Everyone wants to become rich, but few achieve this goal. Growing rich is not easy, as it requires a lot of effort and understanding of investments. Many people simply earn money, but they do not know how to make their money work for them.
You can grow rich only when you make your money work for you. Rakesh Jhunjhunwala is one of those investors who does this well. He has shared tips to become a successful investor many times. Before we go through those tips, let us know more on Rakesh Jhunjhunwala.
Rakesh Jhunjhunwala who is one of the richest Indian investors, he is popularly known as the stock guru and "Warren Buffet of India". He is a Chartered Accountant and manages his own portfolio as a partner in his asset management firm, Rare Enterprises. According to Forbes, Jhunjhunwala is the 54th richest person in India, with a net worth of USD 3 billion as of 1st June 2018. He entered the stock market with just Rs 5,000 in 1985 when the Sensex was at 150 points.
See Also: Investment Planning
Here are Rakesh Jhunjhunwala tips to grow rich
This is one of the important things you should keep in mind, while investing in the stock market. Each investment you make takes time to give you the desired returns. No investment gives you high returns, overnight. If you are in a hurry, you can never earn good returns on your investments. So, all you have to do is be patient until you earn good returns.
To become rich, you must be a smart investor. As a smart investor, you should spot and grab opportunities when they come your way. Never miss opportunities. The opportunities may come through various fields like technology, marketing opportunities and so on.
Mistakes you make as an investor can have a lifelong impact. So you must never make a mistake which cannot be corrected. You must only risk capital, which you can afford to lose.
See Also: Importance of Financial Planning
Whenever you are investing in a stock, you must keep your emotions far away. You should not invest in any company, just because it has given good returns in the past or because it is someone’s favorite company. Keeping emotions away and this will really help you make money.
See Also: Types Of Investment Plans
Many people invest in stocks of a company on mere face value, without looking at the fundamentals. This is not a good idea. You must understand the nature of the business, before investing.
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