You might feel that only someone with a lot of luck would be able to create or increase their wealth. However, you may not believe that it is a myth. Anyone with certain rudimentary qualities could succeed in building wealth. You may listen to the advice of the investors who suggest the ways to invest the money. But that alone does not grow to the level you desire because the expectation of everyone differs significantly.
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Here are some of the features that make that “extra mile” to achieve the goal.
- How Strong Your Urge is: You would have realized that everyone who desires to enhance the wealth level does not succeed. That is simply because the urge is higher in someone. Therefore, the commitment drives them to constantly pursue the goal. Without a commitment and the plan of action, your desire only remains on paper.
- Financial Discipline: For any goal to pursue, you need the discipline and this is not an exception even for building your wealth. Though some plan a big, the line of action is not incommensurate with the goal you envisage. If you want to achieve your goal, you should invest the money from your earnings and what is left may be spent for your daily sustenance and other expenses.
- Diversification: You should remember that all the professionals in the field were also armatures once. The jargon and the financial investment should not stop you from investing. If you indeed feel that you are at the crossroads of investment plans, the best way is to diversify your investment in various portfolios. This would start building up and even compensate the unprofitable investment made in certain areas.
- “Chicken Entrepreneurship”: I am indeed fascinated by the word ‘chicken entrepreneurship’ --- commencing anything slowly, but steadily till you learn the tricks of the trade. No one is suggesting you quit the job. Or seek huge loans from the financial institutions by mortgaging the property. In addition to the existing job or the main business, you can commence a supplementary business or a part-time job, to begin with. Once you are confident, you can jump the gun and go full throttle.
- Invest some time: You must be wondering how to invest time. Set apart some time only to brainstorm the ideas for investment. I have heard many people saying that they are extremely busy and do not have breathing time either. But, the fact is that they do not stop breathing or attending the nature’s call because the urge drives them. In the same manner, you should allocate a part of the day to put into action on the ideas cropping up in your mind.
- Compounding Interest Plans: When you say the word “Interest”, people generally think of the amount we pay on the debt or the loan. Similarly, there are many long-term plans which earn compound interest. This would enable you to plan your future requirements viz., education of the children; build your own home; marriage expenses of the children or any other unforeseen expenditure. The “interest on interest” schemes in the market would work exceptionally well for a long time necessities.
- Automatic Investment: In order to inculcate the habit of savings, you should go for a scheme with an option of automatic and direct debit to the bank account. There are many Systematic Investment Plans (SIP) in the market to choose from. You can be free from the hassles of remembering the date for depositing the installment or take the efforts to transfer the money etc.
- Risk Taking: In younger age, you should be able to take a certain amount of risk for enhancing the wealth. As the thumb rule goes, your risk capacity should be limited to 60% of the investment and the balance could be either balanced fund or the growth fund. However, as the age advances, you can swap the percentage of risk with the other categories depending upon your position and urge for accumulating further wealth.
- Time Management: You should prioritize your time for review of the portfolio assessment. The big dreams do not build upon their own overnight. The dreams could be subdivided into goals and the goals into smaller tasks. Unless you regularly assess the task and goals, achieving the dream is no mean a task. You do not clutter your day with trivial matters only to say that you do not have time to review the asset management.
- No Pain, No Gain: Remember that all the professionals in the field had bruises on their business. So, do not chicken out when there is a loss on the investment. Those who sit on the sidelines of the game would not win in their life. The ships are meant for sailing in the rough and high seas, not to be anchored in the harbor. Learn the business strategy and do not repeat the mistakes and the loss would not even come nearer to you. There are many multi-billionaires even in the present day have succeeded in making the dream a reality. In case you are practicing the above tactics and strategies with full spirit and zeal, you will reach the sky in building up the wealth.