How to become Millionare / Crorepathi
I am not going to tell you how to become Millionare / Crorepathi overnight. I would be telling you basic simple steps on how to attain this goal. Well, I am not Millionare / Crorepathi, then why do you listen to me? I dreamed of becoming Millionare / Crorepathi 10 years back, but am still dreaming. But in this process, I learnt what to do and what “not” to do.
What I was dreaming?
10 years back, I had Rs.40,000 as my investment and dreamed of becoming Millionare / Crorepathi in 8 years. The only idea was my investment would get double in 1 year. I invest Rs.40,000 and after 1 year the investment would become Rs.80,000 and after 2 nd year it would be Rs.160,000 and on 8 th year the amount Rs.1 Crore. What a good dream. I wasted my time in dreaming and putting the money in stock markets and enjoying the losses.
What are the 4 lessons I learnt?
- Income : I was not worried about my earnings. Whether it is 20K or 30K, it was not a major concern for me. When I realized how important the earnings are, I was way behind my friends and colleagues who were having good earnings and real estate properties. Then my concentration shifted on how to maximize the earnings. I tried all the ways to see on how to maximise my regular income. I keep trying for every small opportunity to increase my income.
- Spend within limits and budgets : What I could not realize earlier was on how I was spending the money. I used to take my daughter to a store when she wanted to buy an Rs.10 chocolate, but I used to spend Rs.400 bugs for variety of chocolates and biscuits. Don’t laugh. My daughter was happy for 15 minutes and she forgot this instance after that. Another example was, I used to take personal loans just like that for friends and relatives which I felt coming was coming for cheaper interest rates. But when I was re-paying before the tenure, I used to pay the interest + prepayment charges which I was trying to recover from the people I gave loans. Third example was, I used to spend my money freely in my joint family who never cared about that money and who never valued me.
In the last 2 years I have mastered spending money within my limits and budgets. I keep reviewing my expense budget every month and see the areas to cut down the cost.
- Invest wisely : Whatever I was able to save money, I used to “play” with that. What I meant to say here is I never cared about “growing” money; I spent money to check how can I become Millionare / Crorepathi “overnight”. This was one of the biggest gap. In the last 2 years, I was able to plan where to invest and where I would be in the next 3 years. In this process I was able to know the best investment options.
- Various ways of earning money : The last option currently I am trying various ways of earning money. It could be through blogging (this website I am using for blogging), ways to earn money through youtube , Starting a success ebay business etc., I am yet to be successful in these money making ways. Out of 10 options I am making attempt, even if 2-3 options are successful, this shows ways to earn that extra money, and it would automatically add to my “Millionare / Crorepathi” kitty.
Conclusion : I learnt these 4 life changing lessons to become Millionare / Crorepathi, in the last 10 years which you could start implementing from this minute. Maximize your regular incomes, Spend within your limits and budgets , Invest wisely in best investment options and try ways and means to earn that extra money which would show you the way for becoming a Millionaire / Crorepathi
Readers, do you have any success stories for becoming Millionare / Crorepathi? If so, please provide the ways and means you used to achieve or trying to achieve this goal.
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