New Delhi, Sept. 29 -- For Dr. Arokiaswamy Velumani, the founder of Thyrocare Technologies Ltd, the most powerful weapon when it comes to money is frugality. Even after he sold his company for about Rs.4,500 crore in 2021, he's never flown business class, he said.

In an interview at the Mint Money Festival, Velumani, 66, spoke about the principles that made him successful, and offered money lessons for the younger generation.

I was fortunate to be born poor and in a village. My father was neither an employee nor an employer. At age 11, I used to pluck cotton for Rs.1 a day during the hot month of May. My mother was the only earning member, and as the eldest son, I wanted to support her.

I was lucky to start my life with nothing. When y...