Not everybody is born rich, but with hard work and little luck one can become rich. For some the path to get rich is really easy and smooth, while for some the path to wealth is more riddled, complicated and nuanced. One who is not born rich has to put efforts and do hard work to build wealth. You have to make smart decisions with the money you have to build wealth over time.
Here are a few ways to do it:
Settle High Interest Debt
The primary step to wealth is to pay down unpaid debt. Holding huge debt prevents people from making new investments and buying assets. Begin with high interest loans and work backwards. Low cost debts are fine, but high interest loans with rates between 5 to 20+ %, should be settled as quick as possible. In order to gain control over finances, you must pay down debt until all your loans with higher interest rates are paid off.
Spend Less Than You Earn
This step is probably the simplest to say, but hardest to implement. Prepare a list of your monthly expenses and come up with ways to get that amount to be less than your monthly earnings. The idea is to reduce your expenses than your income so you can save some money. Begin slow by saving small amount every month that will help you to pay your bills, pay off debt and live comfortably.
You don’t know what could happen to your earnings. Keeping some money in side to cover 3-6 months of expenditures in savings is a crucial contingency plan. Small business owners also follow this approach. Many work to create a 3-6 month liquidity support so they can stay afloat while establishing their business and expanding their operations to meet increasing client demands.
Invest in a Good Business Opportunity in India
Begin investing after you have sufficient savings. We are always told “work hard and you will be rewarded”, but that doesn’t mean you will be rich. Wealth comes from ownership. Take savings above the essential support money, and invest in a good business opportunity. A number of franchise opportunities in India are available through which you can earn handsome amount of money.
You can contact Business Saathi to know about the top Franchise Opportunities in Indore. Depending on your budget and your goals, we can help you choose the best franchise option.