how to become rich – factors that makes you rich

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To become rich – In today’s worlds of high Inflation( measures how much more expensive a set of goods and services has become over a certain period). where prices and  expenditure getting increase day by day and income is decreasing  it is getting difficult how to become rich but in actual it is not you can break all the chain upgrade your financial status to more wealthier the only thing that you have to do is to remember some factors and apply it in your life  so that the applied factors will make you rich in long term 
how to become rich
DO NOT INCREASE YOUR EXPENDITURE AS YOUR INCOME INCREASE
let us understand this with examples

there is first factor that helps you how to become rich suppose there is an engineer  whose package is 12 lakhs per year and maintaining his lifestyle and his expenditure under this package which means he is earning 1 lakhs per year and saves 2 lakhs per year as savings and after sometime if there is an increment in his salary up to 10 lakhs so now he is earning 22 lakhs per year and maintaining his life style under 22 lakhs package and still he is saving 2 lakhs per as savings so the main thing that we observe here is that there is no increments in his savings  as before he is maintaining his lifestyle under 12 lakhs managed everything under 12 lakhs so as now he should save up to 6 to 7 lakhs but what we see here that the person upgrades his lifestyle to more prime  and this is the same thing that we all do we will increase are spending as of increase in salary buy more luxury car more subscriptions etc . instead of savings. We prefer buying liabilities over assets and these liabilities resist us from becoming  rich  and we keep searching how to become rich and do not observe our actions and decisions .  So This is the major reason that will never let the people to  become rich and have more savings !!

SAVE MORE AND INVEST
ACOIRDING TO THE DATA AS OF NOW IN YEAR 2022 . the global inflation rate is 8.8 percent. in 2022 • So the point which is needed to be discussed is that  most of the people have habit of saving money’s the put their savings in savings account which gives them returns of 6 to 7 % on capital from 1 lakhs to 1 crore so it means if in the beginning of year 2022  if i have 1 crore of savings and keep that 💴 money in savings account on which it generates the 7 % return at the end off the year but the inflation increase with 8.8 percent which means the purchasing power of my capital decreases from 1.8 percent which means i am losing the value of my money  so view is to do not keep your savings in savings account invest it somewhere it can generate at least 12 percent of average return
here is many choices which can generate 12 percent return on an average
like invest in
•gold
•stock market 
•real estate 
 • in index fund 
•nifty bees

Earn 12% return consistently https://aelnearn.com/earn-12-return-easily/

or invest your money in stock markethttps://www.nseindia.com/invest/first-time-investor-opening-an-account

DO NOT TRAPPED

People in greater cities 🏙️ have good income and have high standard of living but they will not be able to create their wealth and have no assets which make them financially weak but where is the money goes if they have good income those guys always trapped or stuck in a debt just like they buy a car 🚗 home mobile phone on EMI on which they will pay  more and more interest which makes the  bank  rich and there business profitable • So don’t fall in the debt trap do not buy the things until you will not able to buy the same thing twice then you will be the real owner of  that thing  unless you will get stuck with those costly things and at the end you have to sell those things   and keep finding the way to how to become rich . so do not buy costly things to act like you are rich buy only those things  which you can afford twice or you are  comfortable to buy them ” if you can’t afford the twice you are not the real owner ”

sip (start sip )

Sip( A Systematic Investment Plan ) .SO some of you know about sip but most of the readers do not know about so sip is a systematic plan in which your money compounded to a big amount in few years just by investing a bit amount monthly the benefit of using sip is that it will compound your money by paying a lil bit every month and will help you to enlarge your cash and capital suppose if a someone created sip for 12 years and he pays 20000 rupee every  month for 12 years and the return on sip is 20 percent  per annum then the total capital he erode in it is 2800000 and the capital he got is 1,23,60000 . so this is the power of compounding and also in this way save so much will also become the owner of 1cr . this is is one of the most important factor that will help you how to become rich

Do something

NOW  the things that we discussed above is to help you how to become rich  but the one more habit that all the rich people have is that they do not put there money and  just by savings they put there  amount into work invest somewhere, creates side business, generate recurring revenue , takes risk  which is totally calculated .

 

CONCLUSION

SO THE OVERALL THING IS TO DEVLOP  HABIT OF SAVING AND SAVE SOME HUGE AMOUNT OF MONEY AND THEN INVEST IT IN  NEW TECHNOLOGIES , START YOUR SIDE BUSINESS. SO THAT YOU WILL ABLE TO BREAK YOUR WHOLE CHAIN SYSTEM AND GROW YOUR WEALTH   and also keep reading books about finance investing ,

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