Getting Started - Wealth Creation

 Hi There,

Wealth creation is easier than you think . Media may make money matters seem like un-ending puzzle or rocket science , but its much easier. No one can predict where companies or economy is headed and business channels make it look all the more complicated. 

Please don't get confused by all the noise on business channels. Here I will share  certain definite reliable  financial tools in India  to create long term wealth .  

In this post we will begin with some basics on How to deal with money matters when you get your first Job. Believe me if you follow this strategy on the day you retire you will be a wealthy person.

Each one of us has been there, excited to get our first paycheck. To turn our paychecks into wealth requires some basic strategy on Investment .

STEP 1:

This first step that one should adopt when you start to earn is open 3 bank accounts.

This is how we will use our bank accounts from now on :-

1. Bank Account No. 1 eg. ICICI - Salary Account

2. Bank Account No. 2 eg HDFC - Expenses Account

3. Bank Account No. 3 eg SBI - Investment or Wealth Account .

Ones you have done this step your all set to begin your journey of Wealth creation . Having adopted 3 bank accounts approach makes it super simple to account where your money is going and have focused approach to deal with money.

Simply by looking at Bank statements at month end of each banks you will be able to know under which head how much money went or came-Income, Expenses or Investments. 

 STEP 2:

In second step we shall broadly divide our salary credited into our 3 accounts as following :-

1. Bank Account No. 1 - Retain 20 % of salary , Transfer 50 % to Bank Account 2 and 30 % to Bank Account 3

2. Bank Account No. 2 -  We will attached out Paytm/ UPI and use card associated with this Bank for expenditures only

3. Bank Account No. 3 or our Wealth Account - From this account we shall utilize money to invest in various investment products to grow our money.

In next blog I will talk more about How to work with Bank Account No. 3 and refine strategy for wealth creation.

Thanks for being here . See you soon.