These are not the only set of rules to increase your wealth. These are just my thoughts as to how to increase your wealth. These rules I have set to myself and I want to share the same with you.
Rule no. 1: Set the goal
This is the most important step in the direction of increasing your wealth. It is very difficult to make a path without knowing the destination. I have had always this problem of not setting the goal and roaming aimlessly of doing something. Then I realized it is very important to set goals and if you don’t know how to set goals, read up about goal setting or attend courses about goal setting. It is very important. Goals are as important as wealth. If you know exactly where you want to go and when you want to reach you will make sure that everything falls in place for you and believe it or not it happens knowingly or unknowingly.
Goal can be anything but be very specific and not a vague one. Generally I used to have a very vague goal like get 90% in the final exam. You might think it is a pretty good one. It is not, let me explain. There are six subjects and I don’t know still how to achieve it. I know not all the six subjects I am good at. So I know my weakness and also I know how to handle it. for ex: I am good at mathematics and bad at social science. Now I have to set a target of scoring at least 95% in mathematics and at least 85% in social science. This is very specific and I know where I have to score more and where I can relax a bit. Be very specific. This is the most important step in building the wealth.
Goals decide where you are going to go and just make sure you reach a very safe destination. It is always nice to be at the top.
Rule no. 2: Systematic Investment
This is most difficult part in the process of making wealth. I have failed umpteen times and I make sure I stick to the plan but I have not succeeded so far and I am trying my level best. So it will be the same for you as well. Don’t fret over failing once or twice or thrice or umpteen times. You will surely catch up with it. It is very difficult to be disciplined but if you are disciplined then I am sure you will be making a decent living later. Every time I used to think I will invest in certain investment vehicle and landed up in something else. It has happened every other time.
When you become disciplined then think of big things else stick with small stuff. Investing systematically is not very difficult but the catch is the emotions. I get to buy something then I do it. I keep the investing as my last priority which I realized as wrong. So I kept investing as my first priority. Before I start spending a single paisa from my salary, I started investing. The investment vehicles can be different but the intention to invest is more important.
The inflation is one of the main reasons for you to invest. It is not a stable figure. It keeps varying and it is always good to invest rather than keep the money in bank. The idea is to beat the inflation and not be with it.