Five principles of becoming rich

April 6, 2024

Friends, every person wishes to become rich, have immense wealth and all his dreams come true, but can this actually happen? Many people see dreams, but not everyone has them come true. Why does it happen that some people become extremely rich while others continue to fulfill only their needs? In today’s blog, we will tell you about those five principles of the rich, by following which you will move towards the path of becoming rich. So principle number 1 says-

1. First save then invest

Whenever salary is credited to our account on the 1st, we start dreaming about many things. We start spending recklessly and in the end we are left with nothing. Many people often make this mistake, due to this mistake they are never able to become rich. The principle of first save then invest says that as soon as your salary comes, first of all you have to set aside a part of it which will be called your savings and then invest this savings in a place where your savings will create wealth for you. No one becomes rich by saving but many people have been seen becoming rich by investing their savings. You have many options available for investment. You can invest in stocks, crypto, real estate, startups, all options have their own risks, some less and some more. One should always invest after fully understanding the risk.

2. Keep learning

It is said that one who stops learning has stopped living. One similarity is found in all the rich people that they learn something from everything and then implement that learning in their life. They make mistakes and then learn from the mistakes again and this sequence continues continuously. It is often seen that common people never take risks due to the fear of making mistakes. Because of not taking risks they are never able to taste success. Who says that successful people do not make mistakes, rather the truth is that they have become successful only by learning from mistakes.
Learn from wherever you can, make books your friends, meet people, learn from the experiences of others, that is to say, keep learning. Do you know that Warren Buffett still reads books, in fact why does he need to read books today? This question must be arising in your mind also. But actually this is the secret of their success.
Wherever you get financial information, take it in whatever form it is. You just have to develop a desire to learn within yourself, rest of the work will be done on its own. People suffer losses due to lack of knowledge and then blame it all on their luck, but we all know the truth, it was the reason for their failure. That he did not have complete knowledge. With only limited knowledge, he ventured into the financial world.

3. Keep working hard in the right direction

See, even a donkey works hard but in reality he does not know his direction and purpose, that is why he always remains a donkey. We are all human beings, we have amazing intelligence given by God with the help of which we can know good and bad and decide between right and wrong. All you have to do is work hard and along with it you have to do it in the right direction, people don’t know why we are doing this. Without any goal they just keep doing and doing and in the end there is nothing left but regrets. Many people say do your work and don’t worry about the results, but it is very important for us to know its true meaning. Here, karma means doing work in the right direction, everyone does it, even animals and birds do it. Due to the proper intelligence in a human being, he is also capable of taking appropriate decisions. If despite this, he is not able to choose the right direction, then ultimately his hard work will go in vain.

4. Don’t miss the opportunity

Success is not achieved overnight. Before tasting this success, there are many ups and downs in a person’s life and then at some point he achieves success. Opportunities also play an important role in your success. It can come before you in any form. In the form of money, in the form of people, in the form of technology, your job is just not to let them go out of your hands. If you let them go from your hands, then one thing will be left with you and that is the story that the opportunity had come, I could not catch it on time, otherwise today I would have been at a different stage of life. Let me give you a simple mantra to catch the opportunity: Keep your eyes, nose and ears open and see what is going on in the world. It is said that disaster and opportunity always come together. It is only a game, so someone with perspective would see it as a disaster. If someone has it as an opportunity. We have seen a similar situation during the Corona epidemic, where on one hand the economy was sinking and on the other hand shares of companies were available at cheap prices. If you had taken advantage of that situation, your bank account would have been saying a different amount.

5. Keep control of expenses

Your savings do not make you rich, your spending control makes you rich. Unnecessary expenses not only affect your financial budget but also affect your future plans. As you reduce your expenses, your savings start increasing. By investing your savings, your wealth also starts increasing in the same way. Whenever you spend, ask yourself whether this expenditure is necessary right now or not. If the answer is no, then do not hesitate to spend that expenditure. Second question ask yourself whether there is any other option for this expenditure. If the option is available then always choose the option in which your expenses are less.

For example, if you feel like eating food in a good hotel, then you have another option, you can enjoy good food at a dhaba also. With this you can reduce your expenses. Always look for alternatives. Now many of you will ask whether it is right to end your desires, then I am not saying at all that stop making desires. Make wishes, just keep in mind that it may not become a problem for you in the future.

I hope you liked our blog. If there is any mistake in this blog, we apologize for that. You keep giving us your suggestions in the comments box. Your suggestions will act as guidelines for our team and will also inspire us to do better work. So with this we bid farewell to you, see you in a new blog.

#Personal Finance

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