There’s no magic formula for building wealth and getting rich. It’s simple, really: Spend less than you earn, and save as much money as you possibly can. But in a world filled with student loan debt, cost-of-living increases, growing inflation and sudden financial emergencies,
To get rich, you need to start by defining exactly what rich means to you. Are you dreaming about Jeff Bezos being rich, or something more like INR 10,000 lakh in your retirement account? No two people define rich the same way, so you should set your own financial goals.
Not all debt is bad, but high-interest debt is downright terrible if your goal is to get rich. Part of your budget must involve a plan to crush your bad debt and maintain responsible levels of good debt, like a mortgage.
An emergency fund is critical to your strategy for getting rich. This isn’t your Bitcoin (BTC) stash or shares of Microsoft stock, either. Instead, it’s highly liquid cash, readily accessible in a low-risk savings vehicle,
The longer you wait to start investing, the longer it will take to get rich. It’s not enough to save money. To get rich you must put your rupees to work by investing in markets.
If investors have learned anything from the crypto crackup of 2022, hopefully, it’s not to put all your eggs in one basket. That also happens to be one of the key concepts of investing: diversification. Once you begin your investing journey.