You create wealth with patience, hard work, determination and smartness. Making lots of money is definitely hard, but you can still make some money easily. The following points are time-tested and have been known to work in all time eras. Here are those tips which you must follow to accumulate wealth.
1. Start a budget
A budget consists of your monthly income, expenditure, savings, investments, Insurance(Life Insurance, Car Insurance, Home Insurance, Auto Insurance etc..), financial goals and time frame by which you want to achieve each financial goal. Once you have listed down all these, you have to track your money. How much you earn, how much you spend and how much goes into savings and investments. Then you will know where you might be going wrong. For instance, you may be buying unnecessary items. India’s First Free Online Financial Advisory, Moneymindz
2. Be minimalistic
We aren’t asking you to be a miser (don’t be a miser). Don’t be a spendthrift either. Be frugal. Spend only when something is needed. Ask yourself if you really need something before buying it. Learn the difference between “needs” and “wants”. A need is a basic necessity like food, clothing, shelter, water and medicine. A want is a desire for something.
3. Delay gratification
Our forefathers were happier compared to us. Do you know why? They were patient and wise enough to know that there are no shortcuts in life. That’s why your parents probably insisted so much on saving money rather than mindlessly spending it all away. Nowadays we have got used to “Instant Gratification” and that is what creates debts, etc. Instant gratification is created from our greed for more and the advertisements we see all around us. India’s First Free On call Financial Advisory, Moneymindz
Talking about our forefathers who insisted on saving money, in today’s world mere saving isn’t enough. You have to invest. This is because of the ever rising inflation. Joint families are breaking down and giving rise to nuclear families, prices are increasing and inflation never seems to take a break. In such a scenario, savings won’t be able to beat inflation. Investing is the way to beat inflation.
5. Time is your biggest asset
Talking about investing and inflation, time is your biggest asset. The younger you are, the more time you have to let your money grow. There is a difference between investing at 25 and investing at 35. So don’t try timing the market or procrastinating. Smart Financial Advisor, Kuber Mindz
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