3 Basic Tips for Wealth Creation
#1 : Lose your Ego
A lot can be gained from by losing the desire to be accepted by the elite , society or the friends & relatives next door. Most people can easily amass a fortune over their lifetime from what they would spend on new mobiles ,cars , jewelry ,gadgets , when the items they currently own are more than suffice. The hard truth us , if you are middle class income , its almost impossible to accumulate wealth if your spending money to keep up with your friends and relatives next door.
#2 : Realize Wealth Is Possible
Very simple , if you save Rs.10000/- per month for 20 years and you happen to get the safe return of 7.5% - 8% safe return (PPF, Bank deposits,RBI Bonds) , a cool Rs.1 crore of invested assets is yours .20 years seems long,but picture yourself in 20 years . You certainly would not regret what you started 20 years before.
#3 : Debt is a Desease
Any debt, is disruptive to a successful financial plan. Debt should never be used for consuming purpose.As a beginning investor ,debt must be avoided completely.