Hello friends, today we are going to talk about the most effective ways to become rich within five years and I have the most effective trick for you which is safe and legal, simple and surefire.
The question is whether you have the patience to pull off the feat. Only five years will pass, but will you be able to successfully transform yourself in that time?
If yes, then whatever labor you do, be it job or business, keep doing it and invest 30-40% of your monthly income directly in FD. Keep each FD reserved for five years. After this, settle the rest of the work with the remaining salary and for at least 5 years, ignore the fact that the 30% you have stopped for FD is your money.
Also, invest at least Rs 1000 per month in SIP for at least five years.
Make a list of all your expenses and a list of how much you spent throughout the month, and then combine the two lists to determine how much money you’ve wasted on unnecessary items. Make a new list for the next month and try to save the balance in the account by avoiding unnecessary expenses.
If you use a credit card or debit card, keep it for essential bill payments like electricity, water and gas every month, or stop using it altogether.
If you enjoy cigarette, gutkha, alcohol etc. then you should make a budget and try to reduce it every month. It is the expense which is never accounted for but results in the biggest loss.
Avoid both borrowing and lending, even under unusual circumstances. Debt always takes you backwards; You may not notice it immediately, but if you calculate over the next four to five years, you will notice a significant difference.
If you practice this type of frugality for five years, you may or may not become rich, but you will be a much more self-sufficient and financially stable person than you were yesterday.
Remember that there is no legal shortcut to wealth.
Yes, if you are lucky enough to be one in a million; Otherwise, there is only one way to become rich: save and try.