How to Grow Rich on a Meager Income

There are many ways that a person can grow rich on a meagre income.  A positive attitude can make a poor man rich. This is not hard but just requires someone to save a portion of their earnings, every month, and watch the wealth grow. It is true that people who earn more generally spend more, and this will eventually leave them in debt as the time goes on.

Here are a list of ways to grow rich on a meagre income:

1. Invest in stocks and bonds from an early age. It is true that the stock market is like a casino and there is a certain amount of risk involved, but sometimes a person needs to take a calculated risk in order to make it rich. It does not have to be a large amount that is invested but a small amount over time. Consult a financial adviser if you are not sure of the avenues to take. Diversify your portfolio, and invest in low , medium and risky ventures, but create a balanced portfolio.

2. Have a pension fund that is good.  Have a look at your retirement options. If your current pension or provident fund does not look too good consult your financial advisor and look at other retirement options.  Remember that tax can be claimed on mmost pension and provident funds.

3. Low income earners generally get a large sum of money back from the taxman. People who are low income earners should contact their local tax office, and find out how much money they can get back. Money can be claimed back for work expenses, traveling expenses to and from work, overpaid tax, medical insurance contributions, pension funds, donations and the list goes on. Bear in mind that this may differ from each country.

4. Have a list of financial goals that you would like to achieve. These goals have to be realistic,  measurable and attainable. Have patience and you shall be rich one day.

5. Investing in real-estate can be  a good long term decision. Sure, the market has it’s ups and downs but over time it can pay off. The purchase can also provide an income if the property is given out on rent.

A  person who earns a meagre salary can make it rich over time. Patience is required but with careful planning , positive attitude and the guts to take a calculated risk; wealth is almost guaranteed.