There are just 3 important steps to wealth:
1. Earn Well: To earn well, generally you need to get decent academics. Remember the average CA earns much better than the average cricketer or the average movie star! We compare to the top star and say ‘why do CA, let us play cricket’. Poor understanding of statistics!
So go out there and get a nice education / training which will teach you to earn good money.
I am not saying that education is the ONLY method to earn money, but that is the only route that I know.
2. Having earned that money remember that money spent is just money gone! So if you have earned money learn to spend less! If you spend less, you will have SAVED the money…
Savings are good, in fact great. However, it will not make you rich.
3. To get rich you need to INVEST that money! And invest wisely.
How do you invest wisely?
To start with invest in an index fund. Do a SIP in a good fund from a good fund house. If you do not know how to spot this, use an Index fund. Then learn equity investing and start picking up 2-3 scrips a YEAR. Over a 20 year investing life you would have created a portfolio of about 50 scrips. Frankly you do not need more than that. And of course there is one more step. A simple step.
Simple. Read www.subramoney.com regularly, and read the old blogs too!
Remember i have 3900 posts for you to read. Many are boring, but most of them are nice and all of them will make you wealthy.
One of those posts will even tell you the difference between Rich and Wealthy.
Go on, Read.
Remember I will know that you have read only and only if you comment – like, love, hate, anything is fine. Feedback is a must please!!
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