Make BIG money

Everybody dreams of earning big, but manifesting the dream into reality can be achieved by following the basics and implementing them diligently.

The following tips will help you earn BIG.

1. Know your priorities

Once you know your priorities and the goals on which your hard money is to be allocated, only then decision-making becomes far easier and focusing on your values can motivate you to achieve.

2. Value money

It is important that you know what is important about money to you. Money is a means to an end and not an end in itself. Therefore it is very essential that you know what are your values regarding money.

3. Concentrate on returns

Everybody has certain specific goals. Achieving them is the top most priority for most of the people. It is important that you concentrate on your returns to achieve your financial goals. Concentration on returns will help you to stay away from unnecessary risks.

4. Don’t overlook risks

By dreaming about returns one often forgets the risk component. All of us want an investment with high returns and no risk or less risk. Just like a cigarette smoker pays no heed to the warning that 'Cigarette smoking is injurious to health', in the same way investors ignore the risk factor, which prove to be hazardous in later stages.

5. Asset allocations

Apportioning the assets is the most important step in realizing financial goals. This means you need to focus on what percentage of your money should go into Equity, Debt, Real Estate, Gold and Cash.

6. Select insurance products carefully

Most of the people commit mistakes in selecting insurance products. Like it is said, insurance is always sold and never bought because if you know you need insurance, you will go and buy a basic insurance cover like you do for your car.

Most of you will go and buy an insurance cover for the car, but when it comes to life insurance, people usually snub it off saying “I will not get anything back if nothing happens to me".

Some other critical mistakes include, not recognizing the impact inflation has on one's wealth, thinking that you can time the markets, delay in making a Will, and not having a written Investment Strategy and Plan.

7. Just do it

This famous Nike line is not implemented by most of us. Many of us tend to simply postpone waiting for the ideal or the best time. Making plans and dreaming high is useless unless you have the will to achieve them. Knowing the right thing is not sufficient. Eat Less and Exercise is the key to great health but how many of us manage to do that. You must do the right thing to get results and achieve goals while staying away from pricy errs.

Making a financial decision, even if it is not perfect, is still better than not to have a financial decision at all.

Benjamin Franklin once said, "The person who does things makes many mistakes, but he never makes the biggest mistake of all: Doing Nothing."