How to become rich in India: Becoming rich requires a lot of hard work, smart work, and also a bit of luck. And yes, patience too plays its part. Well, it may sound nearly impossible for some people but becoming rich or a multi-millionaire is not an impossible task at all. Things like investing your money smartly and on time, cutting unwanted expenses and a change in lifestyle can do wonders for your wealth. Certified Financial Planner, Poonam Rungta told Zee Business Online, ”Sometimes people lose on their patience when they do not get returns on time. However, one should understand that returns from investments require patience and trust. Becoming rich could be much easier if you work smart and hard.”
People think that doing investment is the only way towards rich lifestyle. However, there are some other ingredients required to carve a path towards richness. It has to have a mix of diversified smart investments, well planned financial budget, a stable lifestyle, less debt, and stable income. So, here are 5 smart ways to start making lots of money:
1. Invest your money the right way:
The first and foremost step to take in the process of becoming a crorepati as early as possible is to invest your money and that too, the right way. Do not make it sit idle in a Savings bank account. Remember, the power of compounding of interest can take you miles ahead in quick time.
”Investing requires smart decisions at right time. The person should know what is right for their financial goals and appetite. What was right for your friend may not be the right option for you to invest in. So one should always seek advice from an expert before investing,’ Rungta added.
2. Have emergency cover:
Human life is subject to the risk of life. Anyone can fall victim to a medical emergency or some other problem and this reduces your chances to become crorepati. Rungta further added, ”One should have a correct insurance covers like medical insurance, life insurance, and other necessary covers in order to safeguard their emergency.”
3. Make a budget:
A budget is a smart way to make progress fast. The budget ensures you to move smart as per plans. One should have a proper monthly budget to spend, as it ensures no unwanted spending. A budget acts as a map to save more, spending only on necessary items.
4. Stop buying unnecessary luxury stuff:
Its a habit of middle-class individuals to buy luxurious goods like expensive smartphones, luxury watches, costly accessories, out of budget homes, luxurious cars and gadgets. These expenses can dig a hole in your pocket and stop you from becoming a crorepati. You can look for a budget-friendly car, mobile or accessories which can help you save some money for the future. The worst part of these expenses is the EMI and loans, that never really spares you in a short span.
5. Diversification is important:
Almost every rich individual will agree to the fact of investing in a diversified manner. The diversification is equally is an important aspect of investing right. It gives you exposure to many options like real estate, stock markets, mutual funds, a commodity like gold and silver, government schemes, bonds, debentures, etc. This way, if one investment option fails, at least the others will give good profit.
