This article revolves around “Why make others rich than prosper yourself.” Would you like when you get to know that someone else is benefiting from your hard earned money? Surprisingly, many of us actually benefit others much more than ourselves! When you avoid such mistakes then you get the entire credit. Therefore, it’s important to follow some crucial financial policies and ensure your prosperity. Let’s see each of them one by one.
Why make others rich than prosper yourself | First Policy
You should pay the highest EMI possible as per your monthly budget when you get a home loan. You will be surprised when you will find that such a practice saves lakhs of rupees. People shell out lakhs of rupees as total interest paid when loan is fully repaid only to prevent from higher EMIs. However, they don’t realize that it makes their banks richer than themselves. Therefore, paying maximum EMI as possible will save you a lot of money.
Why make others rich than prosper yourself | Second Policy
Similarly as stated above, paying the maximum amount for down-payment saves a lot of cash than shelling out lesser down-payment which demands greater interest.
Why make others rich than prosper yourself | Third Policy
You can buy gold though Gold ETF at international prices. On the other hand, when you buy from a jeweler, he would charge with 10 to 20% mark-up cost. The gold you buy through any of the two means is exactly the same so why pay higher and lose your money?
Why make others rich than prosper yourself | Fourth Policy
Annual fund management costs are lower when you buy mutual funds directly than through a distributor. You will be amazed to see the amount it saves over a period of three years.
Why make others rich than prosper yourself | Fifth Policy
Consider a person buys a health insurance policy which provides Rs.20 lakhs cover. The premium amount can be costly. However if he buys two policies like one standard policy of Rs.10 lakhs & another top-up plan of Rs.10 lakhs then he will have to pay lesser premium towards the insurance companies! Thus the person saves a lot and his/her wealth prospers.
Hence, you should remember and follow such policies so that others don’t benefit from your wealth and you get the entire credit.