Wealth Creation
Wealth creation is the process of building wealth through various means. Before start building wealth you need to know the process of increasing your income.. According to Mr. Warren Buffet, one of the richest person in the world, who build his wealth by investing says the first rule of investment is ‘Never loose Money’.
Protection
Life insurance, Health Insurance & General insurance are the main categories of protection instruments available in the market in India. You need to spend your time first to study what to take, when to take etc, before opting for one from the market.
Products
Income
Savings
Investments
You may invest your time and money to develop your skills and knowledge, which is highly recommended in your early stages of your carrier building, that is in your 20s.
Income you receive from wages to interest by providing your time, effort, skill or knowledge. Your income shall be increased by developing new skills, knowledge, efforts or time you provide.
In India, almost all instruments in the market are regulated by the authorities through regulatory bodies. But you need basic financial literacy and should avoid taking shortcuts to achieve your ambitious investment targets.
You need basic protection to start with. Protection means your target income, savings, investments and wealth, needs protection from any incidental damage. We use Insurance protection as a basic necessity for any person, who earns an income.
Investment you can start when you have created a corpus out of your savings. There are a lot of regulated products available here for you to invest. Investing in unregulated financial instruments shall be highly risky as you may loose what you have invested , your capital.
You need to start your savings whenever you get an income, how ever small. It is recommended to save at least 20% of your income on a regular basis for long term to start your investments.