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Tips-to-Increase-your-net-worth

 

Tips to Increase your net worth

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Net worth means Total Assets – Total Liabilities

It includes all assets of the individual whether fixed assets, current assets, cash, bank balances, securities etc. at their fair market value or estimated value reduced by all liabilities whether loans from any banks or financial institutions etc. or any other liabilities etc.

Increase in Net worth increase our moral support like status or confidence, but decrease in net worth, decrease your moral support or your confidence. So always tried to increase your wealth.

 

There are some tips to increase your net worth-

  1. Check your monthly expenses- First, you have to check your monthly expenses and try to reduce extra expenses, it can be reduced though prepared budget every month, surely you will increase your wealth.  
  2. Check your paying liabilities- Second, you have to check your liabilities like loans etc., in which you are paying higher interest as compared to other loans, then you have tried to pay these loans immediately. It will help to increase your wealth on monthly basis and also reduced your mentally stress.  
  3. Watch on your Investments- Third, you have to watch your investments regularly, whether they have market based or non-market based. Some investments like shares, funds, securities and property etc. which have great fluctuation based on market value, the regular watch helps you to take consideration on all investments whether they are providing any loss or gain. Thereafter you can switch over the loss bearing investments and invest your money in other assets.  
  4. Check your annual charges- Forth, you have to check your annual charges which arises once in a year, after checking your monthly expenses, you have also to check your annual charges, and tries to cut these expenses, which are heavy in the nature or you can reduce it through small efforts.  
  5. Make new Investments- Fifth, you had tried to invest regularly in small investments, which gives you higher results, from your small savings every month. There are various plans in the market in which you can invest your small savings like Mutual Funds SIP, recurring deposits etc. Your small savings helps to save income tax for the year and also helps to create your wealth. Start early with a small amount of investment and continue for long term to create a good wealth.  
  6. Plan your Mediclaim Policy- Last, BUY BEST MEDICAL HEALTH PLAN”- If you and your family are not covered under any medical health plan, first you have to buy it, because it provides you and your family a financial support for medical treatment. Without any Insurance health plan, a sudden health issue can eat all your savings. Premium paid for Mediclaim policy helps to save income tax for the year and also helps to create your wealth.  
“Success Mantra”

“Don’t Put all eggs in one basket, create a separate basket for each investment”



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