How to become RICH and build wealth!!!

All about investment, financial planning, mutual funds, stocks, shares

Contrary to popular belief, building wealth doesn't necessarily require a large inheritance or an unexpected windfall. What it takes is planning, perseverance and good investing habits. The following time-tested financial plan strategies may help put you on the road to building your own wealth.

Use SYSTEMATIC INVESTMENT PLAN to see the potential benefits.

Have a financial goal
Spend time planning your financial future and know what you're working towards. Set clearly defined weekly, monthly, yearly and lifelong goals. Whether it's owning your own home or early retirement, you have to know where you're going if you want to get there.

Evaluate your financial goals regularly
While establishing your goals is an important step, regular evaluation of them is also critical. Just as your life changes over time, so too will your goals and objectives. Marriage, the birth of a child or even a job change are just a few of the events that may require you to revisit your goals and the investment strategies that may help you achieve them.

Spend less than you earn
Living below your means is one sure way to have the money you need to save and invest. Get into the habit of spending less than you earn and paying yourself first through a systematic investment plan. This way the money is invested before you have a chance to spend it.

Minimize your debt
Every dollar you spend paying interest on debt is money lost. Even a 10% return on investments isn't going to amount to much if you are paying 18% in interest charges. Instead, consolidate any debt you have to one credit card. By setting a target date and establishing a regular payment amount, you can reduce your debt and eliminate unnecessary interest expenses.

Invest early, wisely, often and as much as you can afford
Even a small amount of money invested wisely has the potential to grow into a big return over time. This is because investing early allows you to take advantage of the power of compounding gains.

Seek out the professional guidance you need
Developing and maintaining an efficient investment strategy takes time, knowledge and resources — a combination that is not easy to come by. Your financial advisor is there to provide the professional, objective guidance you need to create a plan that addresses your investment needs and can be changed as your life does. Taking advantage of this expertise is a critical step in helping you realize your goals.

Source: Madurai Money