Want To Become Rich? Here’s Your Guide!

By BankBazaar | November 7, 2016

7-habits-that-can-lead-to-future-wealth

“Wealth is the slave of a wise man, the master of a fool.” – Seneca

Only you can decide whether you want wealth to be your slave or your master. If you want to be the master of wealth, there are certain things that you need to set right. If you enjoy being the slave, you can go with the flow and let wealth control you. So, are you on board to become its master? Don’t nod your head for the sake of it, because whatever you are about to read can change your life forever (if you let it, of course). It’s a lot like ‘you can lead a horse to water, but you can’t make him drink it’. So, read this great mantra for a richer and wealthier life, but don’t forget about it as soon as you are done reading. Cool? Let’s begin!

Let’s start by assessing your habits, both good and bad. It’s pretty simple. Once you take control of your habits, you will be able to take control of your life. Honestly, most of our habits are cultivated during our childhood. If you were a spoilt brat as a kid, you’re more likely to be a spoilt adult too. Ouch! Did that hurt? Well, the truth always does. So, take a minute to introspect. Make a conscious effort to change for the better. Once you do that, we can say with confidence that you’ve already won half the battle (almost).

Now that that’s out of the way, let’s move on

Be your own worst critic

As harsh as this one sounds, it’s very important. Only when you can learn to be your own critic, you can lead a better life. So what does this mean exactly, you ask? You have to start critically observing everything you do. Whether it’s the four cups of coffee you consume daily, or the weekly French fries or the bi-weekly movie. Have you ever thought about how much you spend on all these little things clubbed together?

Do you eat out more than three times a week? That’s at least 12 times a month, which is 156 times a year (on an average, but could be more). Even if you spent Rs. 200 each time, think about the money you could have saved annually and invested in a Fixed Deposit instead.

Additional Reading: 6 Lazy Habits To Build Your Savings

Money saved = Money earned

If you don’t save and invest your money, you will always be poor. We bet you’ve heard the quote, ‘Do not save what is left after spending, but spend what is left after saving.’ Learn to apply this in your life. Don’t let your life revolve around living in the moment. If you truly want to be wealthy, you have to start putting your Friday night plans on hold and instead focus on saving that money and investing it.

Additional Reading: How To Get Started On Your Savings

Company matters

No, it doesn’t matter how rich your friends are. What matters is how intelligent the people you hang out with are. Our suggestion: Surround yourself with bright and smart people, who not only have a lot of positive things to share, but also some informative financial feedback. It may have been annoying when your parents didn’t really take to some of your friends back in school, but all they were trying to say is, ‘company matters.’

Health is wealth

Believe it or not, staying healthy is directly proportional to your wealth. While movies may glorify a successful person sipping his or her cuppa joe, enjoying fries and a burger, and then partying through the night, reality begs to differ. In fact, the most successful people are almost always the healthier ones. Your mind and body need to be at peace in order for you to attain your goals. Most people will only care about their physical well-being to stay healthy. However, we have to mention that your mental health is equally important. So, don’t ignore any aspect of your health, ever. Got it?

Importance of taking risks

Someone has rightly said, ‘Building wealth is a process of managing risk, not ignoring it.’ One of the key factors that leads to success is the amount of risk you take. Unless you are willing to risk something, you will never know what you can achieve. As preachy as this might sound, you have to take some risks every now and then to reach your goal. Of course there will be obstacles in your way as well as failures too, but don’t let failure ever decide your fate. Only if YOU decide to stay down will you have truly failed. So, take calculated risks, face hurdles, and begin your journey towards accumulating a substantial amount of wealth.

Additional Reading: Evaluating Risk Tolerance And Appetite

Fewer ‘wants’ please!

Greek philosopher Epictetus rightly said, ‘Wealth consists not in having great possessions, but in having few wants.’ It’s extremely important to put needs over wants, always. If you are an obsessive shopaholic, you are likely to be in Credit Card debt most of the time. Well, you have to learn how to say no to yourself. Yes, it can be quite difficult initially, but trust us, you will be extremely grateful once you are debt-free. Once you have cleared your debts you can start saving and investing.

Always remember, ‘Money looks better in the bank than on your feet.’

Additional Reading: 5 Bad Credit Card Habits You Need To Change Right Now

Valuable assets: Gotta catch ‘em all!

Yup, you have to. No, we aren’t talking about a luxury car, simply because its value will depreciate with time. We are talking about assets like Gold, stocks, real estate and Mutual Funds, among other things. Research the market and invest in the best possible options to multiply your wealth. That’s certainly the best route to wealth.

Additional Reading: Investments For Young Professionals

Read, be aware

You may not be an avid reader and while not everyone enjoys reading, one should certainly read enough to know what’s happening around them. It’s important to be in touch with current affairs and use that knowledge to your advantage. After all, Dr. Suess once said, ‘The more you read, the more you know. The more you know, the smarter you grow.’ Once you are smart, you will automatically lead a better and wealthier life. Don’t you agree?

Early to bed, early to rise, makes a man healthy, wealthy and wise

Tim Cook, CEO of Apple Inc., begins his day as early as 4:30 a.m. He is not only an early riser, but also a fitness freak. He hits the gym right after waking up and is always the first person to reach office. Now that’s someone you ought to look up to, right? Barack Obama, Robin Sharma and George Bush, are a few more examples of successful morning people. Yes, we realise that you may be a night owl, but waking up early has a lot of benefits. It isn’t just mere coincidence that these successful people are early risers. Waking up early enhances your productivity, mental health and overall health. A healthy person will always stand a better chance of leading a wealthy life. So, will you be joining these successful people soon?

Now that you know these important yet simple mantras to lead a wealthier life, are you willing to take the leap? Do we hear a yes there? Well, go ahead and explore those financial products that could boost your investments and financial life.

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Category: Money Management

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