How to grow your money?

Everyone desires financial growth. But first, let's consider the most basic question: What does it mean to be wealthy? Is it driving a BMW, enjoying fine meals, or embarking on luxurious cruises? These are only the cherry on top; true wealth is the accumulation of sufficient money to ensure a happy financial future. Here are the 8 ways which would help you to grow your money.

1.     Say no to debt- Nowadays majority of the people are surviving on debt.  They take on additional debt in an effort to pay off their existing bills, which only makes their financial problems worse. In the end, it's the habit that counts. Make it a habit to never take on any additional debt, no matter what. It's arguably the largest barrier to being wealthy for the majority of us.

If you're thinking about investing, focus on two things first:

·       Pay off all of your bills, from small credit card payments to big loans.

·       Make a commitment to practice avoiding taking on the debt until it is absolutely essential.

2.     Be consistent in your investment- While moody people might be great lovers, but they are terrible investors. Most of the time, this is how it goes: after being really enthusiastic about a certain investment and investing our goals and ambitions in it, we pull our hands away without giving it a chance to grow. Whether it's exercising, learning a new language, or investing, it's human nature to jump right in and give up after a few months. However, this practice directly costs you money when it comes to investing. Avoiding such behaviors is necessary if you want to build your wealth.

3.     Don’t pull all your eggs in one basket- Never get too hooked on a single investment. Instead, be open to several investing options at once. Diversification is the most often-used phrase in the investment world. Simply put, it advises the investor to diversify his money over a variety of investments, including stocks, bonds, real estate, and commodities. When you diversify your investments, you reduce the likelihood that you will lose all of your money if one of them fails since you have other options to fall back on.

4.     Switch investments as your priority changes- As you get older, your financial demands change, and so should your investments. When you're younger, you might consider investing in high-risk, high-return investments to multiply your money. As you become older, though, it's preferable to take a more cautious approach and protect the money you've worked so hard to accumulate over the years. In simple language, it refers to a change from equity-oriented funds to debt-oriented funds.

5.     Start early-Banyan trees don't reach their full size in a single day. It needs time. Investments operate similarly. The longer time investment has to grow, the higher your chances to see your money grow, thus the earlier you start investing, the better it is. In a way, investment is something you should have to do earlier to grow your wealth.

6.     Put your fear aside-No one ever learns to swim without entering the water. Therefore, you must set aside your fear and begin investing if you want to build your wealth.It could be equivalent to risking everything to do nothing. Many individuals believe that conserving money is equivalent to investing it. It isn't! If you decide to invest your money instead of keeping it safe in a savings plan, you risk having your money surpassed by inflation and losing value.