Agree or not! Everyone needs money to survive. They need it to fulfill their needs. Let’s consider the life of an average human being. He might’ve not bought a mobile, laptop, or something he likes because it was expensive for him at some point in his life. At this point, he would’ve thought, had I been rich, I could’ve bought this.
Being rich is the ability to be able to choose how you want your life to be. Many individuals are seeking to become rich in India, but only a few succeed. As of 2017, there were only 119 billionaires in India. Many give up on the process of becoming rich because it takes much time.
Becoming rich requires a combination of several skills and a fixed mindset. It involves thinking smart and working hard. Everyone knows how to save money. But what they are missing is the art of managing and putting it into work.
You need to understand that your ultimate aim is not to hike up your salary but to be financially independent.
Essential Skills and Mindset to Become Rich in India:
A Chinese proverb says that a moment of patience could save your life from a disaster, but a moment of impatience could ruin your life. This proverb speaks about the importance of being patient. You can’t become rich overnight. It is a gradual process of learning.
If you were smart and work hard to achieve this feat, it would help you. You do not want to be someone who puts effort into an idea that doesn’t work out. So, please take a while to think about what you’re going to do next and work hard to pull it off.
Trust the process to become rich. As said before, becoming rich is a slow process. Many people give up midway because they don’t trust this process. A simple hack to overcome this temptation is to focus on learning. Every day, learn new things and make a note of them.
You need to know that; Poverty is not okay. Bill Gates once said that if someone is born poor, it’s never his fault. But if he dies poor, then he’s the one to be blamed. There are real-life examples of people who have become rich from zero. So, Stop Complaining!
Aim for the Stars. Aim to become a billionaire. Make plans that don’t let you stop midway, but make sure that you go all the way towards becoming a billionaire. It is essential to do so because hitting the million mark wouldn’t be difficult anymore.
The first step towards becoming wealthy is to have financial security. To be Financially Secure means that you need to have a way through which cash keeps flowing into your pocket.
Methods to Become Rich in India:
Inherit from Parents
It is a known fact that children have a share in their parents’ wealth. It is the easiest way to become rich in India. Nobody can determine their place of birth. But if you wish, you could make sure that your children are born in a wealthy family and live the life you couldn’t.
Get married to someone Rich
Getting married to rich people is one of the most common methods adopted nowadays to become rich in India. Men and women get married to get a share of wealth. Though it isn’t the case every time, in a short span, they get divorced.
Working 9-5:
Finding a job post-college and continuing to work for it for a long time is one of the most challenging methods of becoming rich but is yet the most common one selected by the middle class to become rich in India. It would be best if you got a high paying job for this method to work. At the same time, gain skills that help you improve yourself. But it is highly impossible to become rich with just a 9-5 because the income stops when you stop working.
Put your luck to the test:
You could make this method work by buying some lottery tickets or gambling in a casino or betting apps. You could win big if it’s your lucky day. Another example of this method might be digging on the beach; You might get lucky by finding some antique treasure. Getting lucky is one of the best methods to become rich in a short time (There’s no guarantee).
Become Free of Debts:
It is crucial to get rid of EMI’s and other loans to become rich, as this slows you down on your process towards becoming rich. You can get more profit by paying off the debts. Lowering expenses is the easiest way to become debt-free.
Plan well ahead for Emergency:
No one can predict what’s going to happen in the future. While we live in such an unpredictable world, we need to make sure we have Emergency Funds. There’s no specific amount as such, and it varies from person to person, depending on their lifestyle and needs. Experts recommend you have enough funds for you to survive at least two years. During these two years, you could find a new source of income.
Plan your Budget:
The main feature of this method is the 50-30-20 rule. Of your net income, 50% is for needs, 30% for wants, and 20% for savings or investments. You need to write this down and look at it every day. Make sure that you make no compromises. Budget Planning is one of the most important ways to keep track of your monthly income, expenses, which could be key to become rich in India.
Buying what’s necessary:
Give yourself at least three days to think if you’re really in need of it. If you feel about buying it, even after the 3rd day, focus on making money to buy it. Make sure you’re buying with 30% and have no compromises on the savings or investments. Also, what you plan on buying needs to bring cash into your pocket. It’s okay to buy with debt, as long as it pays you back.
For example, you could buy a house on loan. If there are extra spaces or rooms, rent them out.
Develop New Skills and Knowledge:
The wealthiest people today are also the smartest. They have developed the skill to handle different situations in the best possible ways. To become successful like them, you could read books or take up courses. You need to be an all-rounder and stay updated with what’s happening around you to make the best use of the opportunity.
Many sources of income:
There are two types of income, namely Active and Passive.
Active income is the money you get because of working hard—for example, salary, commissions. Passive income is the money earned because of work done in the past. For instance, Dividends on Stocks, Rental Incomes, Annuities.
Passive income plays a vital role in achieving financial freedom. You are rich if you’re able to pay off your needs with your passive income alone.
Being an Intelligent Investor:
Investing is considered a risky option. Some people have made a fortune, while some have lost everything by investing. It is all about creating and calculating risks. Investing in different options is a must when it comes to becoming rich. There is a meagre chance for everything to fail simultaneously; for instance, if one of the options fails, the remaining brings profits. Have a goal in any investment. Predict where you would see yourself in a few years after investing in it.
The main aim is to get your money to work for you, instead of being locked up in banks. Stock Market, Mutual Funds, Gold, Real Estate, Bonds, Fixed Deposits, PPF (Public Provident Fund) are examples of where you could invest. After you retire, you would get a pension if you invest around 15% on EPF’s. Investing in dividend-paying stocks is one of the best sources of passive income.
Suppose you are working at a start-up and see potential growth in it. You could buy its stocks. These are ways by which early members of Apple, Google have become Millionaires.
Business Ideas That Could Make You Become Rich in India:
It is essential to know what people require in their everyday life. By doing this, you can make sure that there is a constant audience for your product or service. It could take years to build an empire, but once established, there’s no stopping you.
Small Scale Travel Agency
You could make reservations for tourists. This setup is ideal in India because of the emergence of various advancements in the tourist sector. Maintain a well-updated social media handle. Show active participation, and in no time, tourists could contact you via mail, social media, or phone.
Rental Showrooms
Start a small rental showroom, with about 4-5 cars of different classes, i.e., Sedans, SUVs, and rent it out. Tourists from other states prefer to get a rented vehicle as it is more convenient and cheaper than taxis.
Renting out Accommodation
Every person needs a place to stay. You could rent out empty rooms of your apartment if you own one. Otherwise, rent a three-bedroom accommodation, stay in one, rent out the remaining two rooms. In this way, you could stay rent-free.
Sell Beauty Products
People nowadays are shifting to herbal products considering the harmful effects of the synthetically produced ones. If you love making their beauty recipes, this could be a perfect opportunity for you. Pack these products and promote them. In no time, you could see cash flowing in.
Provide Meals
In the past few years, there has been a rise in these services. Mostly because people move to cities and get engaged in a busy life, during this process, bachelors who live alone and go to work can’t allocate time for cooking. In most cities, families exist where both the husband and wife are working and can’t find time to cook. By ensuring you have a good quality of food and service, you could make around 70-80k per month with this business.
Labour Providing Firms
Start a firm that provides a workforce to companies. This way, you could create opportunities for employment for even unskilled workers and at the same time, provide good quality service to companies.
Sell courses
Suppose you know an in-demand skill. You could spread it, and at the same time, earn goodwill and money because of it. You could sell it on websites like Udemy or start a small coaching centre for the same.
Dropshipping
Dropshipping is a method that requires just small investments. The basic idea behind drop shipping is that you get an order from your customer on your website. You buy this product from a seller and sell it to the customer for a profit.
Publish a Book
If you’re interested in writing, do consider this option. If you have a well-written piece of work, your hobby could make you a fabulous sum that could be key to your goal to become rich in India. An established author could earn about five lakhs for a book.
Be a Content Creator
You could be a content creator on platforms such as YouTube, Reels, Moj. You’ll have to provide content that the audience enjoys watching. Doing a short course about Managing a channel on YouTube could help you in getting started. With proper analysis and planning, you can become successful in your respective fields. My recommendation is to do something that you love or make you happy and do not worry about the likes, subscribers, or the money you get—the main reason is that it takes time, and you shouldn’t give up on it.
Buy Land
Land investment is one of the best approaches employed by most well-established companies. Buy land and start a business on it. Prices of land go up with time. At the same time, the business that you started also pays you. Example: The main business of McDonald’s is Real Estate. They do so by buying land in various places in the world and at the same time building brand value.
Conclusion:
In the end, the best way to become rich in India or anywhere in the world is to get financially educated. Start reading books that teach about money. Buy assets and not liabilities. Build a system that would make money for you even while you’re sleeping. Learn about ways to evade taxes.
To become rich in India, focus on building your passive income because it is the income that keeps flowing, even if you don’t work. In this process, you need to make sure you lay a solid foundation that would support you even at the worst times.
Don’t run behind money. Teach yourself the skills that would make you money. Learn to work for free. Keep evolving with time. What made money a few years back might not make as much now.
FAQ:
Is it possible to become rich in India?
Yes. With constant hard work, smart work, dedication, and patience, you can become rich in India.
What income is considered rich in India?
You need to have an annual pre-tax amount of Rs. 57 lakhs to be among the rich 1% in India.
Which Job can make me rich in India?
Some of India’s highly paid jobs are Commercial Pilot, Management Professional, Doctor, Chartered Accountant.
How can I become rich overnight?
Gambling could be an option to become rich overnight. The thought to become rich itself is a win.
How to get rich from nothing?
The first step you need to be taking is to achieve financial security. You could become financially secure by doing a job.