You may have dreams and goals to achieve. If one of your goals is to become a Crorepati, then this article is for you. To achieve goals, you need to take action. You need to be clear and concise. You need to stick to the action plan.
Sit down and make a list of your goals. You may want to become a Crorepati in 5 years, buy a house in a good locality, buy a high-end car, educate your children abroad, take foreign trips and so on. It is important to make a new list each day.
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Over time you’ll see that not all goals on your list make it to subsequent lists. This is because priorities change. You might now want to settle for a decent mid-range car, instead of a high-end car. You may forget some dreams and abandon those which are unrealistic. After a few days, you’ll get a list of real goals.
Goals should be real, measurable and relevant. Goals should be achievable and time bound.
Becoming a Crorepati will only remain a goal if you don’t assign a timeline to it. How many Crores do you want to earn in how many years? Rs 100 Crores in 1 year or Rs 1 Crore in 5 years? Well, the first is unrealistic. The second is real and achievable.
Ambiguous and unrealistic goals like I want to become rich or I want to take a foreign trip or I want to earn half a Crore are not achievable; simply because they have no time frame and they are indefinite.
You can only create wealth to the extent of earnings. Investment is not magic. You can’t invest 1 Rupee and expect it to grow to Rs 500 in a day or two. Keep in mind:
There’s nothing new and nothing unknown. But do you ever practice this?
You can increase savings in two ways:
How long can you cut down expenses? How many expenses will you cut down? How about increasing your income? This makes sense. So, how to increase income?
Tap multiple sources of income. Secondary income may fluctuate, but it adds to overall income.
Stick to the basics. Don’t cut down regular expenses, rather optimize them. How to optimize expenses:
You can’t expect to make a Crore in 5 years without taking risks. Your SB account will not earn you great returns. You have to start taking higher risks. It doesn’t mean you jump mountains or invest all your savings in shares. That is foolishness. These are a few tips to grow your money:
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