Producer:  Priyanka Das Editor: Manuj Yadav

5 Tips That Can Make You A Crorepati

Investment is the key

One should always seek advice from an expert and know what is the right strategy as per their financial goals and risk appetite before investing. The power of compounding interest can take an individual mile ahead in a quick succession.

Diversification is important

Diversification is equally an important aspect of investing that gives you exposure to many options such as real estate, stock markets, mutual funds, commodities like gold and silver as well as alternative investments like government schemes, bonds, etc.

Plan a 50-30-20 budget rule

As per experts, this personal finance rule says that individuals should divide their budget into 50-30-20 categories. 50% should be allocated for spending on needs, 30% on wants, and 20% on savings.

Have covers for emergencies

Anyone can face emergency situations in life. These could range from a health emergency to a heavy financial loss. So, it is quite important to have insurance plans to safeguard your assets and life against such situations.

Stop spending on unnecessary luxurious items

Many middle-class individuals have the habit of buying luxurious goods to live life to the fullest. However, expenses on such items often lead to extra financial burden. One must have patience and look for budget-friendly options that can help you save money.

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