Double your wealth by following these 10 steps!

Do you really want to double your wealth in half the time, you have decided before? Just follow these 10 steps to make it real, it is simple yet powerful.

1. Increasing income streams: You try to cut the expenses, but you will not find ways to increase your income. It’s difficult to cut down the expenses beyond a limit because you must spend money on day-to-day activities. People who try to cut their expenses become very calculative and get frustrated. The solution is to have multiple incomes. Like daily income, weekly income, monthly and yearly income.

2. Becoming an owner of a small business: You work hard, day and night beyond working hours for the company in which you work. Think about this – Have you ever worked beyond your working hours to start your own company? Try to become a freelancer in your field.

3. Go for a big win: You satisfy yourself with a small win like reducing the cost of a consumer product by negotiation and by buying in amazon great sales, but you do not negotiate for the salary raise with your boss. Try to convince him of your accomplishments. Which is the big win?  

4. Investing in the Stock market at realistic valuations: Never invest in the stock market based on others’ advice. This mistake is done by fresh investors. Spend time in learning the share market or take up a good training course.  

5. Do not take loans for day-to-day consumptions: EMI will have a negative compounding effect on your savings. It is good to avoid taking loans for consumer products. The best way is to save and then buy.

6. Do not pay attention to others’ Finances: Copying others financial moves is a big mistake. Each person will have different financial backgrounds and goals. Even psychology plays a role in determining one’s financial activity. Make your own way of fulfilling your financial needs by learning.

7. Do not Increase lifestyle costs day by day: As salary increases, you will start to spend proportionally higher. Keeping your expenses constant irrespective of income change is a good idea.

8. Investing in the right asset classes at right time: The performance of asset classes varies from time to time based on many factors like interest rate cycle, Investment cycle, Consumption cycle, Government regulations, etc,. Therefore, it is necessary to choose the best-performing assets, classes.

9. Do not pay too much brokerages: Choose mutual funds and other investments with the low brokerage. Because too much brokerage will also have a negative compounding effect.

10. Enjoy your money yourself first: At first you must spend money on your needs and on your skill development. This will make you psychologically stronger.

Eventually, Indians forget how their parent’s accumulated wealth by following the art of delayed gratification. Following the above mentioned 10 steps will make a person, wealthier.