Growing one's money at a faster rate than others is one of the most common goals of an investor. All we need to do is keep things simple and move forward with focus on our goal - how to become a millionaire. Simply stated, one can make a lot of money if one has a good amount of savings. So, one's savings has a direct impact on one's investment and returns. After savings, investment tools come into play as it is the capacity of the vehicle on which an investor's destination depends. So, on the basis of that here are top 3 ways that can make you a millionaire:

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1] Savings as much as one can: An earning individual can invest only from one's savings. So, to achieve one's investment goals at a faster rate, one needs to save more. In that case one will have to make a thumb rule to save around 15-20 per cent of one's monthly income, if not more. For example, if someone has a monthly income of Rs 35,000 then if save Rs 3,500 (10 per cent) and invest that in PPF. After 15 years of maturity, the amount you will get is Rs 11,04,487! 

However, if the earning individual is able to save 20 per cent (Rs 7,000) and invests that in the same PPF account, the maturity amount will get doubled to Rs 22,08,974. So, savings plays an important role in achieving one's financial goal.

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2] Avoid overspends: A disciplined lifestyle will help an earning individual to save more. For that one needs to avoid extravagant lifestyles like buying an over expensive car, luxurious holidays, etc. It's not that one should stop enjoying one's life but these things can be achieved by not touching the saved amount form one's monthly income. If one's car is an expensive car, then its loan EMI will be higher and higher EMI will definitely hit one's savings. So, one should limit one's EMI at a level where one's savings won't get affected and at the same time holidays and other requirements of amusement get continued.

3] Invest in PPF, Fixed Deposit, Equity: After savings, investment tools are the most important factor in becoming rich at a faster rate. If someone wants to travel from one colony to another, then one will have to use roadways not a flight but for traveling from one country to another, it's flight not train or road transport that will be required. So, while deciding on one's investment tool, one should know about the investment goal for which the investment is meant for. Once the investment goal is clear, then it becomes easy to zero on the investment tool.

Batting for the diversified portfolio, Kartik Jhaveri, Director — Wealth Management at Transcend Consultants said, "One should have a diversified portfolio as there are short-term, mid-term and long-term financial goals to achieve. Then risk appetite of the investor is also important. If the risk appetite is high then one should invest in equities more than debt mutual funds. However, in the case of low risk appetite, one should add more in debt funds like Bank FD and small saving schemes like PPF, Post Office schemes, etc." 

However, Jhaveri maintained that even when one's risk appetite is high, one must have some investments in debt and small saving schemes as it guarantees a certain amount as maturity after the maturity period.