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Easy ways to turn rich this New Year
Posted on: 27/Dec/2016 5:27:53 PM
Here are some of the simple ways in which you can turn richer this new year.
Annually, the debit card interest you pay would be of 30 to 42 percent. When the outstanding dues are kept carry forwarded, the interest rate will also be applicable for the carried forward amount on the fresh billings. Hence, each of the new transaction you make will also be applicable to interest rate payment until the outstanding amount is fully repaid. Creating a debit trap thus becomes very easy and a surefire way.
So, when the due is not repaid over a period of time, you will end up with a hefty cost at the end and you will have pay more than what you borrowed, thus lessening the money you would rather save, resisting your financial goals.
So the first step to take is to restrict using credit cards and other loans that benefit you with no tax exemptions.
Put savings on top priority
Saving is difficult, yes. However, the toughest part of it is to start saving. By saving about 10 to 15 percent of your savings, it will turn into your habit. This will keep accumulating over a period of time and help you with lump sum amount at the end.
It is not necessary that you save money in a bank account. Your money should be put to work if you need to build wealth. Equity can be a good option to save. Saving small amounts can be good choice.
Tax planning is important
Tax planning is of very high importance. This is even more important than public provident fund or national savings certificate. You can enhance your returns by properly managing your taxes.
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