Start with creating a virtual portfolio

If you are new to stock markets it is better to observe a few blue chip stocks for some time and also by creating a virtual portfolio. This is one of the best approach, as this helps in monitoring prices of your chosen stocks. While investing one thing is for sure invest in fundamentally sound companies. Companies which have large base assets and have been existing for a long time

Start investing early

One should start investing at early stages of life , the sooner you start investing the more likely chances you have of creating wealth. One should ideally start at the age of 25 or may be sooner than this. Most of the people are afraid of investing in equities, mutual funds but investing systematically and investing in companies with good fundamentals should be the key. In mutual funds also SIP route is available, in this some minimum amount monthly you can contribute from your salary towards your mutual fund selected. But once again this should be started at an early age , one more reason being that the risk profile of an individual is more in early ages when you are not married, and have less responsibilities on your end. By investing a small amount , gradually with regular contribution to your investments one can create a good corpus in time.

Increase your financial IQ

This is also a necessary step in building wealth, as i have mentioned that wealthy people invest their time and money in studying market opportunities, while other don't. Wealthy people devote considerable time to understand various offerings of markets, they also pay for financial advices and have good CA, Financial planners working for them, However they take their own investment decisions . So one of the things that needs to be done is to devote some time to study about market offerings and how they can benefit . Even if you devote 2-3 hours on your weekend to increase your Financial IQ , it will surely help.

Financial Discipline is important

I have realized that key to get rich is to be financially disciplined. This is something very tough as it requires some sacrifices and planning, but it has its own benefits. Of all the rich and affluent people i have come across there is something common in all of them, and that is they spend lot of time in studying market opportunities and are good at investing. They also take good advice from financial planners, and are financially balanced.
In fact i have also come across many people who earn very well, but spend their money in pleasure and since they earn very good money they also take debt to buy luxury cars or houses. In fact credit cards and debts should be minimum. Such people hardly save anything and believe in having an expensive lifestyle. The same money that is spent of buying luxury cars, houses if invested can reap great benefits, and will surely help in securing the future. So , lets try to be financially disciplined..as in simple terms it means to be financially independent..