Manage Money Like A Billionaire
The Wealthy Do It Differently
Wealthy people - especially billionaires - get to where they are because they know how to manage money and use it to generate wealth. Here are some tips.
Financial Literacy
This is step 1. Before you understand how to manage money, you need to understand money itself. How to save it, where to spend it, how to use it wisely, available tax breaks, etc.
Save - No Matter How Much You Earn
This is step 1. Before you understand how to manage money, you need to understand money itself. How to save it, where to spend it, how to use it wisely, available tax breaks, etc.
Live Within Your Means
Don’t live like a rockstar just because you can. Frugality always wins. Warren Buffet still lives in a modest home he purchased in the 1950s despite being a billionaire.
Remain Debt-Free
Accumulating debt can be a trap you can never get out of. If you have loans, repay them on time so you don’t carry it over and end up paying more interest.
Preserve Capital
This goes hand in hand with saving, but billionaires preserve capital by spending wisely.
Invest
Billionaires invest in assets that appreciate over time - this could be land, property that’s rented out, or financial assets such as stocks and mutual funds.
Start Investing Today
You don’t need to be a billionaire to start investing. You can invest in mutual funds for as little as Rs. 1000 a month.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.