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Today we are going to tell you 5 Rules of getting Rich by -Warren Buffet
So before starting are article, We will give some Info about Warren Buffet.
He is the 3rd richest person in the world. His Wealth is more than 5 lakh crores. He was 11 years old when He first purchases 1st Share in share market. He decided in childhood that one day he will become a rich person and share with his friends that if he could not become a billionaire until the age of 30 then he will do suside.
At the age of 16 he earns more than his school teacher. Even he is now a billionaire person, but he lives in his old 3BHK flat. Today we will know the 5 rules of getting rich of Warren buffet. Your some of the questions can be clear by reading this article, so read the 5 rules carefully.
1) Don't depend on a Single Income source.
Don't depend on a single Income source, Create more income sources, friends I know that ordinary person will startle and think that here we could not earn first income source and you are saying that don't depend on a single income. The reason behind this is, nobody teaches us in childhood, In childhood we only tought that "go to school, complete your education and join the job". Thats why the thought of creating another income sources not come in our mind.
In the Berkshire company of Warren Buffet, 60 Companies are included, if any one company get in lose, then other 59 companies recovers it.
When we start to find the ways of another income sources that time we can see more ways of another income sources and if we ignore it and says that It's Impossible then anyone can't do nothing for that! Because you lose by your mind.
Ask yourself a question that what I should do for getting more income sources and I speaks you
Surely that you will get 2-3 ideas of getting more income so Trust on your self, TRUST is very important thing, think positive, If the whole world is in your opposition and you have trust on yourself then you can win the whole world.
2) How to Spend money?
Warren Buffet said that
"If you are spending money on that things which are not important for you then very soon you will have to sell the things which are important for you" !
This is very Great Rule and very correct.
When I heard this rule I know how much money I spend on Inexplicable expense.
When I saw some people, there salary is 20-25 thousands and in there hand their is iphone of 70-80 thousands. in house there are all top branded things and when you ask them how you manage this, they says that on the basis of EMI!
I saw some people who spend 10-15 lakhs in there marriage and then pays a lifetime Installment.
Now think that if anyone of this people, get serious illness and their is need of more money, they have to sell their important things like house, Car, Jewellery etc. Thats why think before spending money for buying, think that it is realy necessary for you or not then purchase that thing!
3) How to save Money?
Warren Buffet said that there are two method of saving money -
1) poor people method
2) rich people method
Poor people mindset differ to rich people, they first spend the money from there income source or salary and then save the remaining money while Rich people first think that how much money they should save and save money, then they spend for expenses.
Poor people method | rich people method
4) How to take Risk?
The Great Risktaker Elon Musk ,He sell his house for Installation of his company.
Warren Buffet said that
If you want to know the deepness of the river than don't put both leg in it, put one leg and left one out.
Its means that whatever risk you are taking take it carefully, whatever you are investing you should get more in return. Don't let your risk finish you.
Ex-If you want to start a business than think that if the business fails then you can live like before you are living, your wife, children, there school, medical, all expenses can you afford that as before. Confirm that your failure of business don't let you go in depression. If all this question's answer are positive then you can take a risk.
If you have saving of 5 lakhs then you can take risk of 1-2 lakhs, the remaining 3lakhs will save you.
5) when to buy a things?
Warren Buffet said that don't feel ashamed while asking for discount or wait for the big sells because when their is a big sell, many good things are at the cheapest rate and by this you can save more money.
Many rich people use this idea of saving money, they don't feel ashamed while asking for a discount. Bargaining is a better way for buying the things in cheaper rate. You can decrease 10%-20% rate of the product by bargaining.
There are many sells on Amazon and flipcart
At the time of the festival, you can purchase expensive products in cheaper rate and take many advantages of this sells!
Don't waste your money!
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