Question

How do you build personal wealth through various investments? Share some of your tips with your classmates so that we can all benefit.

Answer 1

Building of personal wealth through various investments is not at all tough but it evolves around long term planning and strategies. Following are few strategies for making new investments which will ultimately lead to making and further multiplying personal wealth:

Making proper use of surplus or savings:

Economic status of an individual does not have any sort of bearings on the eligibity of a person to invest. Hence, if one has surplus or profits one should start investing from small age itself in gold or mutual funds or recurring deposits of bank,etc.

Start early even if you have small amount:

One should start investing even if one has small amount of surplus or profits. Starting early is the critical part for investing.

Being a disciplined investor:

Being rich is not about having money it is all about making strategical investments. The first step of becoming rich is to make good investments and sticking to it.

Making long term investments for leverage of compounding:

The success in investing does not lie in making huge amounts of investment but it lies in making regular and long term investments to leverage power of compounding.