Do you want to become Rich?
There is a story of two friends that give an answer to your question.
Now, let’s learn with the first friend, what should we do to convert our dream life into real life or not: -
1. Mr. A was a fresher who got a private job after graduation whose salary Rs 15,000 and he wanted to become a rich person. But with his low salary chances to become was so far.
Mr. A’s Total expenses in a month – Rs 10,000. He saved Rs 5,000 every month.
Mr. A deposited his income in the bank and got 4% interest per annum and in his whole life, he was not become a rich person because with the increase in the salary:
- His expenses increase at the same rate.
- As inflation day by day, sometimes he couldn’t save any money.
- Irregularity in saving remaining money.
- In case of an accident or health issue, he spent his whole saving money.
2. Mr.Vansh was one of the friends of Mr. A who was also a fresher & worked in the same company and got Rs15,000 in a month and he also wanted to become a rich person but he followed some strategies.
Mr. Vansh’s Total Expenses in a month same as Mr. A – Rs 10,000 and saved Rs 5,000 every month and he became rich but now to let’s see:-
- First of all, he saved Rs 1,000 for Term Insurance every month and deposited in lumpsum every year for it. [ Term Insurance is the insurance in which Cap is of Rs 1crore and more for health issue and accident and for any issue].
- Rs 2,000 – He opened Recurring Deposit (RD) where he got interest @ up to 7% approx.
- Remaining Rs 2,000 in Mutual Funds in which he got interest @ 9% - 12% and more than it.
In this whole process, he saved a lot of money and made money from money and later once after some years he had a big amount of money and then he had a lot of ideas for opening his own business and run his own business and became a Rich Man.
This story teaches us one thing that there is no necessity that we have a good salary for becoming rich. We must have knowledge of how to invest and save our income rather than deposits in Saving Accounts.