Steps To Building Wealth

Danko discovered that self-made millionaires are very efficient at turning income into wealth. Find the best high-yield savings account. Ultimately, it comes down to a balancing act. "The most important decision is how to balance current spending with future savings, or living a good life now versus saving for a great life in the future," says Loveall.

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If you find a particular investment giving you very poor returns, you must immediately withdraw your money from such an investment and invest in better performing assets. Also remember to track your investments regularly and modify your asset allocation pattern depending on your age and risk profile. Click NEXT to read further. . . Photographs: Uttam Ghosh/ Prev Next Keep yourself updated: Another important thing to be remembered is make sure you have the required knowledge in an investment class before investing in it. For example, Priya had heard a lot about derivatives and how investing in derivative instruments gives handsome returns. However, she did not have any knowledge about this. Nevertheless, she blindly went ahead and invested a sizeable amount of her savings in various derivative instruments.