5 Best Money Making Habits That Can Make You Wealthier in 2023
2 January 2023
Almost everybody seeks to become wealthy, but only a few achieve that goal. Because becoming wealthy and sustaining your wealth is dependent on day-to-day habits.
A mix of many small habits adds to the goal of being wealthy. If you want to become wealthy too, check out the 5 money-making habits below.
Before you proceed, we clarify that this is not a ‘how to become rich’ guide. This is a simply habit-forming guide to help you manage and grow your money in a better way than you might be doing now. Scroll down!
What Is The Power Of Habit In Terms Of Money?
Just like brushing twice a day helps keep your teeth strong and cavity-free and a healthy lifestyle keeps diseases at bay, saving and frugality are some of the good habits to become wealthy. The power of good financial habits could safeguard you on a rainy day and allow you to lead a prosperous life as well. Read on to learn about the 5 essential habits for making money and keeping it!
5 Best Money Making Habits To Become Wealthy In 2023
Frugality is one of the most important habits of growing wealth. Bargaining, and not getting tempted by the latest car or phone are some of the practical examples of frugality.
Minimalism in lifestyle is important to preserve your cash reserve. An already rich person buying the trending SUV car won’t feel much pinching in his/her pockets, but for normal people, getting swayed by fanciness could deplete their chances of building a wealthy fortune. Buying what you ‘need’, searching and bargaining for good deals are a few of the practices one could do to practice frugality.
Just being frugal is not the smartest way to make money. Investing is. There are endless opportunities out there to invest. Look for a good investment opportunity such as equity investments, debt investments, assets like gold, silver, etc. and start putting your money to work.
In equity, you have two avenues, mutual funds and direct stock investments. By gaining enough knowledge, you could invest in both of these instruments.
Bonds and fixed deposits are some types of debt instruments you could invest in. You could also invest in debt-based mutual funds.
Assets like gold and silver act as a good financial backup in times of emergency.
Check out NAVI Mutual Fund for a hassle-free, cost-effective, and paperless investment process. You can invest in Navi Mutual Funds through aggregators like Zerodha, INDmoney, Paytm, and Groww, to name a few.
Knowledge is power. If you want to grow your wealth, you must start learning about it. It will help you make better financial decisions, especially when it comes to investing. For example, you are planning to buy shares of a company that sells tractors. And, it is also the time when there is a policy decision which favours the rural economy and agriculture. Then buying the shares of this tractor company could be the right decision at this time. You must also read up about the tractor company. The more data points and understanding you have, the better you will be able to connect the dots for making a sound decision.
4. Emergency Fund
It is a wise mindset to create a cushion where you could fall on. From a financial point of view, the cushion is an emergency fund. Apart from regular investing, allot a certain portion of your income into creating an emergency fund which could help you in times of any unforeseen situations. This way you may not need to liquidate your long term investments which were done with the intent of growing into a big corpus. You may keep this emergency fund in form of short term Fixed Deposits, or as free cash in a savings account.
5.Alternative Sources Of Income
Try to find out additional sources from which you could earn more. For example, one may try freelancing or consulting apart from their regular job. Or if they want to play a little risky, then investing in P2P lending platforms could also be an option as they offer good returns. Many people also start a blogging page or YouTube channel to build a venue for alternative income.
Money making habits are small yet powerful to help grow your wealth over a period of time. Start learning about investing, be frugal, get a side hustle, and have an emergency fund to be financially stable and independent.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Inside Anant & Radhika’s Lavish Engagement
Top 10 Small Cap Funds To Invest In 2023
10 Best Large Cap Funds to Invest in 2023
7 Awe-Inspiring Quotes by Virat Kohli to Motivate You!
10 Best Debt Funds to Invest in 2023
10 Best Mid-Cap Funds to Invest in 2023
10 Best Retirement Funds To Have A Secured Future
“Everything in Life is a Lesson” 7 Novak Djokovic Quotes for Motivation
Zomato’s Gunjan Patidar Resigned: Why are Investors Worried?
7 Banks that Hiked FD Interest Rates in January 2023
We are a diverse group of writers, editors and Subject Matter Experts striving to bring the most accurate, authentic and trustworthy finance and finance-related information to our readers. Our mission is to simplify jargon and industry lingo. We believe sharing knowledge through relatable content is a powerful medium to empower, guide and shape the mindset of a billion people of this country.
What is Sortino Ratio – Formula and Calculations with Examples
Sortino ratio is a statistical tool that helps measure an investment’s performance during a downw...Read More »
What is Forfaiting – Benefits and Process with Steps
Forfaiting is a financial process involving the management of finance exports. It aids businesses b...Read More »
EPF Interest Rate 2022-23
Employee Provident Fund or EPF has been popular among salaried individuals for a long time now. It ...Read More »
How to Open, Transfer or Close a PPF Account: Eligibility and Documents
PPF (Public Provident Fund) investments come with many benefits. You get to enjoy assured returns, ...Read More »
What is an Affidavit – Features, Types, Format and Sample
An affidavit is a sworn written statement, made especially under affirmation or oath befo...Read More »
What is Employee Stock Ownership Plan (ESOP): Scheme, Benefits, Taxation and Types
Most Indian companies, especially startups, offer a plethora of employee benefit plans in a bid to ...Read More »
Sukanya Samriddhi Yojana: Bank Interest Rates and How to Open One?
Honourable Prime Minister Narendra Modi launched Sukanya Samriddhi Yojana as an important part of t...Read More »
What is a Prospectus – Working, Types and Use in Mutual Funds
A prospectus is a legal document disclosing information regarding a public company seeking to raise...Read More »
A Step-by-Step Guide to UAN Generation and Activation Process
The Employee Provident Fund Organisation (EPFO) assigns a unique 12-digit number or UAN (Universal ...Read More »
EPF Vs PPF – Difference, Taxation and Where to Invest
Employees Provident Fund (EPF) and Public Provident Fund (PPF) are two of the most popular long-ter...Read More »
What is Systematic Risk and How can an Investor Control?
Systematic risk refers to the inherent uncertainty that is present in all investments and is not sp...Read More »
6 Different Types of ESOPs – Employee Stock Ownership Plans
Employee Stock Ownership Plans, or ESOPs, are a type of equity financing that allows employees to o...Read More »
Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial...Read More »
₹15,000 Personal Loan: Features, Benefits, EMI and Interest Rate
Financial emergencies can be short term and you might not always require a large amount to handle t...Read More »
Personal Loan Interest Rates in India – Charges and Processing Fee
Applying for a personal loan? Have you compared the personal interest rates and processing fees? ...Read More »
10 Best Gold ETFs to Invest in India 
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica...Read More »
TPA in Health Insurance – Full Form, Functions and Roles
TPA (full form – Third Party Administrator) is a licensed intermediary between health insurance p...Read More »