Many people think creating wealth is a very difficult process. Funnily, it is not so!
Let us look at some simple steps:
1. Stop procrastination! The best definition of procrastination that I know is unfortunately not printable! But it is easily one of the most important reasons why wealth does not get built. So start today. If you do not know in which mutual fund to invest, invest in Benchmark Nifty bees. Once you decide on which fund to invest remove it from there and invest in a place you deem fit. Savings bank account is not a sensible place to keep your “waiting” money. It is perhaps the worst.
2. Incur only legitimate expenses: Many of us let leakages be! If there is some leakage, plug it. It could be your son, daughter, brother …somebody sucking you off your good money. Keep vigil.
3. Your own spending habits: Most people know where their big money is going – emi, house rent, school fees. Actually these do not hurt. What hurts is the small amounts that you spend regularly. As an experiment track your income and expenditure – a software (as simple as an excel sheet or as complex as a portfolio tracker – cum- Income tax return filer like www.myirisplus.com) can be used.
4. Inflation: the least understood of the drains on your money. It is a killer – because it takes away a little every day without you even realizing it. So ensure that your portfolio gets a ‘REAL RETURN’.
More tips on wealth creation will follow….keep reading.
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