5 STEPS TO BE WEALTHY

  5 STEPS TO BE WEALTHY

1. Make Savings as well as Investing:-  

If you want to be wealthy then your first step is start Investing. Now what is the different between saving and investing? It's quite simple. Savings means to set aside some amount of money of your Income for your future requirements, and Investment means you are putting some amount of your Income or fund in different assets or different schemes with the expectation of some benefit in the future. This doesn't mean that saving is not a good thing or good habit, but it should be to some degree. You should save money but only for unexpected expenses or uncertainty while, Investment helps you to fulfill your long term financial goals and creates wealth for you. Savings is risk free but does not gives handsome returns while Investment is risky but it gives high returns and capital gain for long run. So if you want to be rich and wealthy then start investing right now. 

2. Where to Invest:- 

 There are lots of investment options are available. Here are some best investment options. I.e. Equity mutual funds, Debt mutual funds, NPS, Direct Equity, Gold and Real Estate. In some of these options, risk is low and some options the risk is high. You can choose the asset and investment option as per your risk taking ability. Even you can take help of certified financial advisors who helps you to select right asset and right investment option as per your risk ability. 

3. Take Risk:- 

Nowadays I saw that people want to earn very high returns but with minimum risk. No doubt sometimes there are chances of losing some or all part of your capital while taking risk, but always remember one thing that higher the risk higher the returns. Think of yourself, how many times you take risks throughout the day. From daybreak in the morning till sleep at night, how many times and how many places do you take risks throughout the day? Each and every person around you raises risk in something or sometime. A child learns to walk only by taking the risk of falling. Have you learned cycling without falling? Some people take risk of going from village to city to earn some more money; traders also have to take some kind of risk in their business. You take risks with your life to make money, then why can't you take risks with your money to make your life. 

4. Discipline:- 

It is very important to follow discipline while you invest your money. Now the question is how can you apply discipline in your investment? The answer is asset allocation. Maybe you had been hearing this word many times, but do you actually know about the exact definition? Let's make it simple. Asset Allocation means to split your fund in different assets or you can say that investing in different investment options. Never invest your whole fund in just one place. Always keep in your mind that Asset Allocation is the only thing that can adjust the risk well and earn good returns for you in a longer period. Do not invest anywhere without seeking any information or accurate guidance. Once you have made right allocation in assets, it should not be modified more often than needed, due to any kind of fluctuation in the market.

5. Patience:- 

Guys we really need to understand the importance of this word in today's life.  In today fast and busy lifestyle, maybe we are not able to give importance to this word as much as we must give. We all know that good things take time to happen. Then why we forgot that it’s also applied for wealth too. Nowadays people think that they have invested their money just for two or three years, which is long term investment for them, but let me clear that this is not the fact. Do you study for just 2 or 3 years or studied 20 to 25 years to become a capable person? You almost invest 20 to 25 golden years of your life just for make your future bright and beautiful. Then can't you give little more time to grow your money and become a wealthy yourself? The Taj Mahal took approximately 20 years to complete, then it got a place in the Seven Wonders of the World. So the main point is, have some patience and give some time to your investments to grow for living a wealthy life. 

Do you follow any of these steps already? Let me know in the comments!”

“If you found this post helpful, please share it on social media.

                                                  

                                                                                                                 

-NIKUNJ B. KANSARA