It can seem daunting to start your wealth creation journey. However, there are myriad formulas that can help you through the process. No one formula can do the trick, but a unique blend based on your objectives and profile can help you structure your approach. This article summarises some of the effective formulas that can take you closer to your goals.
There is no one single formula for wealth creation. But there are many formulas and rules of the thumb that you can follow. While each of these has its own importance, it is a combination of these that can guide you in your systematic wealth creation journey. In this article, we will guide you on the various effective steps towards wealth creation. These include calculation of your net worth, the 50/30/20 rule of budgeting, the power of compounding, drawing up an investment strategy, allocating assets in your portfolio, and formulas to double and triple your money.
1. Calculate your current wealth
Before you start your systematic wealth creation journey, it is important to assess the current situation and check your current wealth. You can calculate your current wealth using the foll...