Schedule a call Click here
Give missed call to buy +91-9980970424
Contact Us
For NRI Customers
(To Buy a Policy)
(If you're our existing customer)
For Online Policy Purchase
(New and Ongoing Applications)
Branch Locator
For Existing Customers
(Issued Policy)
Fund Performance Check
Login
Customers
Employees
Partner
How to Realistically Become a Millionaire
- Start early-The key to achieving this goal is to begin and begin early. Te earlier you start, the greater your chance is to accumulate wealth. Apply the long term calculation to your spending habit to give you a picture of whether it's helping you save or decline your wealth. For e.g.- if you have a habit of spending 100 Rs daily for a cup of coffee five days a week, that makes it 500 Rupees at the end of the week which comes to Rs. 26,000 at the end of the year. Do you want to give away your hard earned money to a coffee shop when you can make a shift in this spending habit and invest this amount?
- Spend less-Frugality is the most common traits between millionaires. They don't spend more than they need to, in fact they spend only 10% of their income. Living well below your means will give you a chance to save more for later.
- Financial freedom over displaying status-Do you really need that car you can't afford? Or is it just a status symbol. Spending on things to maintain a social status and then spending your income on paying EMIs for the same doesn't make sense. You would rather use that money to build your own corpus while still using a smaller and fully functional car.
- Have more than one source of Income-You are at a risk when you have only one source of income. Make avenues for multiple sources of income. It could be through rental income if you own a house, interest earned, dividends earned, a side business or capital gains. If your only source of income is your salary and you plan to continue working, it only makes sense to start looking at other investment options that let you earn dividends and interest on a long-term basis.
HDFC Life right plan according to the portfolio you want to build and start building wealth starting now.
Show Full Article
Term Plan Articles
Investment Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
Popular Searches
- Best Investment Plans
- What is Term Insurance
- 1 Crore Term Insurance
- Short term saving plan
- Saving plans
- ULIP Plan
- Health Plans
- Child Insurance Plans
- Group Insurance Plans
- Long Term Savings Plan
- Fixed Maturity Plan
- Monthly Income Advantage Plan
- Pension Calculator
- BMI Calculator
- Compound Interest Calculator
- Term insurance Calculator
- Tax Savings Investment Options
- 2 crore term insurance
- 50 lakhs term insurance
- annuity plans
- Investment Calculator
- get pension of 30000 per month
- ULIP Returns in 5 Years
- investment plan for 5 years
- investment plan for 10 years
- 50-Lakh Investment Plan
- guaranteed returns plans
- sanchay plans
- Pension plans
