Wealth decides the scenario of the world. If you are wealthy you are happy. In this article we will discuss some factors that will help you to grow richer and happier. When you will study the society closely you will find that it is our culture and society where we spend our majority of income.
- It is you yourself who will look after your money
- Friends and family just encourage spending more money and buying good things.
- Life demands unexpected and expensive things that one has to pay for
- You will have some must expenses like on education and health
- Income is the only wealth building tool
- Borrowing money is a slow poison in the world of economy
- Job cannot be forever so income can never be perennial; one has to save for the future.
So, when you are aware of these real facts, you must plan well about how you are going to run the economy of your life. Here’s some tip that would assist you in growing wealthier.
Decide your future: Imagine what kind of future you are hoping to have? Discuss the prospect with friends and closest relatives who resemble in thought and idea. Discuss how you are going to spend time with your family, kids and friends. Which assets you want to buy and what would be the speed of spending. What if you are tied up with all loans? It is suggested that one should have both the positive and negative thought in the mind and comparatively prepared for the same.
Know thoroughly about your financial situation: It is hard to know about the grounds of your finances. And if you are aware of your finances you are the real hero who will never fall sort of your income. Knowing about finances means
- The person should know about the entire debt he owes. He should also know the person whom he owes and how to pay him.
- The person should also know about the entire income source, saving and investment.
- The person should know about the assets and the net worth of himself. Net worth is calculated by subtracting the entire assets subtracted by liabilities.
- You should know about the net household income and how the net worth is changing over time.
The answer to above written points should be on the lips of all those who wants to build wealth. Very rare get wealthy by accident, all the other has to struggle for it.
The third is planning your investment. You should be a good investor. Try investing money on reliable funds, buying insurance from renowned firm and saving some hard cash for adverse conditions of life. Figure out about what you really want to be in future. How do you want to look and lead in your old age? What are you going to do for your financial security and how to lower down the stress in tough financial situation?
Try to have goals for future and a set deadline to achieve it: Having aims and determination to achieve it will give you a reason and purpose to live a life. So try to have a list of things you should have in future. Be serious with it and stuck to it until and unless it is not completed. Off-course achieving dream is arbitrary in nature, no one knows what has future in for you but still having in dates give us a way to move in the direction. Just have faith that my goals are important to me and I set my date. This means I will do everything to make it true.