How to be rich and successful?

;                            To start with this topic, i remember a catchy question from one of my mentors:- How much money do you think is enough to make you rich. And everyone was answering some big figures. Before we start, it is a good question to ask to yourself  the same question. Please do comment in my blog for the same. 

              The answer which i got from my mentor was that there is no maximum limit of money for a person because there is no limit to your needs. Although the needs can be classified as basic, emotional, luxury etc. But there is no end to it. It keeps on increasing. People can become rich in many ways and there are different methods discussed in many self help books. If you ask me, a rich person can be told as a person doesn't get affected during inflation. This happens when you don't have a static income and you have a dynamic income. Here are some of the ways to generate a dynamic income in your account. Please note that my post is not for the ones who are born with a silver, gold or diamond spoons. My message is for them who need to start from the scratch.

1. Generate a passive income

                   There are two types of income - active and passive. Active income is something which you receive by working for a company or something which you won't get if you are not working or when you fall sick. Passive income is something which you might receive even when you are sleeping. Yes you read it right. Chances are there that you will be receiving passive income even when you are no working. It requires a initial start which requires hard work. Some of the examples are creating a you tube channel or starting a blog, making it famous and monetize the same or affiliate marketing.

2. Create multiple sources of income

                   Value of money keeps on decreasing with the time due to the inflation. Instead of getting concerned about the inflation, focus more on creating more opportunities which will help in making more money. Creating more ways of earning more will help you in beating inflation in timely manner. 

3. Get a job which can generate a huge income

                 Working in any reputed company for a pretty long time specifically in a management positions with top performance can help you in reaching the company in the topmost positions. Lets face it, you might have to face a huge competition for the same. But once you reach you can get a huge income which will accelerate your ride in making rich 

4. Start a business as per the market need

                           The market differs from place to place. Its always good to perform market research before starting any business. Also you need to consider the different factors involved in starting the business which includes raising capital, knowledge about the machinery if any or technology, office setup, reaching the clients, getting the suppliers etc

5. Investing for getting huge returns in future 

                           

                          Investment is one of the best option for becoming rich. Most people use to say we don't earn that much, but as mentioned in most of self help books its always important to pay yourself first. If we are able to save 10% of your income each month and start SIP(systematic investment planning) in a good mutual funds which might provide you at least 12% return on an average can make you rich in timely manner. There are many options for investment like gold, fixed deposits, purchasing stocks etc. Higher risk give you higher returns and lower risk give you lower returns. All we need is patience and having a calculative risk.

6. Licensing 

 

                   Licensing is one of the best way to earn a lifetime earning. All you need to have an innovative product which will be running for a pretty long time. If you don't understand what licensing means, it can be understood with an example. Every moment some institution or company puchase a windows OS, Bill gates get paid a portion for each purchase. There are many other examples like antivirus, sotwares etc.  

7. Healthy Lifestyle

                                

                We all have heard this quote "Health is wealth". Apart from focusing on wealth, it is also important to have a good health. Then only, the wealth created might be available for your passions, desires and needs. If not, we might have to end up paying the medical bills in future.