is Improving Wealth necessity in society?

pramalkumarsamanta By pramalkumarsamanta, 4th Sep 2015 | Follow this author | RSS Feed
Posted in Wikinut>Guides>Personal Development>Improving Wealth

The improvement of wealth depends upon continuous hard work and and engagement of undivided attention to its cause. Those who are salaried employees have certain limitations within their limited source of monthly income. But those who are in business enterprises are better placed to earn more income per month than the salaried groups.

Introduction

There is a proverb saying that 'money begets money and wealth begets wealth'. Those who are born with a silver spoon and have inherited wealth from their fathers and grand fathers through inheritance will have the capacity to retain it. and try to enhance their wealth by more aggressive way of thinking. But those who do not inherit wealth from their fore fathers have a different way of thinking to garner wealth from the only monthly source of income. The persons who have developed maturity are in the advanced way of thinking to create wealth in his family. They discourage the extravagant display of high spending of hard earned wealth on a slightest pretext. They know how to save money from their limited source of income. first they prepare the well established career so that they may earn good amount of money . They are thorough about the saving procedures. They know how to invest the hard earned savings into the profitable ventures. They purchase the life insurance and health insurance policies to protect the family . They purchase the gold ornaments for the sake of the family. They invest in shares, debentures, mutual funds of the blue chip companies so that they may earn more profits ,besides keeping the money in Public Provident Fund , Fixed deposits and recurring deposits in the banks. Those who are more innovative in savings may purchase property and flats .It is ,no doubt, a fact that investment in property is the highly profitable concern. Conventional savings does not bring so much profits. Thus the accumulation of wealth may bring a solace to the family in times of crisis. The management of personal finance is so crucial to the improvement of wealth. The concept of wealth improvement varies from person to person.

Means of improving wealth

It is really tough situation to create wealth by the members of the middle class families. They earn limited source of the monthly incomes for their salaries. To fulfill their sweet desires to have a flat or a piece of land as property, they prepare monthly budget for what they earn in a month. They try to save money from their household expenditures, keeping all mandatory savings in a month. They follow stringent budget so as to enable them the pre-planned savings in tact. If they do not follow the household budget, they may face the real hardships to meet up their sweet desires. In that case the sweet desires may be deferred to a good length of time. All other family commitment may come to a stand still. The innovative thinking of earning more income other than salary is only solution. To take bank loan for purchase of a flat is another option. If the husband and the wife - both are employed and earn, then it will be an easier option to purchase property in the form of flats or property. It is needless to say that the financial strength of the the double income group is more than the single income group. The double income groups can manage the personal finance in a more efficient way.

conclusion

It is a modern day craze of improving wealth now a days. The people are prepared to do so at any cost. They do not believe in the concept of simple living and high thinking. The modern days have been turned into restless thinking of improving wealth. The more the wealth is created , he is winner of the lot. If he does not create wealth or improve it, he is neglected in the society.

Tags

Blue Chip Companies, Born With A Silver Spoon, Extravagant Display, Garner Wealth, Improvement Of Wealth, Mandatory Savings

Meet the author

author avatar pramalkumarsamanta
I am a retired government officer.I am a postgraduate in life sciences, I have a passion for writing on any topic.

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Comments

author avatar M G Singh
5th Sep 2015 (#)

Good post, but remember wealth creates opportunity and development

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author avatar pramalkumarsamanta
5th Sep 2015 (#)

Thanks for nice comment. I agree with his views.

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