Today’s topic is how to become a crorepati in the coming years at your early age. Becoming a crorepati overnight is a bit difficult task; actually become a crorepati in one day is impossible if you are not doing any illegal work or have not won a lottery ticket. But I can assure you become a crorepati in 5 years or 10 years is possible with proper investment strategy & consistency. So, if you are a teenager or are in your early 20s, you can think about yourself & this article can be a game-changer for your life. But if you are not in your 20s, it also gives you a border look at how you can also be a crorepati if you start today only.
Remember, the money you earn does not make you crorepati. The good habits & good skills you have developed at your early age will make you crorepati in coming 5 years or 10 years.
So, just before going ahead with this article, forget that I will tell you that you have to earn a massive amount of money in any manner & that will be the only way to become a crorepati.
Let’s start the main topic here – What you should do at your early age to become a crorepati with normal income in next coming years.
Table of Contents
Wrong Thinking is a Barrier to Become a Crorepati:
First of all, if you think that with your current situation it’s impossible to become a crorepati in 20 years, then it’s a great wall of china for you which will prevent you from becoming a crorepati. I have taken 20 years considering an awful financial condition anyone is facing currently but dreaming of becoming a crorepati in India. There is wrong thinking of an average person who holds them to become multi-millionaire in the upcoming future. If you search on the internet, you will get tons of names who was an average person in their teenage; still, they have done extraordinary things in their life & become a not only a multi-millionaire but also a Multi Billionaire. You know what helps them to become a crorepati in their life, Not anyone but their thinking. With their positive & creative thinking, they have achieved their life goals. So, before going forward, when you are reading this article, change your mind & start thinking that you also can be a crorepati in the coming future. Yes, I know if you start thinking from now, it will not improve your financial condition, but it will help you understand the following topics discussed in this article. To change your financial situation & to become a multi-millionaire, you have to work on that also.
Do It now, Not Postponing / Laziness is key to become a crorepati in India:
By the title, you can easily understand what I will discuss under this topic. DO IT NOW – is one of the great habits you can grow in yourself. If you are thinking of starting anything, then today is the best day to start. There are also many stories available that if you do not begin today, it will be too late to start.
But everything has its consequences. So before making any decisions & starting anything, do a good amount of research on it & decide whether it will be beneficial to start for you? Whether Will it help you to make your wealth shortly? After doing all the research work & consultation, start doing that.
Self Control is key to become a crorepati in 10 years:
Again one more critical thing you should include in your habit & daily behavior. It does not matter you are thinking of being a crorepati or thinking about doing something else in your life. Still, self-control is the thing which will surely help you in your life—self Control in the sense of control yourself to do anything without thinking about its pros & cons. From your childhood or whatever age you are currently, you should learn How to control yourself.
I can tell you some self-control habits you should build in yourself.
Like – Self-control when you are angry. It is noticed that decisions taken in anger prove wrong decisions in the near future.
Also, there are many other self-control habits you can build in yourself. Self-control from overspending, Self-control from over-eating, self-control from thinking, etc.
Identify & breaking bad habits also add value to your become a crorepati journey:
We are discussing the habits you should follow to be successful in your future, but what about those habits you have already built-in yourself from these years. It may be knowingly or unknowingly, but it’s time to evaluate the practices you are following currently. I am telling you simple steps of assessing your habits & how you can consider which one is good & which one bad?
To do this, you need to monitor yourself very closely & consciously.
Step one: Make a list of habits you are following in your day-to-day life.
Step Two: Evaluate the pros & cons of the habit you are following.
Step Three: You will find some good & some bad ones. The good habit is ok, but when you have already understood these are the bad habits you are following, it will be easy for you to work upon it.
Before going forward take a look at the recent infographics we have created which can help you to achieve Financial Freedom or Financial independence.
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<p><strong>Source - crorpati.com </strong><br /><br /><a href='https://www.crorpati.com/early-age-habits-become-crorepati-future/'><img src='https://www.crorpati.com/wp-content/uploads/2021/05/Achieve-financial-freedom-2.png' alt='Financial Freedom' width='620px' border='0' /></a></p>
Let’s move ahead –
Learn How to spend also helps you to become a crorepati with normal income:
In our childhood, everyone will teach us how to earn money. Oh, what I am saying. In our current education system, no one will also teach you how to make money. But still, when you will cross your sixteen or eighteen, everyone will start asking you what you are earning. You also start thinking about making money, but no one will teach you how to spend wisely. Also, no one is talking about this. So, like earning is essential in everyone life, in some way learn how to spend your hard-earned money is also crucial.
Before spending your hard-earned money, think twice; it is worth it to spend your money. If you find it worth it, then go ahead, but if you feel it is not worth it or it’s not the thing you required, you should keep yourself on hold. Also, in our childhood, we were consistently impressed by materialistic things like expensive mobile phones, costly or branded dresses, expensive cars, bikes, etc. You know what I am trying to say. Just understand that materialistic things’ value decreases as time flows; instead of spending a lot on materialistic things, if you control your emotions & invest your money, then its value will increase as time flies. So, Learning how to spend wisely is one of the great habits you can build to become a crorepati in the coming years.
Invest your money is key to become crorepati in India:
Don’t save your money; instead, invest your money.
Can you think why I am saying this “Don’t save your money; instead, invest your money?” If you can understand the inner meaning of why I am saying this without reading ahead, then you can check it yourself that you have any potential to be a crorepati in the future or not?
So, I hope you have tried to understand the meaning. Now let’s clarify why I am saying this to you.
By this “Don’t save your money,” I am not telling you to spend all your money. To be a multi-millionaire in your near future, you have to save your money. But the question arrives where to save my money? There are some options you can find.
- In your cupboard,
- In your piggy bank,
- In any savings account (If you are 18+),
- In someone’s savings account (If you are not applicable to open a bank account),
- In the stock market ( if applicable to open a Demat & savings account or through your parent’s Demat & savings account),
- In mutual fund (In your name or parent’s name as per applicability).
In my opinion, you should not save your money on a cupboard or piggy bank. You can save your money to your or anyone’s bank account. If you have saved your money, you will get a percentage of interest on that money & that will help you to grow your money but with a lower rate.
Although you can become a crorepati by investing in stocks, You should not invest your money in the stock market through direct trading. Because investing in a direct stock market requires a good amount of knowledge of investing & risk is also high. At your early age, you should not go with this risky investment without any knowledge of investment.
Another great option to save your money, instead I can say to invest your money in a mutual fund in any good large-cap category (Most preferable – Large-cap Nifty 50 category). I have also written a separate article on how to invest like a pro to become a crorepati.
Reasons of how you should invest your money in Mutual funds in the Large-cap Nifty 50 category at your early age:
- Risk is low in the Large-cap Nifty 50 category.
- You can invest monthly wise with as low as Rs. 500 per month.
- You can get good returns compared to the interest you will earn from the bank savings account.
- You can withdraw your money whenever you required it with three working days.
- As a mutual fund works on compound interest, it will grow your money much higher in the long term than any other investment.
<p><strong>Source - crorpati.com </strong><br /><br /><a href='https://www.crorpati.com/early-age-habits-become-crorepati-future/'><img src='https://www.crorpati.com/wp-content/uploads/2021/07/Habits-of-Improving-your-Life.png' alt='Financial Freedom' width='620px' border='0' /></a></p>
Waiting for a proper time to start / Waiting for Good Luck or Fortune:
It would be best to clear your mind that there is nothing like a good time, wrong time in your childhood. There is no good luck or bad luck. It would be best if you never made any decisions based on your luck. If you want to become a crorepati in India, then if you work, you will succeed. If you don’t work, you will not grow. After working to full potential, there is also a possibility that maybe you cannot get success in a short time, but in the long run, no one will be there to stop you from becoming successful.
Be clear with your plan with PLAN B:
It would be best if you did not always fluctuate with your decisions. Fluctuating decisions will not take you anywhere in the long term. Before making any decisions, you should always research appropriately as per your future goals & stick to the plan you have made to reach that goal. You can only change your plan if you think your plan A is not working at all. But you should never forget if you have done proper research before making your decision, it will help you quickly reach your goal.
Value of Time
You may probably know this, or else if you don’t know, then don’t forget that “Time is Money.” If you think that you will earn money & by savings you can make a crore rupees, then I am sorry to say that you are not right. To make a crore in your account, how long you invest is much more important than how much money you invest. If you check any SIP calculator, you can easily find how long you are investing is much more important than how much rupees you are investing. Because after some years, the money you have invested will earn more money until it remains invested.
For example, I show your small lumpsum amount of 2 Lakhs rupees can make you a crorepati in the next 30 years.
Here is showing that if you have invested a small lump sum amount of 2 Lakhs rupees & if you are getting approx 14% of the return (If you select good fund), only these 2 lakhs of rupees will be 1 crore rupees in just next 30 years. If you closely check the ratio of the amount invested & amount earned through compound interest, you can find the out of ₹1,01,90,032, ₹2,00,000 is your investment amount & ₹99,90,032 is the amount you have made as compound interest.
So, this chart confirms that your investment amount is 1% & 99% percent of the amount you have earned through compound interest.
If you think that 2 Lakh rupees are too much for you at this time, then as I have mentioned earlier, SIP can be the best option for you.
With this, you can easily understand that by investing just 2000 rupees in a month, it’s possible to achieve a 1 crore of corpus within 30 years of age. This is to understand that how long you invest is much more important than how much you invest. So, start investing as early as possible.
Expand your vision:
Don’t be limit your learnings & don’t think whatever you have done in your life is the best one anyone can do. Whatever you have researched on anything is the ultimate one & no one can do better than this. You should not keep this type of mindset. You should always be ready to listen to others & after listening, you should be judgemental on which plan will be better work for you. Take & decisions & go ahead.
Be a good dreamer:
Nothing will work what I have mentioned earlier in this article, if you can not be a good dreamer. Everyone who has become successful in this universe has been successful in their dream already & then they have converted their vision into reality.
Consistency is the key in life to achieve anything, whatever you have dreamed about. If you do not maintain consistency & have a fickle mind, then you can face massive losses in your life. So, be consistent with whatever you love to do & whatever will be good to achieve your goal.
Think twice before making any decisions:
I have already shared that before making any vital decisions in your life, it is better to think twice or thrice. But after making decisions, you should maintain whatever decisions you have taken. It shows how much solid & robust character you have & if you can not follow your choices, it also shows how weak your decision-making skills & how vulnerable your personality is.
Surround yourself with success/positivity:
In this long life journey, you must surround yourself with good vibes & positive people. Always try to stay positive. Whatever may be the situation, if you think positively, only you can positively do your work.
Read success & failure stories. Like success stories give you positive motivation, failure stories give you practical knowledge. To become a crorepati in life, both practical knowledge & positive vibes both are equally important.
Increase your income streams:
It’s also one of the main topics you can say to be financial freedom in your life. If you only try to increase your income, but your income source remains one or unchanged. If you do not try to increase your income streams, it’s tough for you to become a financially free person if you cannot make money when you sleep. Instead of trying to increase your income from one source, try to increase your income source. In the future, if any income source is hampered, then you have another income source to support you financially & support you to be a crorepati in your life.
Take small steps to become a crorepati:
Taking small steps will be more helpful instead of taking significant steps. You probably believe that life is an experiment. It’s not always possible to make the right decisions every time. So, you have taken small steps & if the idea fails, you will not lose everything you have earned until now, but that failure will give you a lifetime experience. But if you have taken any significant step in your life & if your big decisions fail for any reason, it will be tough for you to come back.
Last words on become a crorepati:
I have probably shared everything to become a crorepati in India with a normal income within 10 to 20 years. Using become a crorepati tagline does not mean that you will only save one crore rupee of the corpus by applying these rules. Applying these rules in your life will help you become an excellent human being with a great personality. So, if you have read & understood the whole meaning of the article, do not forget to share your thought process with us by commenting in the comments section. Also, share with your friends & family if you think this can change anyone’s life.