We all can retire young and rich if we follow some basic principles of dealing with money. But, often we don’t follow those principles and live in poverty or in a condition with a bare minimum of basic resources.
So, what are those basic principles of dealing with money to retire young and rich in India?
There are only a few.
1- Don’t spend more than you make. When your income is more than your expenditures, you have an opportunity to save money. Always make a budget and stick to it.
2- Invest what you save- Don’t keep your money in banks. They often pay you less than inflation. And if you earn less than the inflation, you’re not becoming rich but you’re becoming poor. There are many investment options available that can help you earn more with moderate risk.
3- Read a lot about things where you invest your money- All the rich people read a lot. And if you want to retire young and rich, copy this habit. But, don’t waste your time reading novels or newspapers which don’t increase your wisdom. Read things that matter. Reading an annual report or a profit or loss statement of a company where you are planning to put your money is far better than reading a novel. The first helps you in learning more about the company, and the second is only a waste of your time. Reading is also investing in oneself. It is the best investment you can do.
4- Practice patience- That is a great habit. If you can develop it then it will change your life. Never sell your investments in the sudden ups and downs of the market. This strategy never works.
5- Do daily exercise- Don’t sit idle all the time. Be active. It helps you stay strong and healthy. What will you do with money if you’re sick and weak? You will also end up paying doctors your hard-earned money if you get sick. So, take care of your health.
6- Always seek opportunities to earn more- Develop new skills that can increase your market value. It will help you to earn more. And when you earn more you will have more money to invest that will make you even richer.
These are some of the basic principles that can help anyone who wants to retire young and rich in India or any other place on this earth. (This is all for information only. Don’t consider it as investing advice which we don’t do).
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