Want to get rich? We would have heard our ancestors tell us to control desire first.
But for that you have to adhere to these five aspects. Experts say that once you start following this, you are the one who deserves it.
Above all, always think big. You have to work hard for it.
Pay off the debt
Buy a low interest rate loan if you want to get rich. Debt should be in your favor. Should not be against you. Should not be imposed on you. Practice paying off your debt as low as possible on the whole. Reduce luxury costs. Live according to the total income.
When will you pay the fees
There are probably no days without expenses. Keep it under control though. Because only if costs are handled properly can savings be made better. So pay the monthly dues correctly without delay. Then plan your investment.
Budget and spend
You can definitely save money by budgeting and spending. Because you have to spend according to your income. Some will spend from now on for future credit. So set a limit to the cost. Experts say budget at a rate of 50/30/20. Divide this into 20% savings, 50% essential expenses and 30% critical expenses.
Buy with cash
Do not buy cashless digitally. For example, by shopping with a credit card, you can buy more than you think. Let’s go buy a truss and buy two or three. This is what we buy with quantity when it is cash on hand. We will only buy for the specified amount.
Think of anything and buy
Think twice before buying an item. Even if for example you are buying a mobile phone, can you buy it now? Is it necessary? What is required? What else is important. Think about it and then buy.
33 years old .. Income of Rs. 60,000 per month .. How much to invest for retirement ..!
One thing that many people usually think of today is that it is okay to suffer today. It should be nice to be in leisure time. It’s okay if we suffer, it’s just that our children should be fine.
The future of their children should be better, especially if they are over 30 years old. Need to plan about retirement.
Many, especially the unorganized workers and the self-employed, must invest in a permanent source of income.
How much to do?
One of the Good Return Readers in that category? Is he 33 years old? 60,000 a month? He asked what he could invest in his children’s education and retirement. Also calculate inflation before you invest. For example, if you need 50,000 rupees today, calculate how much more you will need 10 years, 20 years, 30 years later.
How much is inflation?
Suppose you need 50000 rupees today. If inflation is kept at 6%, it will require about 2.87 lakh rupees in 30 years.
1.6 lakh after 20 years.
89,542.38 after 10 years. So you can plan your investments accordingly.
How much to invest?
Now 33 years old, the main expectation is a child and retirement in the future. And when you can invest 6000 – 7000 per month, how much corpus will be available in the future. Suppose we get about 12% income per year.
How much is the revenue?
If you are investing SIP of Rs 7,000 per month, calculated as 12% return, you would have invested Rs 25,20,000 after 30 years.
How much income you will get from this will be 2,21,89,396 rupees.
So after 30 years you will have Rs 2,47,09,396 in your hand.
Medical insurance can be put on hold
Apart from this one can invest in schemes including Government PPF or Sukanya Samridhi Yojana. And as your salary increases month by month, so can your SIP investment. Medical insurance can be put in place to cover medical expenses as well. That too can be put to use by everyone in the family. With these you can put a considerable amount of money for an emergency that can be easily picked up.
