4 Ways to Build Wealth in 2019
In the world of Personal Finance, 12 Months is a long enough time to create an impact depending on how you spend, Save and Invest.
A new calendar year is upon us. Come to think of it, 12 months is a long time. If used smartly, this time is enough to create an impact. If frittered away, these 12 months are a missed opportunity. In the world of finance, money will remain the king in 2018, 2019, 2020…so on and so forth.
Money is a strange thing. If you have it, you want more. If you don’t have it, you still want it. At our individual level, money is a means to an end. Money could mean peaceful retirement for a couple in their 60s.
If you spend less, saving more is a corollary. However, not everybody who spends less usually saves more. This is because the spending may be immediately controlled, but it occurs at a delayed stage. That is dangerous and spoils the entire plan. Aim to save at least 40% of your annual income. Study your savings pattern and aim to increase it. Nobody became poor by saving more. But those who do not save are likely to face the ignominy of poverty.
Invest, invest, invest
Investing does not mean keeping money in your savings bank account. That is not investing. Investing has to be for a purpose and it should give you better returns than inflation. Any so-called investment where your returns are lower than inflation is a way to lose money slowly. There are tons of opportunities out there to invest. Carefully take your investible surplus and start saving in avenues that would generate an inflation and tax adjusted return.
Avoid putting money in bets (Anonymous Stock Recommendation )
The years 2017 and 2018 had seen the craze over bitcoins and penny stock recommendation via SMS and E Mails.
Many did not even understand what a crypto currency is but still went ahead and put money. Then, the value of Bitcoins tanked and investors lost most of their wealth. People lost money on mindless bets. No matter how solid the ‘tip’ is and no matter what they say, avoid bets. If winning is a matter of chance, it is better to keep your money with yourself.
Take recommendation from qualified & Experienced Consultant
One must remember that good advise will never come without a cost and good guidance is indeed very important for successful investments in the financial markets. Hence cost of the advise should be one of the last criteria and importance should be given to quality and consistency of advise. The track record and accessibility of the advisor should be the top reasons for deciding your guide in the complex world of financial markets.
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