Want to become a millionaire quickly, following these three investing habits can make your dream come true
Power of Compounding: The key to investing is that the sooner you start saving money, the better it is. This gives enough time for the money to grow. Also, you should include diversification in your portfolio. Apart from this, the investment cycle should also be understood. You can also take the opinion of your financial advisor for this.
Investment has always been considered as the key to secure your future. With the help of investment, you can lead a financially sound life without any worries. Experts say that the sooner you start saving, the better it is. In such a situation, you should start saving money as soon as you get a job.
If you earn then don't wait for the right age to invest. Savings should be started as soon as the job starts. For example, you have started investing Rs 10,000 every month, on which you are getting a return of 12 percent. If you start this investment at the age of 25, then by 60 years your investment will be Rs 6,43,09,595.
Whereas, if you start doing this at the age of 30, then your investment will be Rs 3,49,49,641 by the age of 60.
You should not depend entirely on any one investment vehicle. Always diversify your investment portfolio. For example, if you are a young investor, don't stay completely invested in equity. You should invest in debt and gold etc.
No one asset class ever gives returns all the time. Sometimes the returns are good in the stock market and sometimes bank FDs also give good returns when the interest rate increases. At the same time, sometimes investors get good opportunities in real estate. For this reason, investors should always understand the investment cycle. You can also take the opinion of a financial advisor for this.
