Without it, you risk remaining poor: what will help you get out of poverty

0

Always save for a “dark day”.

To become rich, it is important to regularly make competent financial decisions to increase your capital. There are two key habits that will help you on your way to wealth, writes economictimes.indiatimes.

1. Set a goal

Raising money is much easier if you have a specific goal and a set deadline for achieving it. It's even better if you have motivation for that goal that will stay with you throughout the process.

Planning will help you understand how much money you need to raise and how to do it. Even such a goal as “I want to save 50 thousand in a year” is also great for saving.

2. “Emergency” fund is mandatory

This is a reserve of funds that serves not only to support in difficult moments, but also to protect long-term savings from unforeseen expenses. Have an amount in reserve that covers 6 months of expenses (or depending on the specific situation).

If we look at the ways that rich people use, we can learn valuable lessons to improve our financial condition.