Each of us dream to get rich. We like to have sufficient leisure to spend quality time with our loved ones. To go on long holidays to enjoy our life, the beautiful nature.
Most of us are stuck in our 9 to 5 jobs and we are not able to feel or enjoy due to our busy lives.
This is not possible if we are not financially comfortable. For that we need to be rich enough.
To get rich quickly, we want to generate more money by putting more hours in work.
Some of us also try to start side businesses to earn extra cash. There are so many ways to make money fast like stock trading.
The ultimate aim is to become rich at the earliest. This further leads to inadequacy of time with us.
Due to time constraints, we can’t take out sufficient time to spend with our families. That further leads to stress in our life and relations.
But you would be surprised to know that to get rich is not that tough.
You can become rich by income from your current job also, without taking the pains of another side business.
This is possible by managing your current finances wisely. Of course it may take little more time, but you definitely move towards your ultimate goal – To Become Rich.
“It’s not your salary that makes you rich. It’s your spending habits”
Yes, you read it right!
How many sources of income you generate, you can’t get to your goal of getting rich if can’t control your poor spending habits.
Your big salaries are of no use if you have expenses bigger than your salary. Cutting those expenses is your first step towards your goal.
You should analyze your monthly budget and find out the expenses which are draining out your money.
Look to cut down them as much as you can.
You may be a frequent movie goer to multiplexes. You may be fond of eating out at fast food spots or restaurants.
Try to bring the frequency of going out there down. I am not saying that you should stop all your enjoyment completely. But even then, there is always a scope for some improvement if you are serious.
If you could give them a miss even once in a month, you would be saving minimum ₹ 1000.
If you put those 1000 bucks in a mutual fund scheme via Systematic Investment Plan (SIP) route every month for the next 10 years, you end up accumulating ₹ 2,63,000 if we take the interest rate at 15% annual as per a SIP Calculator.
This is the minimum interest rate earned by the SIPs and it can go above 20% easily.
Moreover, you have put in only ₹ 1,20,000 to make it to ₹ 2,63,000. The more you save, the more you accumulate.
I am sure that Saving and Investing those ₹ 1000 will give you a much pleasurable feeling than going out and spending that money.
This works even better if you start it early. The advantage with starting early is the power of compounding. Compounding leads to wealth creation.
You can start investing in stocks directly if you want to make money fast. Find out good quality stocks and just start buying stocks.
Make the habit of savings and invest those savings to equity to make the best out of it. I know it feels great when you start getting your salary at the start of your job and it feels like the world is at my toe.
Temptations become violent to spend that money. But you need to be wiser and mature regarding your finances. You surely will get your goal – To Get Rich.