Affluent Savvy
Affluent Savvy
Photo: Polina Kovaleva
We have come up with 8 of the best ways one can grow his money to its full potential. Say No to Debt. ... Be Consistent in your Investment. ... Don't Put All Your Eggs in One Basket. ... Switch Investments as Your Priority Changes. ... Start Early. ... Invest Smartly. ... Put Your Fear Aside. ... Get Expert Advice How to Grow Your Money.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »Coming to the meat, how can we get rich? Have you ever thought what is it that rich people have in common? It is their attitude towards money and a bit of luck of course. Rich people invest with a long term perspective and do not get deterred by the momentary turns and tumbles. We have come up with 8 of the best ways one can grow his money to its full potential. Say No to Debt For many people, debt is like marsh. They try to get out of their present debts by taking more debts sinking in the financial troubles deeper and deeper. Eventually it’s the habit that matters. Develop a habit that no matter what, you’ll take no more debt. For most of us, it’s probably the biggest barrier to getting rich. If you are planning to invest, put two things on priority – Pay off your debts from the petty credit card due payments to humongous loans Vow to develop the habit of not taking the debt until it is way too necessary Do not even think of investing until you get that heavy bag of debt off your shoulder. Once you are free of your debt, you should work on piling up liquid cash to suffice for your immediate expenses. Only subsequent to that, you will be up and ready to make an investment. In this way you can grow your money without any debt. Be Consistent in your Investment A moody person can be a good lover but not a good investor. There’s nothing like the vices of over investment and under investment. For most of us it works like this - we get all excited about a particular investment, put our goals and dreams in it and without giving it enough time to grow, pull our hands off it. It is human tendency to start something very aggressively and quitting within a few months, be it taking up exercises, learning a new language or investing. But in case of investments this habit results in a direct loss of money. If you wish to grow your money then you need to avoid such habits. The reason why money grows by staying consistent towards an investment is the effect known as ‘rupee cost averaging’. Simply put, it refers to averaging of the short term ups and downs of the market in long term. It is because of rupee cost averaging that consistent investors get to enjoy decent returns in spite of market turbulence. Don’t Put All Your Eggs in One Basket Never be religious about any specific investment. Rather, be open to a range of investment plans at once. In investment terminology, it is better known as diversification. Simply put, it advices the investor to put his money across diverse options such as real estate, bonds, stocks and commodities. This is one of the best ways to grow your money by thinning out the chances of being at complete loss if one investment turns out to be a failure as you would still have other options to count on.
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Read More »Switch Investments as Your Priority Changes As one ages, the perspectives and priorities change. A regular guy in his 20s doesn’t even think beyond which tees to wear, which car to drive and how to impress women. These questions however become irrelevant to the guy in his 40s. Your financial needs change with age and so should your investments. In your younger years in order to grow your money, you can think of putting your money in high-risk-high-return investments but as you grow older, it’s better to adopt a conservative approach and preserve what you have painstakingly earned and gained through your previous years. On a literal note, it means shifting from equity oriented funds to debt oriented funds. Start Early Banyan trees don’t grow to their full potential in one day. It takes time. And so is with investments. The sooner you start investing, the more time the investment gets for hatching, and the better become the chances of money growth. In a sense, investing is something that you should always have started a bit earlier to grow your money. Suppose your financial goal is to retire early at 55 with a fortune to spend on yourself. Let’s go a step further and assume that you fix your target savings at Rs 50 lakh. Now it is obvious to see that you need to shell out a smaller chunk every month if you start investing at the age of 25 rather than 35 to grow your money. The secret to why does starting early always works lies in the power of compounding. Compounding leads to an exponential growth of your money and its effect increases as the investment tenure increases. The thumb rule is, the earlier you start, the better grows the money. Invest Smartly Do not get enchanted by the blingy investment advertisements. Use your own insight and discretion while making your choice of investment. Always turn to investments suiting your appetite
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »
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