Friday, June 7, 2013

3 Must Know Qualities for Wealth Building

Bangalore: There won’t be a single person in the world who does not have the desire to become financially independent. It is a universal dream and it can be achieved only when an individual starts accumulating abundance of wealth and builds an empire.

Accumulating wealth might sound simple to everyone but for those who aspire to accumulate abundance of wealth, some fundamental characteristics are a ‘must’ to fulfill their goals. Time and dedication plays an important role in achieving such goal, while discipline, wisdom and patience play the most important role. These three factors can be called as the three pillars for building wealth.

People still believes that hard work and adequate intelligence can gain them wealth and will lead to financial independence, which is not at all true! InvestorGuide has described how discipline, wisdom and patience are related to wealth building.

1. Hold Patience Before Investing
Patience is one of the main keys to build wealth. A well disciplined person with adequate wisdom cannot succeed in life until and unless he holds the patience and waits for the correct time.

The investment sector frequently experiences ups and downs and in such cases, investing in the market won’t be a good choice. One has to wait till the market gains stability, if he/she is in the mood of making a decent amount of money from the market.

For the beginners, holding patience before investing at the correct spot is very much necessary as a single wrong step might lead them having null and void funds.

Patience plays an important role when it comes to differentiate short term and long term financial plans. Some schemes are available in the market which takes shorter duration of time to get matured but holds a lesser amount of profit. Such schemes normally tempt the investors in making quick money. But in order to get the desired amount of return, one should hold patience till he/she finds the most suitable schemes in the market.

2. Discipline and Investment
The word discipline might bring thousands of blurry memories back into your life; strictness of parents when you were a kid, rules and regulations set in the school and many more. But while talking about building wealth, discipline plays the most important role.

From a single penny earned to the single penny that has been spent, everything should be in a proper disciplined way. Considering the amount of wealth you wish to have in the coming future, you should follow strict disciplines in your present life. (You mean a penny saved is a penny earned?)

Discipline is must when it comes to expenditures. At times, an individual might feel to expense more than what he/she earns. If this habit becomes permanent, there are possibilities that rather than accumulating wealth, the individual will even lose his/her present assets and savings.

Even the post employment life should also have proper disciplines. Starting from how and when to work, discipline should also be implemented on when and where to retire. Proper disciplines can easily secure life and can also provide a future with plenty of wealth.

3. Be Wise While Investing
One has to be wise while investing money for the future. Whether the investment is on stocks, bonds, insurance, or any scheme that can yield profit in the future, the investment has to be wise enough to give profitable returns in future.

As we all know, wisdom increases with time and experience. One has to learn from his/her own actions and should start acting at the correct time. Investing on profitable schemes is undoubtedly a good idea, but taking time in knowing all the pros and cons about that very scheme is wisdom.

Time might drag you to a situation, where everything might look confusing and you tend to fail in making the correct investment decision. Rather than taking any fragile decisions, it is always wise to consult a financial expert during these kinds of situation.

Courtesy: SiliconIndia

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