(Last Updated: June 17, 2020)
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How to get rich fast? 10 Personal Finance Tips

  • Just don't spend most of your money on things which you don't need. Like Iphones, Macbooks, expensive cars etc. Spend on these only when you start earning some serious money in your life. Don't spend it on tobacco, drinks and drugs - you will get used to it and it will cost much more to heal in future. I think you missed that!

  • @Fizz7 Hey, thanks for adding to the important personal finance tips above. Actually, I didn't miss out the point you explained. Check "Cut the flab" this directs towards tracking our expense profile only. I took an example of TV channels & fancy hotels.
    You have highlighted it further by adding iphones, cars and Macbook 🙂
    And yes, you have rightly pointed to stay away from addictions that can harm us in one way or other. Thanks for making it more informative. Any other ideas of getting rich that come to your mind, do drop in here to share with us.

  • Nice post. Just to emphasise, all these things rotate around discipline. Without discipline, you can create a very extensive budget, but still fail to follow it. You must personally decide on what your goal is and how to achieve it, then go for that.

  • @Punkeirang Hey, thanks for your appreciation! You are very correct in saying that "all these are based on discipline". In fact, discipline in our personal and financial life is the one primary factor that binds all the above points together. Without discipline, it becomes harder to grow financially and achieve our overall objectives.

  • I think these tips will definitely help. I feel investing is the main thing that can help us become rich. If you are a 25 year old and start investing only Rs.5000 per month in any medium and large mid cap fund, then over the years you will build a big corpus.

  • @Ishu Very nicely explained! These are in fact the golden rules of getting rich. We should follow a disciplined approach to grow our wealth. I agree with all your points. Budgeting, setting long term goals, cutting on expenses, and learning to manage your finances all lead to making us wealthier.

    There's no easy way out. Unless you are lucky enough to win a big lottery ticket or an even bigger game show 🙂 Or you inherit wealth or gain in the stock market. But, all these options don't fit all.
    So, a well planned strategy can anyways lead to financial freedom. And yes, one needs to be clear about what "rich" actually means for you.

  • @Punkeirang well said! Deciding our goals is really important. If we have clear objective in front of us we can move ahead to achieve that. I feel we should get rich through our good work.
    Adding a side income does help to get rich in terms of money. But, one should grow rich in good deeds.

  • Another way to get rich fast is to start your own business since it has the potential to scale up quickly. When you are looking for business ideas, it's generally good to see which industries are performing very well. If you are good at cooking, then you can start your own tiffin service and register on UrbanClap. If you are planning to freelance, then you can register yourself on Upwork. If you want to resell online, then you can download Shop101 or Glowroad. The best strategy would be to use multiple sources of income to grow your total earnings.

  • Great list. Thank you for sharing your insightful information.

  • Thank you for sharing valuable information. It's very helpful for every one who is looking for this question. Useful tips in future for everyone.

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