Ravi T Sharma

Top 5 Secrets for Salaried Individual to Become Wealthy

So you have been trying to become a rich for a while now.

You see other do it and it seems like everyone makes it look so easy

At the same time you would like to achieve this dream of becoming rich but for some reason every time you get distracted or not get enough guidance and support. Every time you get closer to start of taking action to become rich, something happens and you end up back where you started.

Not this time

Because this time you are going to be armed with the same tips, tricks and secrets that the rich people and other unicorns know or use. So give these tips a try and see if they don’t work for you too.

Secret 1: Never Consider Risk is Easy: 

Once you start earning, no matter how small it is instead of spending it you need to take appropriate steps like buying a health insurance to mitigate health related risks.  You also must create an emergency fund by putting your money in Recurring Deposit to deal with liquidity crunch.

Warning: [There is nothing called emergency, situations become emergency when don’t have enough resources to deal with it]

Secret 2: Set yourself some goal:

Warning: [A life without SMART Goal is like a ship without a captain]

To be rich, make getting rich your goal and work towards it every month. Financial goals come in three varieties – short-term, medium-term, and long-term. Setting goals allows you to choose the right investment instruments and allocate the necessary amount of money towards it.

Secret 3: Manage Your Expenses:

Avoid: [Avoid spending for unnecessary expenses or discretionary expenses eating out and going for a drink]

Another way to build wealth is to practise frugality while you are employed. Creating a monthly budget helps prioritizing expense smartly.

Secret 4: Start Investing Early:

Be sure to invest early. Wealth creation is a slow and long-term process that warrants patience. You must start early in your career to enjoy the benefits of your investment later in your life. small investment early in your career has the potential to give you a bigger corpus in the longer run due to the effect of compounding.

Bonus tip: [ It is also necessary to review your investment regularly and step it up with any increase in income.]

Secret 5: Proactively Manage your Taxes:

Don’t keep your investment and tax plans for last month or quarter of the financial year.

If you manage your taxes proactively and smartly, you can save more of your income. Choose the right investments for your goals and get all your due tax benefits. 

Getting wealthy means being consistent and disciplined over a long period of time.

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