EARN MONEY FROM MONEY

 Epictetus once asserted-

“Wealth consist not in having great possession, but in having few wants”

The prominent factor is to save as much as you can. But the point to think upon is how much to save? How to save? What will be the future benefit of saving that huge money? Money value will surely decrease due to the uphold inflation. What will be the consequences then?

Well, I had grasped all the factors in the consideration of attention.

Following factors will help you to save your money and earning from it though: -

UNNECESSARY EXPENSES

Try to use the first method to save and earn from it. Expenditure on unnecessary items is the best way to load your expenditures more than your savings. Just try to save money by not doing unnecessary expenditures and grow your pocket wealth. If you want to buy anything which is not fulfilling your present needs but is the way to fulfill the future needs then don’t waste your precious money on that in present time. Just save or deposit it and then earn interest on the particular money and fulfill your future needs in future with a large amount of money.

POWER OF COMPOUNDING

Keeping your money in the hidden almirahs will not going to help in any way. Rather wasting your money on meaningless things, try to deposit it saving accounts or Fixed deposits. You might be thinking that this will not generate a lot of interest as savings account generally gives 3.5% interest and F.D. generally gives 6.5% - 7.5% interest. But be apprise of the power of compounding effect, the interest will compound itself every period of time. You will surely enjoy the fruitful amount of money you have invested.

INVEST AND EARN FRUITFUL RETURN

We are surrounded by many options and opportunities to invest in likewise Mutual funds, Equity market, Gold, Govt. securities i.e. Bonds, etc. It is true that to invest in equity markets or stocks, one should need proper knowledge of different aspects, ratios, terms, scandals, etc. The God of Investing, Warren Buffet has invested his first amount at the age of 9 years and said in an interview that I was too late for investing. If I had before the age of 9, I would have been wealthier and more successful.

50/30/20 RULE

We only live once. We had our dreams to be go on a tour, live a luxurious life, purchase what we want and many more. We have to make ourselves as comfortable, as happy, as luxurious as we want. This 50/30/20 rule will going to help you to fill all your dreams in your pocket and will warm it.

Use 50% money from either your salary, savings, earnings, etc. on the basic needs of yours likewise the daily needs.

Use 30% money for your wants. It could be the luxurious items, expenses for tours, etc. 

Use 20% money to save. Believe me this money will surely help you in future urgency or any other situation.

                                                      ~ RAGHAV SRIVASTAVA