Five ways to become rich

Zee Media Bureau

New Delhi: All of us want to become rich but very few have an idea of how to become a rich person. For becoming rich, a combination of three things are very important –patience, skill and luck.

It is true that there are no short cut methods for becoming rich but if you are focused and have patience, you can also become rich.

Check out five wise ways to increase wealth and maintain it.

Invest in stock market

Invest in stock market, bonds and other such modes which will give you good returns. For example, if you have invested one million dollars which brings seven percent returns, it means you have an annual earning of $70,000. All you need to do is, be wise in your investment portfolio and keep an eye on the shares of good companies.

Save for your retirement

Saving for retirement is a must. Many have a tendency of not saving at all. This could be very bad for long term. There are various pension and retirement plans available in the market. Choose a plan which will suit you best, depending upon your saving limit and age of retirement.

Invest in real estate

Real estate is a fantastic mode of investment. All you have to do is find out a location which has a very good potential in the future. For example, you are choosing an apartment in the suburbs. You have to carefully judge if that area has the potential to become a prime location after 15 years. This way you can earn really good returns.

Utilise or better invest your time

Who doesn't like free time? But you must invest your time wisely. You should make better utilisation of your time so that you can lead an even better retired life.

Carefully choose on your mode of investment

You should make a proper list before investing. Things like lottery tickets seem very lucrative. But seriously consider, how many people win lottery? Or how many people become rich by gambling? Don't just randomly invest on things.