Ways to Become a Millionaire According to BankBazaar.com, if you put 500 rupees in a mutual fund every month, then every year your investment increases by 20 percent. In such a situation, if you get 12 percent annual return on your investment, then next year you will have Rs 43 lakh.
If you also want to get rich quick in a short time, along with earning more money, saving that money is also important. However, it is also true that there are only a few people in the world who become rich by earning more and more money in a short time. But if you want, you can become one of them. For this, you just need to plan and work on it continuously with a little understanding.
Follow these financial tips to become rich, soon you will become 'rich'
Ways to Become a Millionaire
Make an investment plan for the future
If you have not started saving for your future even this year, then you should definitely do it before December 31. You do not necessarily have much money to save. You can also start with 500.
According to BankBazaar.com, if you put 500 rupees in a mutual fund every month, then your investment increases by 20 percent every year. In such a situation, if you get 12 percent annual return on your investment, then next year you will have Rs 43 lakh. If this work is still not done before the end of the year, then one more year of saving will simply pass. You will not be able to compensate for this loss in the future.
Ways to Become a Millionaire
Be ready for emergency
A smart person is the one who saves funds for emergency. According to the financial planner, every person must create an emergency fund to meet the expenses ranging from 6 months to 1 year. If you put only 2 thousand in your saving bank account every month, then it can become your emergency fund in 1 or 2 years. When you suddenly need money, you will not have to ask for anything.
Ways to Become a Millionaire
Buy insurance plan
If you still have not bought a term insurance plan, you must do so. The advantage of a term insurance plan is that it gives a large amount of life cover at a low premium. It gives financial security to the family on the sudden death of an income-source person in the family. If you buy a term insurance plan at the age of 30 to 35 years, it is cheap. For example, if a person of 35 years of age can get a term plan of Rs 1 crore at an annual premium of 8 to 10 thousand rupees. Term plans become expensive with aging.
Ways to Become a Millionaire
Avoid unnecessary expenses
The best way to get rich is to think like the rich. They never invest money in such things which prove to be a loss deal for them. The best way is to avoid wasteful expenses and invest money wisely. For example, you buy a car worth five lakh rupees but after only three years its price halves, while driving a new car, its value reduces by 20 to 25 percent. Without thinking, you buy a car to fulfill your hobby. If you invest these money in gold or property, after five years, it will be worth 10 to 20 lakh rupees.