Dreaming has nothing to do with becoming rich! You need a plan to do so. Follow this article to know the steps and ways you can use to become rich without investing in India.
Every time Forbes or any other popular magazine releases the list of top millionaires/billionaires, there are lakhs of common people, looking at the lists thinking would it ever be possible for them to find themselves on the list. Who doesn’t want to be rich? Getting the millionaire/billionaire tag definitely sounds attractive.
There are several ways to become rich without investing money. Irrespective of whatever strategy you choose to follow, keep in mind that there are certain commonalities between many millionaires – inculcating some or all of these qualities will surely put you on the path to financial success.
Let us first discuss the common qualities that rich people usually possess.
- Passion – Be it Elon Musk or Ratan Tata or Jack Ma, you will find that these people are deeply passionate about the work they do. When things don’t go well, and you feel like giving up, your passion for what you do is one of the important factors that’ll keep you going. So, try to monetize something that you are truly passionate about.
- Be firm – You need to learn to deal with the naysayers and bad influences. You may easily get influenced in the wrong way when you’re halfway there. Be firm with your decisions. And learn to do what you feel is right for your growth rather than what is comfortable, although the latter may be more tempting.
- Have faith – People will surround you only when you have succeeded. Before that, in the ugly initial stages, you may be alone. Have faith that your struggles are going to yield positive results someday. Picture yourself on a throne, set goals for yourself, do whatever it takes, but don’t lose faith.
- Choose your peer group wisely – As the popular saying goes – ‘If you are the best person in the room, you are in the wrong room,’ be in the company of those people who motivate you to be at the top of your game. Your peer group influences your thoughts and actions to a great extent, so choose them carefully.
How to Become Rich in India Without Investing Money?
Now, on to the steps that would help you to become rich without investing a lot of money are:
1.Making a budget
Smart people usually maintain a budget. Make a monthly budget and try to stick to it. This will help in cutting unnecessary expenses. You can monitor your expenses and savings too. This way, you can ensure that you spend only on necessary items and look for ways to maximize your savings.
2.Diversifying your investments
Experts always recommend diversifying your investments. This way, even if you make a mistake in one investment, you have other options to help you back on track. Popular options include mutual funds, real estate, gold, stock markets, bonds, and government schemes.
3.Arranging for emergency cover
Human life is full of uncertainties. We are all aware of its unpredictable nature. A financial emergency may strike anytime. It is wise to be prepared by having medical insurance, life insurance, and other insurance covers that will help you to bounce back from the emergency.
4.Stop spending on luxury goods
It is not necessary to upgrade your gadgets or car every few months, especially if you are going to have to pay multiple EMIs every month. Once you get into the habit of buying things on EMI when it’s out of reach for you, there is no going back. You’ll soon find your cash getting drained faster than you notice. Save that money for the future when you can afford the luxury.
5.Seek advice from experts
Start investing as early as possible. Money in your savings account in the bank will not give you enough returns. In order to invest in the right way, seek help from experts in the field. Financial goals differ from person to person, so copying somebody else’s decision may not be the best choice. Expert advice will help you make smart decisions, which in turn will help you reach your goal in a short span of time.
6.Marry a wealthy person
This is probably the easiest way to become wealthy. It has been a popular trend among celebrities to marry a person for his/her wealth and claim their share or request alimony upon divorce. This is such a widely spread practice that even Hollywood movies have been made about it! A few real-life examples include Jeff and MacKenzie Bezos, Karishma and Sanjay Kapoor. Isn’t it funny how love isn’t the only driving force behind a marriage?
7.Check how lucky you are
If you can afford to handle a few losses, you could probably try your luck in gambling. Buy lottery tickets. In fact, there are many online games where you can make money too! With online games like RummyCircle and Dream11, you could one day become a millionaire if you place your bets carefully. However, there is a good chance of encountering losses as well. Choose this option only if you feel it is worth the risk.
8.Stocks and commodity trading
India is blessed with multiple sectors that are booming. Investing in company shares is a sure-shot method to become rich in India without investing a lot of money upfront. Commodity traders also make a lot of money. Popular commodities include oil, gold, coconut, and other products. You do not have to know everything about the stock market right away. There are many one-day workshops to help you get started. These courses happen in most of the major cities and towns in the country, as this is becoming increasingly popular, and many middle-class people have started commodity trading.
This is a simple idea that has helped many women make a lot of money. With rising costs and families becoming nuclear, both men and women have jobs, and the concept of a home-cooked meal is vanishing. Not all people can afford to appoint a cook and hence end up eating unhealthy food on a regular basis. The tiffin service is an excellent business idea in these situations. People would be willing to pay for freshly cooked meals. If you have fingers that create magic out of simple ingredients, it’s time to start evaluating your potential and build a business plan.
Metropolitan cities have hordes of migrants pouring in year after year. If you have smartly invested in real estate, you can convert your property into an affordable Paying Guest(PG)/hostel for students or working professionals. Choose a densely populated area that is not far from colleges/well-known companies, and your business is sorted!
Food trucks have quickly gained popularity. Usually self-operated, they are a safer option than opening a new restaurant. Food trucks need a relatively lesser investment, and you always have the option of moving to a different location. Apart from your usual location, you may get invited to college fests or events happening in IT parks too. However, you will still need a license and comply with the standards established by the FSSAI (Food Safety and Standards Authority of India).
Many people have become rich in India just by writing blogs. You do not even need to be fluent in English. Blogging in vernacular languages is also popular. There are popular websites like GoDaddy, which help in creating and hosting your own domain name. Here, there is almost no monetary investment. You only need to invest time and come up with good ideas to keep your blog interesting enough for the audience.
13.Walking tours operator
As the name suggests, this involves taking tourists on a walk around an area that has tourist attractions. The tourists are usually foreigners. They would be willing to choose a guided walking tour because no matter what you read online about a place, hearing about it from the locals is definitely something each tourist looks forward to. Along with this, if you are willing to learn the languages of countries that bring in the greatest number of tourists, you could also double up as a translator. Who wouldn’t choose a guided tour by a local who can give information in your preferred language?
Also Read: 12 Best Stock Market Trading Apps In India
14.Taxi fleet owner
If you are a person who happens to own multiple vehicles, you could lease out some of your cars as taxis. The demand for cabs has shot up in the metro cities, so you will have guaranteed benefits. If you lease your vehicle to major operators, they will offer you a fixed amount per day and also provide share profits. Since vehicle finance involves a direct mortgage, it is comparatively easier to procure.
Most of the options mentioned above take time. You need to be patient and wait for your chance to shine. Nobody can become a millionaire overnight unless they are born into an extremely rich family.
However, not many of us are fortunate enough to be born with a silver spoon as we cannot choose our family. The only option we have is to try our best, work hard, work smart, hope that luck (or God?!) is on our side, and wait patiently. Sometimes, we may even have to face losses. Losses don’t necessarily mean you have to give up on your dreams. You just need to have a fighting spirit! Start over, be in the company of people who radiate positivity, and just carry on with the same enthusiasm.
Good luck with finding your name on the Forbes list!!