I get asked the below questions from the readers frequently…
What is the best investment plan in Chennai / Bangalore /Bombay…?
Where to invest money in Chennai /Bangalore /Bombay…?
What is the best investment option in Chennai /Bangalore /Bombay…?
You have got complete 365 days in your hands. It is up to you to do whatever you want. Why don’t you chalk out a plan to become richer in a year , that is exactly in the next 365 days? No one in this world is born with the knowledge on how to save or how to invest or more money. Every successful investor begins with the basics explained in this article. Almost always, the simplest are the most profound. Some simple reorganization in your personal finance management could make you richer. To be financially successful, the following three steps are important.
These three steps will give you an idea about how to invest money
1) Make a Financial Plan
This is the first and foremost important step to become financially successful. It is not your income, but your wealth that counts. People with high income like Michel Jackson died with a lot of debts.
Let’s be aware of the 3 Investment Mistakes made by the most newbie investors and how to avoid them!
What are the things you want to save and invest in? It may be for buying a home, buying a car, children’s higher education , planning for retirement. Decide how many years from now you need to achieve each and every goal. Because you need to take into consideration the inflation for all those
years and also you need to choose the best investment plan/options based on the time frame for investments.
You need to create your own list of financial goals. If you don’t know where you are going, you may end up somewhere you don’t want to be. To end up where you want to be, you’ll need a roadmap, a financial plan.
At this point, you might want to know the proven strategy to create a financial plan and get RICH. You can read the post on “4 rules to get rich”, “Money Management code to become rich” and “How to be Financially Fit?”
So create a financial plan for you and your family. There is a lot of help available for you online to create a financial plan on various websites with financial calculators. But if you want to create a more workable financial plan, you may seek assistance from professional financial planners.
You can also try our free 30-minute complimentary financial plan consultation to get a more workable result.
2) Pay off all high-interest debts
You need to create a plan to come out with your high-interest debts like personal loan, credit card outstanding, car loan and the like. Credit cards can make it seem easy to buy expensive things when you don’t have enough cash. But it is not free money. To come out of debt, you need to have specific strategies that can work in your own situation. There are There are 11 ways to get out of debt and stay out of debt. You can choose one or a few ways from this to become debt-free.
You may not like to try to give up overspending but the idea is to keep your saving corpus well maintained and pay-off all your high-interest debts on-time.
If you are not giving enough attention to your debt, then it can sink your financial ship. So take some time on this to list down all your borrowings and make out a plan to come out.
3) Start Saving and Investing
As soon as you have paid off all your high interest debts, you need to start saving and investing for your financial goals. Many times investors search in Google about “How to get/become rich in Chennai or how to earn money easily in chennai” These are not the right questions to be asked to become rich.
To save more either you need to spend less or you need to earn more. So you check up what are all the ways and means available for you to spend less and earn more.
If you are spending more than your income or all your income and you don’t have any money left to save or invest, you need to look for ways to cut back on your expenses. When you check where you are spending your money, you will be surprised to know how everyday petty expenses that you can do without adding up over a year. You need to understand what makes us spend more and strategies to have self-control with money to spend smarter an save more .
When you started saving money, you need to convert your savings into investments. When you are choosing your best investment option/plan you need to take into account, the time frame for investments, risk you can afford to take, inflation and your financial goals . Also, you need to be careful in avoiding the biggest investment mistake . That is to choose a scheme in sync with the basic investment principle. Make sure that you are not violating any investment principle. Don’t fall for speculative gains, Ponzi scheme and get rich quick schemes. Avoiding this mistake is the best way to invest your money.
If you follow these simple but authentic steps to save and invest your money, by the next 365 days you will be richer than what you are today. Celebrate this year with much more confidence and peace of mind by following these simple steps for financial success.
Let me know what new ideas/ways coming to your mind (to become rich) after reading this article? Kindly share it in the comment section.
If you want to be financially successful not only in the next 365 days but also for the rest of your life, then having a fundamentally strong and sound financial plan, will help you a lot. To help you in the process of creating this financial plan, we offer