We have all heard of an educational hub, where all the top brains meet to discuss things of educational interest. It could be stories or real life time experiences about the childhood or like studying under a street lamp because one was too poor to afford electricity at home. It could also be of those who walked miles and miles to reach school not just to study but to gain knowledge and much beyond that. Life teaches us a new lesson each day and the more we absorb, the wiser we are. In the same way, business is also a way of life. In this, there are real life experiences like rags to riches stories. Inspirational moments, like working through life the hard way and finally reaching the pinnacle. It is an emotional journey filled with milestones that teach us what life is. Let us take one example today of the richest man and who gave a few tips on how to get rich quickly.
- Start saving: This was the mantra taught by anyone but by life itself. It meant start saving as soon as one can. Just as every drop of water counts to make an ocean so does, every coin collected as one grows older each day. The only trouble is that every saving looks small.
- Reinvest profits: if it shares that one has invested in, then do not be tempted to spend the dividends or returns. It is better to leave that money as it is and collect the compound interest later.
- Compound interest: As just talked about it earlier, compound interest is slow, but after a couple of years like five or ten, the money truly begins to grow. It is like planting a seed. One just cannot expect to get the fruits in the first year itself. However, it is the first few years that the plant needs your help.
- Do not follow the crowd: It is very easy to be carried away. It could be through friends, newspapers or what is in vogue. Just because your friends say it is good to invest in something, does not mean that it is right. It is always possible that what they thought was good now seems to be like a hot potato which is unable to be eaten.
- Do not get into debt: This is a scourge in every man’s The word debt hangs like Damocles sword over the head. The biggest debt at the moment is the credit card debt. Even the richest man will tell you not to get into this debt. In common man terms, credit card debt is like sinking sand. The more you want to get out of it, the deeper you are sucked into it.
- Do not lose money: This is easily said than done but it is the truth. Never be tempted to risk something you need to get something you want. One may call it greed in standard terms but stay far away from it.