Using the same principles that have helped a person to become rich for years even before the Corona virus crisis came. Some of them as are follows:
- Start investing early and let your investments grow over the long term
- Spend less than you earn
- You can choose to follow the 50–30–20 rule for budgeting. Here you allocate 50% of your monthly income towards meeting necessary expenses such as paying rent, buying food, etc. 30% is allocated towards your discretionary expenses such as entertainment, shopping and the remaining 20% is allocated towards investments for wealth building
- Be patient and invest in equity for the long term(> 15 years)
- If you are married, have a term life cover of 10–15 times your annual income
- Ensure to have a sufficient health cover (in addition to employer health insurance)
- Make use of compound interest. According to Albert Einstein, compound interest is the 8th wonder of the world. In simple terms, it means that you keep reinvesting your profits for the long term without redeeming them.