Stop Depending on Your Salary, Try This to Get Rich

  • 5th May'21
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Stop Focusing On Your Salary

Most of us are dependent on our salaries for our survival and daily living. We sit on it for a decade before making your money roll in in the market. For people with a simple mindset and average living, this is a decent option. But if you are ambitious and your dreams are of a luxurious lifestyle, this money surely does not suffice to your high demands. 

People also believe that the key to becoming rich is spending less and saving more. This strategy might keep you financially secured for some time but surely doesn't make you rich. 

But do you know that most rich people did not just depend on their salaries? 

Let us find ways through which you can make good money. 

 

 

Read the below article to know more about it:

If You Want To Be Rich, Stop Focusing On Your Salary (Do This Instead)

I used to break down my money into two categories; salary and savings. The process was very simple. To make an income, Read More

 

What is passive income?

Passive income is money that you make with small or no input, Examples of passive income streams are stocks from shares, rent from real estate that you have, royalties from books or CDs or songs that you composed, etc.

The big secret of building wealth is:

  1.  Growing multiple avenues of income like stocks, mutual funds, etc. 
  2.  Using your passive income for your expenses and saving your whole salary. 

So first get numerous streams of income and then secondly invest them to result in passive income.

Financial prudence is always smart. But poor and rich alike need to feel included and reasonably independent. They need a sense of purpose. If you're not facilitating those emotions through your behaviors and rates, if there is no choice in what your team members can do, then roll up your sleeves and do the hard work of changing your strategy and policies. Ultimately, their joy will be what keeps your doors open and your wallet fat. 

 

 

Read the below article to know more about it:

10 Things It’s Better to Stop Doing If You Want to Be Richer

Everyone finds their way to wealth. Some people were insightful enough to buy Bitcoins when 1 BTC was equal to $1; others work a lot. Read More

Your salary shouldn’t be your only source of income

Millions of words are written every day about personal finance. Most of these are sensible but lack the psychological and behavioral aspects that help people break bad financial habits. Read More

 

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Contributor: Beauty Kumari 

An eloquent individual loves to express a myriad of topics through her words. She is ready to take any professional challenge head-on and give her best to any project entrusted to her. She wants to adversely impact her writing and build a career out of her passion. 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Prachi Chouksey (Editor), Super admin

An artist by heart and a writer by profession, Prachi is a vivacious reader.  She believes in hard work and her dedication has never let her down. She puts her heart and soul in everthing she does. Though life has not been a bed of roses for her, she affirms that the best way to live it is to maintain an equillibrium between the tunes of life.  


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