RICH or WEALTHY
All of us know people who are earning much higher than income of average Indian but then quite a few of those do operate on paycheck to paycheck on monthly basis. In other words, they are almost broke towards end of the month despite earning a pretty handsome salary.
Why this is happening?
Welcome to being RICH but not WEALTHY.
RICH people focus on earning and spending money.
WEALTHY people focus on utilizing ideas/assets to generate more idea/assets/money.
Building WEALTH requires huge control and understanding of delayed gratification. It’s a mindset and it involves thinking long term.
By making a choice of wealth, you’ll only pursue WEALTHY and profitable activities, thereby reducing and eliminating unprofitable ones.
So how to be WEALTHY?
There are many many ways to become WEALTHY. I am just detailing a few herewith.
- Be an inventor and market it well.
- Start your own business and nurture it to grow to a level where it is sustaining with the help of professionals.
OR
Prepare your budgets(income/expenses/liabilities); draw up your goals, ensure protection (insurance), enhance your risk profile (by reading, experiencing, reviewing what works), Have asset allocation strategy for investments to beat inflation and to achieve goals, have funds parked in emergency requirements.
