RULES FOR BECOMING RICH
Hello, friend. My name is Pritam. Today
I am going to discuss the laws of becoming rich. Once you start following these
laws and creating wealth, it will continue to grow for the rest of your life.
But First Let's Understand
SMART
S-SPECIFIC
M-MEASURABLE
A-ACHIEVABLE
R-RELEVANT
T-TIME BOUND
Let us first understand why we want to become rich. We want to be wealthy to live a pain-free life; if we want to be wealthy solely for the sake of money, we are missing the point of the term "SMART." So our first goal while earning the most is to spend money in such a way that in bad times we not only survive but can also shape our lives without hesitation or any painful financial situation. That must be our motto.
I will live my life for 100 years, so I
have to plan my spending in such a way that when I do not have the power to
work, my money can survive me for my whole life for my expenses.
You must first specify your spending,
after which you must plan your savings or investment.
But before that, you must have insurance
for yourself and your family members. It helps in an emergency.
I first plan to invest my money, which
will create 6.5 years of my salary, then for 12.5 years, then 25 years, and finally
(100-my age) years.
I have been in the market for around 8
years and can tell you this is the best method I have found in my experience. I
also like to tell you that there are a lot of misconceptions about financial
knowledge. Every time you get any financial knowledge, you get it into your
mind. Kindly give us some time for in-depth understanding, or else you will be
in big trouble.
Now I'll give you an example that you
can understand.
If my salary is ₹25,000,
I have to accumulate in 6.5 years, or
78 months.
25000 multiplied by 78 months equals
19,50,000 (Nineteen Lakh Fifty Thousand).
I have 12.5 years, or 150 months, to
save.
25000 multiplied by 150 months equals
37,50,000 (thirty-seven lakh fifty thousand).
I have to accumulate over 25 years or
300 months.
75,00,000 (Seventy-Five Lakhs) =
25000*300
Now let us assume that your age is 28 with 25000 salaries. How much money is required to retire safely?
Let’s put the formula (100 my age) year *current salary
(100-28) years* 25,000
(72) month*25000
(72*12) month*25000
864 months multiplied by 25000 equals
21600000 (two crores sixteen lakhs).
Now consider why I am telling you to save this amount to live a happy life because I want to live my life my way.
Now look, if I put this amount in my bank account, then I will generate
21600000 * 2.5% annual yield = 5,40,000
If we divide it by 12 months, we get a monthly income of ₹45000. After your ₹25000 expenses, you can do whatever you want to do in your life, and you will become your boss. With the ₹45000, you have left over each month, you can travel, you can buy whatever you want, you can save up for a festival day, can invest in stocks or cryptocurrency. You will never have to worry about money again. Leftover funds can be used to make start-up investments, but this is entirely up to you.
This is the simplest way to get rich.
Taking Wise Decisions is the Key to Success & Riches. When you make a wise decision, it can guide you towards rich life. However, when you take a stupid decision, it can ruin everything for you. You must take wise decisions because if you are not aware of your wealth, then it may happen sometime that your life may turn into a big disaster and become miserable.
Thank you so much for your time.
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