Nobel Laureate Thaler gives awesome money making tips

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Nobel Laureate Thaler gives awesome money making tips

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Friday, 8th May 2020

Becoming rich is something which most of us aspire for but only a handful of people can really manage to grow their riches successfully. According to Nobel laureate Richard H Thaler, it isn’t really difficult to become rich provided one adheres to a consistent savings culture. Thaler, who was awarded the prestigious Nobel Prize in the year 2017 for Economics or Behavioural Economics to be more precise, has come up with 4 really effective ‘grow-rich’ on:


Saving early is a must

Thaler attaches much importance to the strategy of ‘Saving early’ in life; i.e. when a person is young of age and is in the initial phase of career. This will make the person reap the compounding advantages related to saving money across a longer time period. To give an estimate supporting his opinion Thaler says that a person who has 12% returns annually if manages to save at least 1 lakh p.a. the maturity sum will reach to nearly 5 crores by the time that person reaches 60 years of age. He further points out that if a person who has the same kind of investment goals gets delayed by 10 years in investing, he or she will have to save as much as 3.5 lakhs p.a.


Increasing savings is a way

Also, Thaler believes that the savings one does annually should increase in line with the increase in one’s earnings. So, a pay hike or a promotion should be the ideal occasions when one could step up one’s annual SIP or systematic investment plan. Stepping up investment can be done successfully by beating the inflationary scenarios. By stepping up investment one can reach one’s financial goals quicker and can even save more money in a lesser time period.


Exercising discipline and wisdom is important

Thaler suggests that one should exercise discipline in one’s investment pattern to achieve SIP success in the long run. Following a diversified investment pattern is the best but one should be able to regulate investments perfectly and should be wise enough to make a timely exit from an investment if that investment isn’t yielding much…instead, he or she should opt for better, more high-yielding investment avenues.


Investments should follow the goals

One should make investment after considering the investment goals he or she has. Furthermore, that person should master the trick of staying invested even after attending to the sudden financial emergencies with dexterity. If one can learn that trick, one can handle all financial emergencies smoothly without disturbing one’s monthly budget and other investments. The best way to master that trick, in Thaler’s opinion, is to invest in investment schemes with lock-in conditions.


Source: zeebiz

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