Despite various books and mentors, there is still no direct solution to create wealth. Here are those habits that create wealth over time.
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Despite various books and blogs, people have no source that would directly state a way how to create wealth. I have shared some blogs regarding managing finance, but there is no point and clear way how to manage wealth. Therefore I decided to make a blog that directly states simple yet magical habits that would surely generate wealth for time. These habits are almost proven ones as I have personally noticed these habits in many successful people including some uncles of mine.
Let us look into those habits that create wealth over time in the coming lines.
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1. Have Self-control
Having self-control is probably the first solution for all financial problems. it is a bitter truth that all the things that we dream of can be obtained (bought) on credit. But it is really hard to pay interests and EMIs for the same. It would be an embarrassing moment when we find that we are having a box of meals on credit one day. It is therefore important to learn the fine art of delaying Gratification. Only by self-control we can understand and decide whether we really want it or not.
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2. Control Future of Finance
It is always an advisable fact that the person’s personal finance should always be in the hands of him (her). It is because it is he (she) who perfectly knows his (her) scenario and takes the effective decision. It is not the intention to state that taking advice is to be avoided. Rather we should use the advice just to evaluate the decision we made. We will never know who will support us and who wants our destruction. Therefore it is to be ensured that our finance should always be in our hands.
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3. Know where your money goes
Know properly where your money goes. Know where you spend your money. It is because saving ample money can bring out magical figures one day. There are many small changes in recurring monthly expenses when noticed and take care of- can bring out a great change in expenditure. These small changes can really increase the savings of the individual. the best way like many of us know is the process of budgeting. We can make a budget at the lowest amount possible to ensure we can save the most in the future.
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4. Start and Maintain an Emergency Fund
There is the worst trend that is currently getting around in society. People give importance to the loans and seldom fail to pay themselves for the work they have done and for the emergency funds. This is the reason why many people get into complications when any emergency arises. It is always important to keep some standard funds for emergency purposes in a place where it is easy to access. It is not important to generate interest in it, rather having it handy for emergency purposes should be the intent.
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5. Start saving for retirement from today
Many people commit a mistake in this scenario too. They feel that saving for retirement is too early in their 20s and 30s. But the truth is that when a person starts saving in the 20s itself, a small amount contributed can make a huge amount at the time of retirement. There was a generic calculation that one of the bank employees stated to me a few days ago. There was a plan where I had to pay a small amount of Rs 10000 a year till I reach the retirement age. At the time of retirement, the amount I was assured to receive was so huge and was out of my expectations. A small amount of almost Rs800 contributed every month lead to me to some lakhs of rupees at the time of retirement. Therefore it is important to understand that it is never late.
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6. Get a good grip on taxes
Taxes are typical factors in finance that sometimes make the deal and sometimes break the same. Many times financial plans fail due to the taxes that are implemented on them. This is the reason why we should have a good idea of the taxes at least in the areas that we deal with. Knowing the tax rates will lead us to make decisions that would probably remain unhampered due to any reason.
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7. Health is wealth
It is the most important and most common saying for all of us. No matter how much wealth one has, it is of no match to the person who has impeccable health. The first thing we need to understand is that health is the trait that leads us to think, work, and act better on anything. Therefore taking care of health is the most important habit. Talking financially, when a person takes care of his (her) health in his (her) youth he (she) can have good health in the elder ages too. This implies that medical expenses also reduced compared to others.
On the other hand, we need to also understand the importance of health insurance that is an increasing trend in the current scenario. Having good health insurance for a long period can make us feel financially free in case of health issues and emergencies.
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8. Protect what you already have.
The creation of wealth is important; the more important is to protect what we already have. When we protect what we already have, they provide some sort of returns that helps us t create more riches without any great effort. Many people fail to understand this and run after getting new wealth leaving off those already earned and processed.
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Bottom Line:
I know there are some postulates in the previous lines that I have already touched in some of the other episodes before. This episode has the sole motive to make all my visitors and readers understand the habits of creating wealth. I hope this article (blog) would turn into a one-stop destination for all those people who want to get wealthier in their life.
It is important to remember that ethical wealth building takes time, but when we are sincere and disciplined, I’m sure every one of us can get rich.
Hope you like this Episode.
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