The Most Authentic Guide on Personal Finance and Investments

Words of Wisdom : "If past history was all that is needed to play the game of money, the richest people would be librarians." ~ Warren Buffett

10 Golden Money Rules to Become Crorepati (Part 1 of 2)

In my experience, lack of financial literacy is the main reason why people have not made the best use of their money. Their potential to become millionaires has, therefore, unfortunately remained unrealised. Worse, they have repeatedly fallen prey to fraudulent schemes. If you want financial success, this has to change.

You have to become more vigilant about your financial matters.

For your convenience I have listed below Golden Money Rules that are the catalyst to your millionaire-aspirations.

1.    Invest in financial lessons before investing in financial assets
You don't drive without learning driving and getting a license. Do you? Similarly, you need to first learn how to acquire good assets and manage them appropriately.

2.    Have a detailed Financial Roadmap
Without one you could easily get lost in the financial maze and may not reach your goals. Get yourself a financial GPS.

3.    You are unique. Hence, do what suits You
Blindly copying others is not a good idea. Your assets, liabilities, needs, desires, time-frame, risk-appetite are different from your friends, neighbours, colleagues, relatives. So naturally, your investment pattern too has to be different from them.

4.    Keep things Simple
A simple term plan, a simple mutual fund, a simple medical insurance plan, etc. will work well in most cases. Don’t be under the false impression that complicated products give better returns.

5.    Start early, invest regularly and stay invested
Time makes money. Even Einstein was impressed by the power of compounding. Assets are merely the tools, which Time employs to make money for you.

[Also Read : 10 Golden Money Rules to Become Crorepati (Part 2 of 2)

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