How to become rich before this financial year ends? Check these 6 ways
The first month of the new financial year is set to end in a few days from now. Your chances of making more money in Finacial Year 2019-20 is becoming less with every passing day. However, if you take a few steps now, the chances of ending the year on a rich note would certainly increase. Here's a look at five things you can do to make more money in this financial year:
Buy good insurance
Good insurance helps in bad times. However, before you buy insurance, here's a word of caution - Don't do this blindly. In other words, don't buy insurance just for the sake of buying it. Take the help of a professional advisor, if the need be. You should buy an insurance plan that will cover your future needs, help maintain the current lifestyle and support the family in case you are no more around. Representative image/Pixabay
Review investments
Keeping a tab on investments and regularly reviewing the returns is a good practice. In case an investment product is not working or dragging you behind, you can look for a change. But before that, do adequate research or take professional advice. Representative image/Pixabay
Keep a tab on monthly expenditure
To end the FY on a rich note, it is important to keep a tab on monthly expenditure. There are many expenses you can avoid every month. You should ensure that the expenditure doesn't exceed your monthly income. Representative image/Pixabay
Track cash flow, think of new avenues
You should track your monthly cash flow from various sources. Always keep your eyes and ears open for any new money-making opportunity. Representative image/Pixabay
Start tax planning
You should start tax planning at the very beginning of the financial year. You shouldn't let it wait until the end of the financial year. Advance planning will give you a clear picture of the amount you need to invest and also the best products available to you. Representative image/Pixabay
Don't be too greedy!
This is probably the most important advice. Too much greed is dangerous. It often leads to big losses. Hence, don't fall for products promising to make you rich fast. Must make the risk assessment before staking your hard-earned money. Also, take the help of a professional financial advisor to get a thorough understanding of a product, or scheme. Representative image/Pixabay