1) Income- This is very important channel which makes you rich. More income leads to more prosperity. Investing in yourself and your career is very important. If you have a good job with good salary or a good business with impressive turnaround than the channel of income is already ON. All you need to do is to keep widening the flow and make more money.
2) Taxes- Yes this is imposed by government but at same time government gives you a chance to save taxes though various mechanisms. An understanding of how this works and way you can save takes in every front has potential to make money for you. The money paid for taxes if saved makes you rich.For example- home loan from axis bank, hdfc, icici bank, state bank of india etc or any scheduled bank gives you opportunity to save tax and make money
3) Spending- You pay Rs. 100 or you negotiate and pay Rs. 80 for vegetables. The approach used by you makes you rich. Controlling the way you spend or amount you spend has a potential to make you rich. Splurging if cannot be controlled should be made judiciously. You not only earn money by earning it but also by spending it. There is no harm in negotiating if that helps you save money. The way you spend money on clothes, food etc. has a lot of potential to make you rich.
4) Interest or Return on Investment- It can be interest or returns from your investment or money parked in the bank. Interest is basically what your money earns for you. If put in proper use you money has ability to work for you. Again an important decision here is where to put your money to give you maximum returns. Many avenues are available like stocks, bonds, FFD’s etc which help you earn interest or returns on your money.
The above four principals are basically the channels of money which helps you get rich. Most of people know about Income and interest only and completely ignore taxes and spending. It is important for everyone to make best use of all four channels in order to get rich.
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