Envy –an ugly, twisted feeling we get when our friends or relatives flash their new house or phones, we have been dreaming to get our hands on or even that trip we have been eyeing for a long time. Sure, we understand that you really want to be happy for them. But it’s difficult to muster up genuine happiness on your face when life has been unfair to you by providing more to your rich friends. So, what can you do to get yourself out of that sinking feeling?
We often conclude that they just got lucky with their success. While it’s understandable to get bitter feelings for your friend’s success, it’s unfair to assume that they got it based on their sheet luck. Financial success requires more than just luck – it requires hard work, determination, and diligence. This article focuses on how to become rich.
Understanding financial success
Financial success is not about other’s financial success, it’s about you. It’s not a set benchmark that one must achieve. It changes as per your aspirations, goals, dreams, lifestyle, and determination. You must probably be envious of your relatives or friends because they might have a higher inflow of income or salary. But here’s the good news. Though a good source of income gives you a good push, it’s not the only factor. Even if you are not earning a significant amount, you can still become rich. Here’s how.
The amount of money you are able to save and invest and the investment options you choose to invest in is better indicative of how rich you can be rather than your actual salary. Firstly, you need to determine how much amount of money is being rich for you. Being rich is a relative term – everyone has a different definition and requirement for it.
Becoming wealthy is simple
To become wealthy and rich, you do not have to go out of your way. You simply have to be smart about your money. Saving and investing are two important terms that decides how fast you can be on your journey to be rich. Try to save as much as you can and invest it in different types of investments that best suit your investment portfolio.
If you want to grow your wealth, you must invest a majority of your corpus in inflation beating investments with the potential of high returns. These investments often carry a higher level of risk as risk and returns go hand in hand. Example of such types of investments include equites and equity-related securities. However, if you are looking to preserve your wealth, you might consider investing your money in fixed-income securities such as liquid funds, bonds, government-sponsored savings schemes, debt funds, etc.
Saving and investing your money would help you to become richer quickly. Mutual funds are a good place to start for investors who are clueless about where to invest their money. Irrespective of any type of investment you choose to invest in making sure that it aligns with your financial goals, risk profile, and investment horizon. Having said that, in the process of becoming wealthy quickly, do not lose your happiness quotient. Remember, lack of funds could be one of the reasons for you being unhappy but having an excess of it does not guarantee happiness. Happy investing!
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.