Money Mantra - Want to become rich very soon! So never do these 6 mistakes. Will become rich in a few years!
Simple Trick of Money Mantra:- Often we find individuals in our life or maybe ourselves fighting money issues or struggling with financial problems and this is often such a drag that produces a victim of depression but do you know that we have to face such problems? We are the reason why we have to face problems.
Often we make many such mistakes in our everyday life which puts us in financial problems and these problems are due to not spending money properly, we make many mistakes regarding money and some people So still doing.
Today, through this article, we are going to tell you about 6 such financial mistakes, knowing that you can rectify your mistakes and increase your income.
Money Mantra
| Table of Contents |
|---|
| 1. Simple Trick of Money Mantra |
| 1.1 Do not increase expenses on increasing income |
| 1.2 Do not increase Liability |
| 1.3 Don't pretend to be rich |
| 1.4 Increase investment over time |
| 1.5 Instead of saving money, focus on investing money |
| 1.6 Keep track of where the money is being spent |
1. Do not increase expenses on increasing income:-
Often you must have seen most of the people whenever their income increases, they increase their expenses instead of saving their income or making profitable investments, which is the first mistake of their financial problem. They realize this mistake when they start having money-related problems, at that time they have no other option but to take loans from people and face that problem.
But if we want, we can solve this problem, for this, we have to reduce our expenses a little and focus on saving and profitable investment. When we save by reducing our expenses, then this money comes in handy during our troubles and when we focus on investment, we can increase our income from double to 4 times which gives us maximum returns in our future. With which we can increase our lifestyle and also avoid financial problems.
2. Do not increase Liability:–
First of all, let us understand what is Liability. When we invest our money in any business or funds, it gives us returns. But when we invest our money in such a place from where we do not get any kind of profit. As we understand it by example if we have bought a car/bike just for show-off or buy any other thing, which does not give us any kind of profit, then we call such things as Liability i.e. Liability reduces our money. It does not increase and people mostly keep repeating these same mistakes and invest money in Liability, then we should also avoid investing money in Liability.
3. Don't pretend to be rich:-
There are many people in this world who, instead of using their income in the right place, start pretending to be rich. With less money, you start paying attention to expensive cars, expensive clothes, expensive houses, and expensive things. And this is the reason why they are never able to become rich in the pretense of becoming rich. So if you also spend your money on expensive things in the same way of showing off. So be careful and shaving your money and invest it in a good place.
4. Increase investment over time:-
Whatever good things we have, we think to increase it more, similarly, you should also increase the investment with time. Often we see, people's income increases, but they do not increase investment in comparison to income, and on the contrary, they take big expenses. So you should also avoid making such mistakes, and increase your investment with time.
5. Instead of saving money, focus on investing money:-
Whenever people have a monthly salary, their mindset remains that they have to save money in the bank and this is right but it is also wrong to a large extent because it would have been more beneficial to invest money than shaving. Is. Because inflation increases at the rate of 6% every year.
And in the bank, we get interested in the savings account only at the rate of 3%. That is, if today the price of an item is Rs 100, then next year it will cost you Rs 106 to buy the same item. So looking at the inflation rate, instead of depositing the money in the bank, you should invest in such a place where the return is higher than the inflation rate.
6. Keep track of where the money is being spent:-
If someone asks you what you have said throughout the year and on what you have spent your money, then it will be very difficult for you to answer it. This is because you did not keep track of your money properly. If we do any work, then we definitely keep its budget and account. Similarly, you should also keep track of your money and track your money from time to time.
So that you can get accurate information about your money and can see if your money is not being spent unnecessarily. And if you feel that your money is being wasted somewhere, then control such expenses. So these were some mistakes that you should not do with your money.
