“Early to bed, early to rise, early to save……healthy, wealthy and rich”.When one is interested to save money they should start small, utilize each and every opportunity to multiply money faster. So let’s discuss few simple yet powerful tips and cost control techniques that teach you top secrets for multiplying money.
Set definite Goal for multiplying money:
Think of what you want to achieve to live comfortably in your future and set short, mid and long term financial goals. Write down personal financial goals, be specific, measurable and action-oriented. In order to achieve your goals, create a timeline that helps to hit your targets.
Start early to multiply faster:
One of the top secrets for multiplying money is starting early really, yes it gives you an edge and makes easy to achieve your financial goals, because it is always better to take a part of your income and keep it aside for your savings plan right from the day you start to earn. Cut down your miscellaneous expenses, create a monthly budget plan, focus on cost reduction and save whatever you can from your salary. Cut down spending’s on gifts, luxuries and unnecessary outings which fetch you nothing. If you do have a girlfriend share expenses and don’t let her be your grill friend
Use Mutual Funds to reach goals:
Mutual Funds Sahi Hai….yes they are indeed great and can be a top secret for multiplying money gather large chunks of money if you have chosen a right SIP ( Systematic Investment Plan). Do some research on how do mutual funds work, know about mutual funds, find which mutual fund is best by looking at the mutual fund NAV history and select the right one from many kinds like mid-cap funds, equity fund, blue-chip funds, and ELSS funds if you wanna save tax. Compounding works well in mutual funds and starting early really pays off. Just have a look at this
Age-wise investment comparison:
Invest in stocks to multiply faster:
Investing in stocks is another top secrets for multiplying money. To starters, this might not give a smooth start but if you decide to own a stock for longterm, then you can do without giving it a second thought. Most of the mid-cap stocks and blue chips will give you a good return and its well worth the wait if you really hold long. Look at the classic example of Wipro to know the power of compounding
Share value by year:
|YEAR||ACTION||NO OF SHARES||FACE VALUE|
|1980||Initial Investment||100||Rs. 100|
|1981||1:1 Bonus||200||Rs. 100|
|1985||1:1 Bonus||400||Rs. 100|
|1986||Stock split to FV Rs.10||4,000||Rs. 10|
|1987||1:1 Bonus||8,000||Rs. 10|
|1989||1:1 Bonus||16,000||Rs. 10|
|1992||1:1 Bonus||32,000||Rs. 10|
|1995||1:1 Bonus||64,000||Rs. 10|
|1997||2:1 Bonus||1,92,000||Rs. 10|
|1999||Stock split to FV Rs.2||9,60,000||Rs. 2|
|2004||2:1 Bonus||28,80,000||Rs. 2|
|2005||1:1 Bonus||57,60,000||Rs. 2|
|2010||2:3 Bonus||96,00,000||Rs. 2|
|2017||1:1 Bonus||1,92,00,000||Rs. 2|
But there are high chances that you get carried away with intraday, stock options and may loose big if you getting into it without knowing the depth. All in all if you do wish to trade feel free to contact us.
Deposit in bank:
Primarily banks offer two kinds of deposits Fixed deposit & Recurring deposit. Fixed Look at which bank gives the highest interest rate before you invest. In a recurring deposit, investors can choose the tenure of the deposit and the minimum monthly payment. RD schemes are more preferred because they are more flexible compared to FD and are generally preferred by those who want to start an account for the purpose of saving money and building a good capital.
Say no to Creditcards:
Credit card is your growth killer it blows away your budget and often makes you spend and pay more than you afford High interest rates and increased debts defy your management skills, increases your daily expenses and makes you fly away from your budget planner. Lastly if you don’t clear of your balance on credit cards at the end of each month…………. probably you can never save.