Accumulation of Wealth- Start Early And Be Successful
Becoming rich is not something that we will become all of a sudden post-retirement. Only what you start accumulating from the early years of your life will make you what you are when you are old. Read on to know how to start the process of wealth accumulation early:
- Start earning early: The common mistake people commit is postponing their earning. Even when you are a teen, decide on a career which will bring you more money. Accordingly, plan and get excellent educational qualifications so that you land up in a wonderful job. If it was not possible, no problem, land in a job first. Then start doing certifications in a related field which can boost up your career. But when you miss the initial years and start your career late, you tend to accumulate low money.
- 2. Risk: Till your late thirties invest in risky options. These will give high returns. Hesitating in taking up risks will lead to regrets of losing profits. Also, try investing in the latest technology. This will be a good source of huge profit. Any technology will climb to its peak and have a soaring future. The good timing is to invest on them during the earlier stages of their introduction.
- Good company: Most of them who start their life successfully, end up as financial failures because of bad company. When you sense that people who make you pay the bills while dining out (or) use your car permanently without sharing fuel costs, get rid of them. At one point in time, they would make you lavish. You would end up becoming a thoughtless spender.
- 4. Loans: Plan your home loan in such a way you avail it within 35 years and close it before retirement. Generally, it is prudence to clear all your debts before retirement. Take only purposeful loans. Always remember that loans will eat considerable savings.
- 5. Self-motivation: Motivate yourself with low budget gifts when you invest in something new. Wealth can never be accumulated by penalizing oneself. Ensure basic comforts. What you can avoid are the lavish comforts.
- Ethics: Never engage in unethical practice in the career. It will finish your career. You will not be able to take up any financial dream then.
When you ensure all the above principles right from youth, you can start saving fast. You can accomplish all your financial goals even before your retirement.