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5 Simple things to Create Wealth from your Salary

Although there are no set rules and formulas that work for one and all, here are a few smart tips that everyone could use to their advantage.

  1. Clear Off Your Debts

Clearing your debts / paying EMI should be your first priority. paying off debts like credit card bills and other bill payments are paramount importance that you pay them off.

They are required to be paid off on a monthly basis and you might end up in trouble if you don’t pay them off. You should calculate your monthly repayments for all debts and set aside money every month to ensure no defaults on payments. Missing EMI will have a adverse effect on your credit Ratings too.

  1. Set Aside your Emergency Fund

Sometimes the Future can be volatile, hence setting aside a money for uncertain situation is extremely critical. Keep a minimum of 6 Months expense as a emergency fund for rainy days.

Emergency saving will come to your rescue when life decides to throw curveballs at you. Matters can be as small as replacing a mobile phone and as big as urgent medical treatment. An emergency fund keeps you well equipped for all situations.

  1. Purchase a Term Life Insurance

In an event of sudden accident / tragedy for the Bread Winner, will always leave the family with night mare, how prepared are you to handle such situations.

Having a Term Insurance will help you in securing your Future Earnings. Your family or your dependents will never suffer from financial loss.  A health insurance is like a safety kit that you carry with yourself and no, you don’t have to pay a large premium.

  1. Start Investing Now

The No 1 reason for people who do not have Wealth is they don’t take action.

The difference is taking action / decisions and start investing. Wealth Creation is the Long – Term Process, Even if its a small amount, take action and invest that amount. The key is to start early.

Investing has the power of compound interest, i.e. to earn interest not only on the initial investment but also on the interest of earlier years. Investing early increases the time span of the investment, which helps to ride the ups and downs of the financial market.

 

  1. Don’t Forget to Pamper Yourself

This category should never exceed 5% of your salary. This we call it as play money.

This 5% of the money you can relish yourself with Gadgets you love, Travel, Entertainment and to keep the child awake within you.

But never exceed the 5% of your monthly income.

These are some principles that apply to everyone, although there is no one formula that suits everyone as life situations and ambitions differ from person to person.

Helping people to Increase their Networth and Wealth.

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Sathish Kumar

Wealth Consultant

Blogger | Speaker | Coach | Consultant

Email: Sathish@vizhi.net

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