Want to become rich fast in India? You can do it! This is how you should start; Big tips here!

Want to become rich fast in India? It is possible, but with careful financial planning! You need to be clear about two things - First, your financial goal.

Do some maths before investing! Representational Image: Pixabay

Want to become rich fast in India? It is possible, but with careful financial planning! You need to be clear about two things - First, your financial goal. You need to be sure about your definition of being rich. In other words, you need to know the exact amount that will help you feel like a rich person. Once the financial goal is set, it will be easier for you to reach there with some smart planning and patience. Yes, patience! Because no one can become rich overnight unless s/he gets a cash windfall from unexpected sources.

Second, for everyone else, who doesn't get a cash windfall, getting rich is a time-taking process. The key, however, is to start as early as possible. The ideal time for you to start would be the day you start earning some money - even better to start as a child, but this saving habit needs to be ingrained by parents.

There are several financial instruments which can help you reach your goal. All of them come with varied risks and rate of returns. While some investment options like equity and mutual funds are fraught with market risks, you can still make a lot of money with the help of smart planning.

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Instead of blindly following any market leader or investor, you need to keep yourself updated with latest trends in the market, do some research about funds, try to understand trends. In short: Do some maths before investing!

If you are not comfortable with market risks, you can opt for safer options like Fixed Deposit, Recurring Deposit, Public Provident Fund, Small Savings Schemes offered by post offices like National Savings Scheme (NSC) and Kisan Vikas Patra. All of these schemes currently offer a healthy rate of return which, thanks to the power of compounding, can help you grow your investment to the amount you desire over some years.

Apart from investment, you should do smart tax, insurance, real estate and retirement planning. You can also do the latter by subscribing to National Pension System (NPS). In case you are not sure about how to make a start, you should seek professional help from certified financial planners.

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