In this vlog we will talk about 5 Ways to get rich irrespective of lower or average income. No Matter how much you earn if you are disciplined and follow certain principles you can still manage to grow rich with time. Here are 5 ways which you should consider:
1. Always maintain an Excel for your expenditure
Maintaining a balance sheet of your expenses is essential to monitor your spending habits. You may realize that rent and food constitute only a small part of your budget, while significant amounts are spent on unnecessary purchases from platforms like Amazon, Myntra, and Zomato, as well as on leisure activities like movies and aimless weekend outings. Keeping a detailed expense sheet reveals precisely where your money flows. Consider uninstalling unnecessary apps. Opt for home-cooked meals by involving your family in the culinary adventure, encouraging innovative and experimental cooking, and reducing the need for dining out.
Uninstalling apps like Zomato and prioritizing quality time and homemade meals with family can be a powerful way to save money. Take a closer look at your spending on dining out, weekend activities, and impulsive online purchases. Redirect these funds towards saving for quality, long-lasting products and experiences. You should also maintain your overall asset in the same sheet and see if it’s growing monthly or not, if it’s not you are not on the right track. If your salary is say 50k and your asset is 10Lack currently, it should at least increase by 2-3 Lack in a year. The more is the better and it only be more if you start tracking it.
2. Don’t look at others
It’s self-explanatory and I think most of us know this too but we are human and it’s hard to stay away from this. This is the main reason we end up buying high-end cars and houses and put ourselves in a loan trap. A simple rule to consider: Only buy high-end cars or houses when you have twice the cost saved up. For example, if a car costs 20 lakhs, wait until you have 40 lakhs in your account. This approach, combined with investing in index funds, can help you avoid excessive loans and achieve financial stability before making major purchases.
3. Always buy quality, not quantity
You can look around your home and find all the items that you bought in the past and never used. Even in your wardrobe, you find there are several pieces of apparel, You consistently gravitate towards some, while the rest languish in your wardrobe, acquired during moments of discount temptation or influenced by fleeting trends, but ultimately, you remain true to your preferred style choices. More often than not, our go-to attire consists of jeans paired with either a T-shirt or a shirt. next time you contemplate buying jeans, opt for a single, high-quality pair. While it might require an investment of 5,000 to 10,000 rupees, the long-term value and durability will make it a worthwhile addition to your collection.
It’s interesting how people often spend 8-10 hours in bed, yet when it comes to buying essentials like beds, bedsheets, or mattresses, they sometimes opt for lower quality products. The bedroom, where we spend so much of our time, deserves the utmost attention in terms of quality and comfort within our budget.
Likewise, the kitchen is a place we visit daily, preparing meals and engaging in various activities. So why not invest in good quality cups, plates, and other kitchen items? Prioritizing quality in the areas where we spend the most time can significantly enhance our daily experiences and overall well-being.
You noticed that just to save some money we end up buying some low-quality stuff and then buy them again and again. I hope you got my point already. Buy less and buy the quality is the message. Before making a purchase, consider whether it’s a one-time need or something you’ll use regularly. Focus on acquiring items that hold value for you instead of cluttering your home with unnecessary possessions.
4.Stay away from any kind of loan
All the world will try to give you a loan and the same world will stay away from you when you don’t have a fixed source of income. You have to take a loan only when you have no money. Because then you have to not pay any tax to the government. You create a company Take a loan and try to make money. I think builders doing a great job in taking loans constructing buildings and selling them to you all at double the price. I wonder how a 1000 sqft flat is being sold with 1cr a lot of places and people buying it over the loan. You help someone earn 1cr risking your financial condition.
5.Invest in you
Make a rule of learning something new each year, focusing on a skill that aligns with your expertise or one that is emerging and in high demand. Even during challenging times, knowledge empowers you with confidence. It’s crucial because when you earn more, you can save more. So, invest in self-improvement, increase your income, and watch your assets flourish.
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