How To Actually Get Rich?
Hi guys, I welcome you all to another post on how you can actually get rich. In this, I will list down a few of the ways that will help to change your perspective towards your money.
1. Personal finance journal
Journaling is all about writing about something mainly your emotions, experience, and perspective. This practice helps you to introspect yourself.
The finance journal is where you will write down everything about your personal finances, like savings, earnings, investments, how you felt when you bought something, anything that was not affordable, any regrets after making the purchase, and so on.
The objective of the finance journal is to mirror yourself about your relationship with your money.
2. Value-based spending
Most of the time we spend money on our emotions, or on our entertainment. But what if you bring value to what you have earned?
For example, if you are a fitness freak then you would love to spend on purchasing gym clothes, high-fiber food, organic food, good quality shoes for running and walking, workout-related equipment, and many more.
This process will help you to become accountable for what you have earned.
3. Consistent savings plan
A consistent saving plan says that you must separate out a portion of your earnings, say 10% or 20%, and start investing with that money.
Once you separate out the investment amount, you would have to use the rest of the earnings for your basic needs and desires.
This practice must be followed consistently as it will help you to prepare yourself for your future self.
4. Instant fun fund
Instant fun fund means when you have decided to spend money on a particular desire but didn’t actually spend on it or when you planned to spend Rs 1000 but spent Rs 800, so you saved Rs 200.
Such savings should be kept in an instant fun fund. Next time when you crave a desire, like, watching a movie, ordering food from outside, or going for a vacation, then you can use instant fun funds.
5. Incremental investment strategy
This strategy says that you must keep on increasing the amount of investment as your earnings increase.
Ideally, your investment should increase at a higher percentage compared to your increase in earnings.
For example, if your salary is Rs 20,000 and you invest 10% of it each month, after an annual increment of 8% your investment should increase by at least 10% of the incremental value.
6. Strategic environment control
This strategy says that we must be surrounded by the right people and have the right ideas.
The more we give liberty to our surrounding environment to control us, the more they will have the power to influence us. Therefore, it is our responsibility to carefully choose the people and things near us.
7. Goal visualisation
Once you have a goal in your life, which can be buying a house, getting a dream job, or purchasing a dream car, just paste a picture on the area or wall where you can see it or observe it several times a day.
Once you do this, you will be able to form the goals which will help you to accomplish this.
You will be able to have clarity of steps to be taken each year to accomplish those goals. You must visualize that goal.
8. Spend to save habit
This strategy is slightly similar to the instant fun fund. It says that the money that you have saved by not spending must be invested.
However, this does not mean that you should not fulfill your desires, but avoid spending on the things that you might regret later.
This investment can be in the form of stock, mutual funds, physical or digital gold, REITs, and so on.
9. Money mastery networks
This means forming a network of people who have the same perspective towards money as you have. This network can be formed online or in person, at your convenience.
One of the ways is to follow financial social media influencers or subscribe to their newsletters. Slowly you will start thinking like them and will soon observe a change in yourself.
10. Get rich slowly
Earn money slowly because there are no quick rich schemes that can make you a billionaire overnight. Learn to live your life.
In order to get rich quickly, you should not have miser thinking because it will not allow you to have peace and satisfaction.
Life has a different charm when you don’t run after money.
If you are planning to start your investment journey, the link to open a free demat account is given.
Disclaimer: You must invest after considering your risk-taking capacity. The above information is not any recommendation or suggestion. It is only for an educational purpose. You must seek the advice of a professional financial advisor before making any investment.
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