average person. Their advice may not be applicable or practical for individuals who do not have access to the same resources, networks, or opportunities.
> Success stories from billionaires tend to be highlighted, but failures and missteps are often overlooked. This survivorship bias can skew the perception of the challenges and risks involved in entrepreneurship or wealth collection.

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> While some billionaires may have achieved their wealth through ethical means, others may have engaged in practices that exploit workers, harm the environment, or disregard social responsibility. Following their advice without considering the ethical implications could perpetuate harmful practices.
> Billionaires often have a higher tolerance for risk, which may not align with the risk tolerance of the average person. What worked for them in terms of taking bold risks might not be suitable for someone with a more conservative approach to financial decisions.
> Billionaires may not always be attuned to the broader social and economic issues affecting society. Their advice might overlook systemic inequalities or fail to consider the impact of their actions on marginalized communities.

Rishi thinks that diversifying sources of advice and seeking perspectives from a variety of individuals can provide a more well-rounded approach to decision-making.