By Irshad Mushtaq
Are you familiar with the concept of the “rat race” as explained in the book “Rich Dad Poor Dad”? According to Rich Dad, individuals in the lower and middle economic strata are trapped in a repetitive cycle of waking up, working, and paying bills, which he calls the “Rat Race”. But fear not, there are 7 key steps to break free from this cycle:
1. Keep careful track of your expenses.
2. Cut down on your spending.
3. Increase your income.
4. Invest your savings wisely.
5. Take small steps towards your financial goals.
6. Focus on achieving double-digit returns on your investments.
7. Consider investing in mutual funds, which can start with as little as Rs 500 per month.
Mutual funds offer numerous benefits, including liquidity, potential for high returns, stringent regulation under SEBI, flexibility in terms of schemes and minimal service fees. While there may be volatility in the short term, utilizing SIP with promising funds can be a wise approach for discerning investors.
- Author is NISM qualified, Mutual Fund advisor and distributor having experience of 18 years in financial market
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