InvestorQ : How to get rich in less time?
Aditi Sharma made post

How to get rich in less time?

Answer
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7 months ago


Honestly, there’s no such thing as getting rich in a short-time or there’s not any shortcut unless you have won any lottery or received inherited money. However, you can be rich if you follow simple rules in life that would help you to manage your finance and save it for the future, along with earning on your savings by making an appropriate investment.

This process is called ‘The getting rich Quadrant’. Quadrant is something that has four sides, here we are referring to four different situations or circumstances as the quadrant.

The secret is simple. All you have to do get rich is to start earning early, spend less than what you earn and invest the surplus where it is safe and would fetch better returns for you.

One thing that you should focus on shall be to save, but only saving won’t help, you should also try to grow that part of your income and it cannot be achieved by letting it sit idle, investment is the key to grow your income as the power of compounding works over it.

Now, consider the part where I said spending less than you earn, this is going to be difficult but in fact, only this will help.
We often end up spending more than we earn and in the end are under the debt and then that debt cycle continues forever.  Generally, when you own a credit card, this means you’re looking for an option to borrow money for some time and end up being under debt, which means spending more than you earn. This should stop if this is something you are doing.