Monday, May 15, 2023

Guaranteed Way To Become Rich In 6 Easy Steps

  1.  Start a successful business
    • Launch a business generating a net profit of Rs.200000 annually, by reinvesting the profits and maintaining this growth, you will accumulate a net worth of Rs. 10,00,000 within 5 years. 
  2. Pursue a high-paying career
    • Suppose if you prepare for a salary of Rs. 60000 per annum, with an annual increase of 5%. By saving 50% of your salary and investing it with an average annual return of 10% you can reach a net worth of over 10,00,000 within 3 years. Average annual return of 10% is achieved by SIPs in mutual funds.
  3. Invest in real estate
    • Assume you purchase a rental property (flat/shop) for Rs. 25,00,000 with a down payment of 500,000. If the property appreciates at an average annual rate of 5% and generates a net rental income of 60000 annually. This helps people to save taxes and by the 10th year usually, they can sell the property for Rs. 30,00,000 and have a profit of 10,00,000
  4. Invest in stock market
    • If you invest 10000 per month on stock trading with 5% per month profit, if you keep continuing investing for 2 years, you would have 500000 by 24th month. 
  5. Save and invest aggressively 
    • Have a formula for investment like Rental properties, New Businesses, Stock Market, SIPs etc. This formula will help you replicate profits without too much of experiments so that you can refine for better efficiency. 
  6. Develop multiple income streams
    • Spreading income generation from multiple streams like rental income, stock market trading, SIPs from MFs, business incomes apart from the salary.

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