Monday, January 1, 2024

Discipline - The secret recipe to Growing Rich

 


I would like to start this article with 2 quotes : 

Self-discipline is the No 1 delineating factor between the rich, middle class and the poor - Robert Kiyosaki

A person either disciplines his finances or his finances disciplines him - Orrin Woorward

Many of us have encountered senior citizens who were not highly paid during their working years but still managed to fulfill all their financial responsibilities and lead a comfortable retired life. On the other hand, there are those who enjoyed good employment with above-average salaries but find themselves struggling to make ends meet during their retirement.

Do you ever wonder how some people become super rich?

It's not always about luck or winning the lottery. One big secret is being good at saving money, and to do that, you need something called "discipline." Let's see why being disciplined is so important if you want to become wealthy in the long run.

What is Discipline?

Discipline is having a plan and sticking to it. Open a demat account or a mutual fund account and begin allocating a portion of your earnings through a Systematic Investment Plan (SIP). A proficient financial advisor can assist you in selecting a suitable scheme based on your specific requirements. Over time, you will observe that the modest contributions you've been setting aside will accumulate into a substantial corpus. This exemplifies discipline – consistently taking small but significant actions.

Saving Adds Up

Discipline helps you save money. Saving means keeping some of the money you get instead of spending it all. When you save money regularly, even if it's just a little bit, it starts to grow. It's like planting seeds in a garden. At first, the plants are small, but with time, they become big and give you lots of fruits. Saving regularly is like planting those money seeds.

 


Avoiding Impulse Spending

Have you ever bought something on a whim, like a toy or a snack, and then later thought, "Maybe I shouldn't have spent money on that?" Being disciplined helps you avoid making these kinds of decisions. When you stick to your plan and think about what you really need, you won't spend money on things that don't help you grow your savings.

Being Ready for Surprises

Life is full of surprises – some good, and some not-so-good. Discipline helps you be ready for these surprises. Imagine you have some extra money saved up. If there's an emergency or something special you want, you can use that money. It's like having a emergency fund that helps you whenever you need it.

 


Growing Your Money

Discipline isn't just about saving; it's also about making your money grow. When you save regularly, your money earns more money. This is called "interest" or "growth." It's like having a money tree that gets bigger and gives you more and more money over time. Being disciplined with your savings helps your money tree grow faster.

Thinking Long-Term

Being disciplined means thinking about the future. Instead of spending all your money now, you save some for later. This helps you have a better life when you're older. Maybe you want to buy a house, go to college, or start a business. Being disciplined with your money makes it easier to reach these big dreams.

 


Patience is a Superpower

Growing your wealth takes time. It's like watching a tree grow. You can't make it happen faster by pulling the leaves or tugging the branches. Being disciplined means being patient and waiting for your money to grow. Just like a garden needs time to bloom, your savings need time to become something amazing.

Avoiding Money Stress

Have you ever worried about not having enough money? Being disciplined with your money helps you avoid this stress. When you have savings, you feel more secure. It's like having a safety net that catches you if something goes wrong. You can focus on your goals and dreams without always worrying about money.

Discipline in money matters is paramount for ensuring financial stability and a secure future. The big secret to growing rich is being disciplined with your money. Saving regularly, avoiding impulse spending, being ready for surprises, making your money grow, thinking long-term, being patient, and avoiding money stress – these are all simple things discipline can do for you. It's something that turns your small efforts into a big, happy future. Start being disciplined today, and watch your wealth grow over time!

 

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