ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Ramsey says that your income is your biggest wealth-building tool. I’d argue that it’s actually the gap between what you earn and what you spend. That’s the cash you can use to become more financially secure.

Detailed explanation-2: -Your most powerful wealth building tool is your income. That’s why it’s so important to get out of debt as fast as you can. If hundreds, even thousands of dollars of your hard-earned money is going toward debt payments each month, your ability to build real wealth is halted.

Detailed explanation-3: -Spend Less Than You Make, Invest The Difference Wisely, And Do It For A Long Time. The four keys presented above are “timeless wisdom”, and have been taught for thousands of years. They work, and they’re simple (if not easy).

Detailed explanation-4: -Creating wealth is about diligently investing in yourself, education, and knowledge, learning the basics of finances, understanding risk and reward, and taking appropriate risk where required. Once you have those mechanics, it’s about leveraging your wealth by investing appropriately and earning out-sized returns.

Detailed explanation-5: -Leverage All of Your Savings Options. Be Strategic About Paying Down Debt. Manage Risk Carefully. 1 day ago