The Dummies’ Guide to Wealth Creation

by | Nov 3, 2015 | Financial Management

“The main reason why people don’t get what they want is that they don’t know what they want”.

There are many approaches to wealth creation; for example by increasing the income you already have, by adding a second source of income or by being ruthless in deciding how to spend your hard earned money.

All said and done wealth accumulations achieved by maintaining revenue streams that are under your control.

More often people fail to accumulate wealth because of mind-set what they have than actual

Circumstances that leads to financial failure or crises.

Some of them are:

Blame game: Blaming everybody other than themselves. Blaming parents for not leaving enough money, blaming spouse for spending, blaming economy, blaming stock market, blaming employer for not paying well etc. Stop blaming and take charge of your finances.

Justifying the circumstances: There are enough opportunities and situations to have better financial life. Stop justifying current situation. Think big. i.e. go above your circumstances. Take charge.

Complaining: Stop complaining about your financial health. Start focusing on how to make it better. Look at the opportunities, not at obstacles.

Here are few tips for wealth creation

Try to simplify your life style, where you consciously create a life style in which you need less money to live on. By decreasing your cost of living, you increase your savings and the amount available for investing.

Focus on increasing your income and increasing your investment returns.

Whatever money you have, start managing it now. It is the habit of managing money that is more important than the amount.

Satish Rajagopalan, CISA, ITIL Foundation
CEO & Founder at Spearhead EduOnline Pvt Ltd. (the company that owns and operates ApnaCourse.com). He holds a btech in Computer Science, an MBA in Strategy and Entrepreneurship and a post graduation in Finance. Read More.

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