4 Personal Finance Secrets of Successful, Wealthy People

It’s not all about making loads of money.

Wealth creation is an extremely popular topic of discussion.

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In a world where everyone wants to spend their money and has an eagerness to enjoy material possession, some people work day and night to make money.

The goal is not to become a money monger, but you can live a tension-free life if you have enough money in your pocket.

By Saurabh Adhane – Read this article in its entirety HERE on Data Driven Investor’s website

Live below your means for the long haul

I used to buy everything I see in the market. It was funny to buy a bunch of noodles for an entire month.

Our spending habits define our health.

When I stopped taking sugar, I saw a 10 percent decrease in my grocery shopping.

Further, I started eating healthy, and I saw a significant drop in my budget.

One common thing between living below your means and living a healthy life is that both need less money to maintain.

When I started eating vegetables instead of burgers, I observed an increase in my savings. Similarly, avoiding eating helped me to manage my finances.

Successful people live with the things in which they are comfortable.

If you’re not willing to buy a car, then don’t buy it. People fall prey to their friends and family and take buying decisions to increase their status in society.

In the longer run, this attitude hits them financially.

Avoid new loans and pay high-interest debts

The loan can become a culprit in your life. I saw people take loan after loan, to complete their basic needs like home and car. They repay it for the horizon over 20 to 30 years.

In the current scenario, everyone wants you to take their loans. As a bank officer, We sell loans to customers even when it can cause them financially.

In today’s capitalist society, every company wants to sell its products. Competition between them is at its peak.

If you’re planning to take a loan, don’t pay monthly installments of over 35 percent.

The main reason behind taking huge loans is greed to make more money or a lavish lifestyle.

Avoid taking loans and instead, take a mortgage if your ROI is high. For example, taking a loan for educational purposes is completely fine, as it will make you financially stable.

Invest in low-fee index funds

Believe me, index funds investing is…

Read on…article continues HERE on Data Driven Investor’s website

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