Increase Your Wealth by up to 35% in 5 Simple Steps Without Increasing Your Income

What if your earnings are not increasing, but your wealth is?

Yes, this is possible, and it's not that hard. You just have to be disciplined and consistent.

Before starting anything else, you need to ask these questions to yourself

1. Do I have an adequate emergency fund?

2. What is my Savings/Liquidity plan?

3. What is my investment plan?

Yes, the first step to growing your wealth is buying insurance.

But why is insurance important?

If you think investing in other things before investing in yourself is more important, then you're wrong.

By not investing in yourself first and not keeping an adequate emergency fund before you start investing in other things, you're putting yourself and your family in danger.

1. Get Insurance

People don't take insurance because they think it's expensive. In reality, it's not.

If you are under 35, you can get insurance of ₹1 crore with just ₹200-₹400 per month.

Just like life insurance is essential, health insurance is also important. This post will be effective, and I will be successful if even one of you buys insurance and start taking care of your future.

But this post is about getting wealthier, not about increasing your expenditure by suggesting you buy insurance.

Don't worry, I'm coming to that now.

2. Invest in Gold

Invest in sovereign gold bonds only.

Stay away from digital gold. It charges you hidden prices, and sometimes it doesn't give you any returns.

Just like the government take advantage of us, this is one of the best ways to take advantage of our government.

3. Opt for Auto-Sweep

Another way to increase your wealth by 2.5% if you keep your money in saving or current accounts is to opt for Auto-Sweep Facility.

By doing that, your 2.5% interest on the saving account will increase to 6%, and your 0% interest on the current account will increase to 6% as well.

4. Invest in Mutual Funds and Stocks

Invest in Direct Mutual Funds only if you're investing in mutual funds.

If you're confused with these, you can just go ahead and invest in Index Fund. That's the easiest way to start.

5. Invest in NPS

Do you think you're still young, and it's not the time for you to think about all these now?

Sorry to say this, but you'll get older even before you realise it.

So think about your future and plan for your retirement now.

The best way to do that is by investing in the National Pension Scheme (NPS).

10-11% return per annum can be expected from it.

It's way better than your PF. It gives 3-4% more interest than PFs

.

But How Much Do You Have to Invest?

If you are 25 or less, you can invest 75% of your total investment in equity.

If you start investing young, when you don't have many responsibilities, you can take more risks and grow your wealth faster.

But always remember to do detailed research before making any investments.

If you're thinking that these investments are going to be expensive for you and you won't be able to afford them, you're wrong.

Invest whatever amount you can afford, and you think you can. You can increase them whenever you can in the future.

These are small and simple steps.

If you just take these smart steps and follow them, you can increase your wealth by up to 35%.

This might take some time, but you have to be patient, and you'll get there.

Disclaimer: This is not a financial advice. This is just for educational purpose. Always do your own research before making any investment.