The money tree is widely believed to bring good fortune and wealth to the place where it is placed. Many love to have them at their home and office with a hope to receive good luck and gain more wealth. Now, even though the money plant does not literally grow currency, it surely shows the path on how to grow the real money plant and turn wealthy, gradually.
Learn the basics and work towards creating your own ‘real money tree’ with a little effort, proper planning, and vision. The process is very much similar to how a tree grows. Just that, this money tree would bear money instead of fruits. Let us go through the simple 3-step process.
- Sow The Seeds: It is imperative to sow the right seeds first. In simple words, create and follow the habits that lead to wealth generation. Create a budget, build an emergency fund, live within your means, and save at least 20% of income each month. Restricted spending because of budget constraints may seem painful, but it is the best tool for wealth creation. At the same time, your emergency fund will ensure not to stash the cash in the bank and does not push you into a worst financial status in the case of emergencies. Another important factor is not to spend more than what you earn. If you spend more than you make, you can never ever grow rich! Instead, save a decent amount every month to accumulate substantial corpus, without your knowledge.
- Offer Nutrients For The Plant To Grow: Now that you have sown the seeds, you have to work towards offering proper nutrients for the plant to grow large. A plant needs water and light to grow big. Similarly, your money plant needs a few essential factors to grow huge, which include becoming invaluable at work, saving, and investing. Your greatest asset for wealth generation is your career. Find ways to increase your value at work and thereby increase your earnings. At the same time, ensure to save a decent percentage of savings every month and divert them to right investment channels to help your money grow. After all, money needs money to grow.
- Nurture With Patience and Care: Patience yield more than force. Never expect instant results. Opt for stable investment vehicles and stay invested for long, if required. For instance, mutual fund investments reap better yield when invested in a diversified portfolio for long-term. Hence, patience and care are utmost important to generate wealth with time.
In conclusion, none can grow wealthy overnight. The process requires all the possible right things with the money. A thorough financial planning is a key. If you feel you need more info and expert advice on personal finance, approach online advisors like ArthaYantra – World’s only full-service robot advisory. We are established to offer professional advice from certified planners at an affordable rate to every household, irrespective of his or her financial status.