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In pics | 10 money rules to follow to become a millionaire

Here is what you should do to become a millionaire
Jul 12, 2020 / 02:10 PM IST
Want to be a millionaire? Here are some tips and practices to adopt that can help you get there, one step at a time. (Image Source: Pixabay)
Want to be a millionaire? Here are some tips and practices to adopt that can help you get there, one step at a time. (Image Source: Pixabay)
Study | Even with all the distractions around, be consistent with your grades. The job market, even more so today is highly competitive and a good grade could help you get a leg up. A well placed job could go a long way in determining how much and you earn and thus how much you can save. (Image Source: REUTERS/Krishnendu Halder)
Study | Even with all the distractions around, be consistent with your grades. The job market, even more so today is highly competitive and a good grade could help you get a leg up. A well placed job could go a long way in determining how much you earn and thus how much you can save. (Image Source: REUTERS/Krishnendu Halder)
Save, Save, Save | Save more than you spend is the running mantra. Especially when starting out, spending on essentials is important. With that salary in hand a little bit of entertainment is also tempting, but with the eye on the prize it is usually a good practice to save more than you spend. As per a CNBC feature, try saving at least 20 percent of your annual after tax income, no matter what. (Image Source: Reuters)
Save, Save, Save | Save more than you spend is the running mantra. Especially when starting out, spending on essentials is important. With that salary in hand a little bit of entertainment is also tempting, but with the eye on the prize it is usually a good practice to save more than you spend. Try saving at least 20 percent of your annual after tax income, no matter what. (Image Source: Reuters)
Consider investing | It is imperative to do thorough research and understand your own means, how much you can spare towards investments, what kind of investment would suit your needs and whether you want to bet on high risk-high reward or the tried and tested options. In any case, investing is a good way to make your money earn some money. (Image Source: Moneycontrol)
Consider investing | It is imperative to do thorough research. Understand your own means, how much you can spare towards investments, what kind of investment would suit your needs and whether you want to bet on high risk-high reward or the tried and tested options. In any case, investing is a good way to make your money earn some money. (Image Source: Moneycontrol)
Manage your money | Keep and track of your expenditure, savings and investments. Knowing what you’re spending where and how much can help you plan your finances more efficiently and also help you track excesses or misses. Use tax laws to understand and navigate investment decisions. If needed, get professional help to maximise your income stream. (Image Source: Taylor Weidman/Getty Images)
Manage your money | Keep and track of your expenditure, savings and investments. Knowing what you’re spending where and how much can help you plan your finances more efficiently and also help you track excesses or misses. Use tax laws to understand and navigate investment decisions. If needed, get professional help to maximise your income stream distribution. (Image Source: Taylor Weidman/Getty Images)
Real Estate goals | Real estate is a good consideration, especially since it is a tangible asset. Generally, if the property is in a good area or in an area with growth potential, rental prospects and future sale if you so opt, would almost always yield higher returns that your initial input. If you manage your money well, loan or mortgage for the property can also be paid off within a fixed timeframe after which the rental will provide a steady additional income stream. (Image Source: REUTERS/Larry Downing)
Real Estate goals | Real estate is a good consideration, especially since it is a tangible asset. Generally, if the property is in a good area or in an area with growth potential, rental prospects and future sale if you opt, would almost always yield higher returns than your initial input. If you manage your money well, a loan or mortgage for the property can also be paid off within a fixed time frame after which the rental will provide a steady additional income stream. (Image Source: REUTERS/Larry Downing)
Use finance options to your advantage | Learn how to use credit and debt. Picking up a property mortgage that you can definitely pay off and then earn more out of whether from rental or sale is one such bet. They key is to know your limits and plan accordingly. For credit cards, pay the balance and earn cash backs or points – whatever bank’s terms are. These can then be used for other purchases. (Image Source: Reuters)
Use finance options to your advantage | Learn how to use credit and debt. Picking up a property mortgage that you can definitely pay off and then earn more out of whether from rental or sale is one such bet. The key is to know your limits and plan accordingly. For credit cards, pay the balance and earn cash backs or points – whatever bank’s terms are. These can then be used for other purchases. (Image Source: Reuters)
Live below your means | What this entails is consistent budgeting, looking up offers and discounts, avoiding unnecessary expenditure on luxury items and generally living a frugal lifestyle. Most millionaires are not shy to grab an offer. (Image Source: Reuters)
Live below your means | What this entails is consistent budgeting, looking up offers and discounts, avoiding unnecessary expenditure on luxury items and generally living a frugal lifestyle. Most millionaires are not shy to grab an offer. (Image Source: Reuters)
Side hustle | If you plan to start your own business, do not quit your job to do it. Start it as a side hustle, so you still have steady income coming in and have room to adjust and make changes when problems arise. The side hustle could turn into a full time job once it’s better placed and you could use the final pay from your old job to give it a good push. (Image Source: Reuters)
Side hustle | If you plan to start your own business, do not quit your job to do it. Start it as a side hustle, so you still have steady income coming in and have room to adjust and make changes when problems arise. The side hustle could turn into a full time job once it’s better placed and you could use the final pay from your old job to give it a good push. (Image Source: Reuters)
Build relationships | Networking keeps you on top of the recent developments and also gives you a chance to learn from others in the field who may have been working in the sector far longer. Higher placed colleagues are also more likely to recommend ‘known’ people for opportunities. (Image Source: Unsplash)
Build relationships | Networking keeps you on top of the recent developments and also gives you a chance to learn from others in the field who may have been working in the sector far longer. Higher placed colleagues are also more likely to recommend ‘known’ people for opportunities. (Image Source: Unsplash)
Learning never stops | The job and economic sphere is continually changing. These days newer programming, technology and basic general know-who is constantly evolving. Invest in yourself. Educating yourself of the newer tools, courses or expanding your knowledge base will never hurt. You don’t even need a formal course to do so. Many studies show that most millionaires are consistent readers. Read to gain information and self-educate. (Image Source: Reuters)
Learning never stops | The job and economic sphere is continually changing. These days newer programming, technology and basic general know-who is constantly evolving. Invest in yourself. Educating yourself of the newer tools, courses or expanding your knowledge base will never hurt. You don’t even need a formal course to do so. Many studies show that most millionaires are consistent readers. Read to gain information and self-educate. (Image Source: Reuters)
Moneycontrol News
first published: Jul 12, 2020 02:10 pm

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