Who doesn’t want to be rich? All of us have dreams that we keep shelved and locked up because we either do not have enough money or we are unable to grow our money. Luxury is something that not many can afford but everyone wishes to. What is it that rich people do? What is it that makes them different from us commoners? All rich people who have grown in life have had struggles and all of them have developed some strategy or the other to grow their money in their lifetime. You will find some of these strategies on LovePlugs.
Here are 5 other strategies that you could adapt to grow your money.
- Stay away from debts
Debt is like quicksand. It will not look treacherous from afar but the moment you step on it, it will suck you in and the vicious cycle will continue. Once you are in debt, you might continue to be in debt forever. Develop a healthy habit of being debt-free by staying away from credit cards, home loans, car loans etc. Get into the habit of paying with liquid cash whenever and wherever possible.
- Invest consistently
If you start an investment, keep it going till maturity unless serious problems crop up. If you want to grow your money, the best way is to keep paying the premium of your investments and you will surely reap the benefits later.
Have a diversified portfolio. There is an age-old saying that we should not put all our eggs in one basket. Invest in different areas like stocks, bonds, real estate, commodities etc instead of all in one place.
Switch your investments from one type to another when the first fails to serve your purpose. Keep upgrading your portfolio as and when your requirements change.
Do not be fooled by investment advertisements. Do your own research so that you can be the best judge of places to invest in order to grow your money.…