How to become rich? A question a lot of young and new investors have. Discipline and hard work are the only sure shot way to being rich. In this video, we have discussed some steps or tips for which an individual should be disciplined as it may help you in becoming rich. All the tips are part of financial planning. Financial planning is the foremost thing to be done by every individual in their journey of becoming rich, because a good financial plan will help us to save more, and saving more will lead to investing more.
All the tips discussed only work as the steps but the last tip which is compounding is the magic wand which plays an important role in the journey of being rich. Compounding is the process where the interest or return is added to the principal or invested amount and afterward the interest or return is earned on the principal or invested amount along with the previous interest or return.