Become rich in India by following this short article! First of all, the more money you have and the more you invest, the better are your chances to generate more wealth you will be able to generate. This is an old rule which is somewhat true, but not entirely. You must also keep in mind to save up money aside in order to still have enough at all times.
In order to save money the right way, you need discipline and patience. Read on to learn how to become rich in India in five easy steps.
Table of Contents
Become Rich in India
1. Cutting Back on Eating Out
In the world of today, many people avoid cooking at their homes and love to eat out, eating out. Occasional family treats are fine, and it is normal to go out for a bite with friends. However, except for being somewhat bad for your health, it could also hurt your budget.
For example, if you save around 1,000 lakh per month from eating out and invest that sum for an 8% return, you will gain a considerable amount in 20 years and 30 years. If you manage to do it for even longer, it can be a hefty savings technique!
2. Paying Bills on Time
Every grown-up has multiple bills to pay each month, including phone, electricity, gas, and credit card bills, school fees, and others. In some areas, if you do not pay them on time, there may be additional fees to pay once you decide to.
The majority of people do not pay their bills on time. Imagine if you can save up between 500 and 1000 lakh each month that you do not have to give for late fees. To make things worse, in many cases, low income is not a problem. The laziness of the bill payers is. If you save the said amount per month, this could be a nice sum to invest for interest return.
3. Avoiding Impulse Buying
Shopping is an activity humans love doing. We all need new and better things from time to time. However, we also tend to purchase something we do not actually need. In addition, when we buy something out of an impulse, we often regret it or are not satisfied with it when we get home.
If you find yourself here, think about taking a moment before you decide on buying something the next time. Reflect on the idea of owning it, and if you really need it. If it is some extra money you can spend and not look back, it is again better to invest it in a savings account with 8% interest return rate. Make a habit out of this instead of impulse shopping!
4. Quitting Smoking
This is an old topic everyone is familiar with. Except tremendously affecting your overall health and increase the chance for various cancers, buying cigarettes and tobacco each day is hard on your wallet. If you do not wish to completely stop smoking, try smoking less.
For each unsmoked cigarette, set aside some money. Let us say one cigarette costs 10 lakh. If you can save up 10 cigarettes a day, that is around 3000 lakh saved per month!
If you make a habit out of this, not only will you be healthier and maybe even stop smoking completely, you will gain a bonus income each month to invest and make more money.
5. Taking a ‘Spending Freeze’ For a Week
Another great way to save some money and become rich in India is to push yourself to make small freezes or stops in spending. Think of it as a no bye week, where you will not buy anything new. Food, medicine, and emergencies are exempt from this of course.
The money you manage to save up at the end of the week, which the old you would spend on shopping, is great for an investment in a business, or savings account with a high return rate!
There you have it, five easy steps to effortlessly become rich in India! All it takes is a bit of discipline and pushing yourself. Even one of these will generate some additional funds for you, so just imagine if you start doing all of them!